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71 Cards in this Set
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Real property (realty) |
refers to rights in land and things attached to land; in effect, what you’d leave behind if you moved.
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Realty
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is another term for real property.
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Personal property (personalty)
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refers to rights in all property other than real property; in effect, what you’d take with you if you moved.
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Personalty
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is another term for personal property.
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Ownership
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includes the right to exclude others, the right to transfer title, and the duties to pay taxes and refrain from interfering with the rights of others.
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Possession
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is custody of or control over property.
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Intellectual property rights
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include copyrights, patents, and trademarks.
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Copyright
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may only be obtained on an original work of authorship, such as a book, music, or computer software; is good for 70 or 95 years beyond its author’s death.
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Fair use doctrine
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allows others to use copyrighted work for limited purposes such as teaching, research, criticism, or comment.
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Patent
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protects an inventor’s rights in his new, useful, nonobvious invention; is good for 17 years.
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Accession
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creates an interest in personal property through increase or addition; examples: changing raw materials into a finished product, painting a house, pets giving birth to offspring, and growing crops.
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Relative value test
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holds that if the value of the finished product greatly exceeds the value of the original goods, the innocent party who made those improvements may retain title to the product and pay the owner the reasonable value of the original goods. |
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Confusion
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is the intermingling by one party of fungible goods owned by two or more parties; ownership of the entire mixture is the proportion to the premixing ownership.
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Bailor
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transfers possession of property to a holder (bailee) for a particular purpose with the intention that the property will be returned after completion of that purpose.
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Bailee
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holds property transferred by a bailor in a bailment.
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Bailment
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arises when the owner of property (bailor) transfers possession to a holder (bailee) for a particular purpose with the intent that the property will be returned after completion of that purpose.
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Possessory lien
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may be asserted by a bailee against goods in his possession as security for the payment of a debt arising from the present bailment only.
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Negligent entrustment
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is the legal doctrine that a bailor who negligently entrusts property to an incompetent bailee may be liable if injury results to third persons; example: tossing your car keys to a drunk.
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Gift
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is the voluntary transfer of property without valuable consideration. |
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Donor
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gives a gift. Doneereceives a gift.
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Fixture
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was personal property that became part of real property when it was permanently attached to real property, became machinery necessary for the operation of the building, or that is intended to become real property. |
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Fee simple estate
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represents complete ownership rights in property.
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Life estate
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lasts only for the life of the donee (life tenant) or of some other specified person.
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Tenancy
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is a right to possession and/or ownership.
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Joint tenancy
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is an equal shared interest that passes to the other tenants upon any owner’s death; grants the last surviving joint tenant the property in fee simple.
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Tenancy by the entirety
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is a joint tenancy between only a husband and wife.
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Tenancy in common
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is a shared interest in property which may be sold or willed and need not be held in equal shares.
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Community property
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is acquired by a husband and wife with shared funds obtained during their marriage.
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Cooperative ownership
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involves each owner’s purchase of corporate shares representing the value of his unit.
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Condominium ownership
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gives each owner a fee simple interest in his private unit and a tenancy in common in the public areas.
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Vendor
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is a seller. Vendeeis a buyer.
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Grantor
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transfers real estate ownership rights to the grantee.
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Grantee
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receives real estate ownership rights transferred from the grantor.
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Deed
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is a written transfer of real estate ownership rights.
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Quit
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claim deedtransfers whatever ownership rights, if any, the grantor has and contains no warranties.
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General warranty deed |
contains the grantor’s warranties that the title is free of any encumbrance, that he holds the title being transferred, and that no one has better title. |
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Special warranty deed
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warrants that the title is free of any encumbrance that attached since the grantor took title.
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Bargain
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andsale deedtransfers specific ownership rights like a warranty deed, but does not contain warranties of title.
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Mortgagor
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borrows money secured by real property.
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Mortgagee
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lends money secured by real property.
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Foreclosure |
occurs when the mortgagor defaults on his mortgage payments and the mortgagee brings legal action for the sale of the property to pay the debt.
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Trust deed (deed of trust or trust indenture) |
transfers land from the borrower (trustor) to a trustee for the benefit of the beneficiaries (or bondholders) when borrowing large sums of money.
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Deed of trust
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is another term for trust deed. Trust indentureis another term for trust deed.
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Land contract
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is an agreement to sell property in which the buyer takes possession of the land, but receives title only after he has paid a stated percentage of the purchase price.
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Mechanic’s lien
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protects the rights of a mechanic or a material supplier to obtain payment for labor and material used in construction or improvements on real property.
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Adverse possession |
provides a party with full title to another’s property if the adverse party has exclusive, open, hostile (without the owner’s permission) possession and use of property for a continuous period specified by statute.
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Lateral support
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is the owner’s right to support of land still in its natural condition so excavation by another on adjacent property will not cause the owner’s land to collapse or subside; also known as subjacent support.
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Subjacent support
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is the owner’s right to support of land still in its natural condition so excavation by another of subsurface areas on adjacent property will not cause the owners land to collapse or subside; also known as lateral support.
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Trade fixture
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includes any fixture, machinery, or structure attached to real property for trade purposes; if it can be removed without permanent damage to the other real property, the tenant who paid for it has the right to remove it.
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Improvement and betterment
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is a lessee’s substantial alteration or addition to real property; is usually pluralized.
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Incorporeal interest |
is a nonmaterial interest in land such as an easement, profit a prendre, restriction on land use, or rent.
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Easement
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is the nonpossessory right to use another’s property for a particular purpose that benefits adjacent property.
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Profit a prendre
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is the right to take part of another’s soil or a product of that soil such as gravel, cordwood, or vegetables.
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License
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grants permission to do something on another’s land that otherwise would be illegal or would a constitute trespass.
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Zoning
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is government regulation of land and building use, construction, and occupancy.
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Spot zoning |
gives a small area of land a use classification different from its surrounding area.
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Exclusionary zoning
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prohibits additional buildings or requires high standards, such as tenacre houselots.
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Special exception
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is a desirable land use permitted by the zoning ordinance but subject to limitations, such as a school in a residential zone.
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Variance
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allows specific, future relief from strict application of a zoning law.
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Hardship variance |
is provided in a situation in which, because of size, topography, or other physical limitations, a given lot does not conform to the ordinance.
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Use variance |
permits an otherwise prohibited use within the zone.
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Nonconforming use
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exists at the time a zoning law is passed and violates the law, but is allowed to continue to avoid the Constitutional prohibition against taking of property without due process.
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Building code
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regulates a technical detail of construction; is usually pluralized.
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Eminent domain
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allows the government to take real property for public use if it pays fair market value to the owner after completing condemnation proceedings.
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Condemnation proceeding |
involves the government to filing a petition in court stating the property desired and the public use involved.
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Tenancy at will |
can be terminated without notice.
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Estate for years
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is a tenancy for a definite period of time.
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Periodic tenancy
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is a tenancy that automatically renews without a termination date.
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Holdover tenant |
stays on the premises after the lease expires, creating a periodic tenancy.
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Constructive eviction |
occurs when conditions arise that prevent the tenant’s enjoyment of a substantial or integral part of the premises.
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Distraint
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allows the landlord to peaceably seize and sell his tenant’s possessions for defaulted rent. |