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36 terms

LAP 108 In my own words

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Joint tenancy
-All tenants own equal parts of the property.
-right of survivorship
-one tenant may not dispose of the property without the others consent.
- May not decoy his/her interest to his/her heirs.
Tenancy in common
- All tenants own a percentage of the property.
-May partition
- May decoy their interest to heirs
- No right to survivorship
Community property
-All property acquired during marriage by labor of either spouse.
- Husband and wife each own 50%
Tenancy in partnership
Real property taken in the name of a business.
Co-tenant
Someone who shares interest in property with another person
Improvements
Permanent, somehow attached to the land will increase the value of the property
Fixtures
NOT permanent, removable, may increase the value of the property.
Waste
Destruction to property that reduces the market value of the land.
Escheat
The reversion of the property to the state when a person dies and has no heirs capable of inherent, or when a property is abandoned.
Remainder interest
Belongs to some third person after the death of a measuring life in life estate.
Life estate
-interest of real property held for the duration of the life of a certain person.
-Estate measured by life.
Two types of conditions on title
- Condition precedent: creates interest. Comes before the conveyance of title. (comes first)
- Condition subsequent: Defeats interest. Comes after the conveyance of title. (Comes after)
Estate
interest in real property
Adverse possession
A party can acquire good title to real property by occupying the property continuously for five years. Party must also pay taxes on the property, enclose it, and improve the property.
Quiet title action
A court action brought to establish clear title.
Partition
A court proceeding in which property is divided between parties.
Right of survivorship
When one joint tenant dies the remaining joint tenants automatically take ownership of the property. The heirs of the deceased owner have no claim or inheritance.
Three property ownership powers
1. Right to posses
2. Right to use
3. Right to dispose
Grantor
Person who conveys interest.
Grantee
Person who receives interest.
Fee simple absolute
The strongest type of ownership a person can have
- Without restrictions
Fee simple in condition subsequent
-Has potential infinite duration but can be terminated or limited, upon occurrence of an event stated in the language of a deed.
-Also called fee simple "defeasible" meaning it can be undone.
Measuring life
The lifespan of the person holding the life estate.
Reversion interest
Property returns to grantor upon the termination of life estate.
Alienation
The right to convey or transfer property.
Future interest
No current right to possess or use property. future enjoyment of land.
Restraints on alienation
Restrictions on the transferring and use of property
Title
Lawful ownership and right to property. "Bundle of rights" possessed by an owner.
Real property
Land and things attached to or growing on it.
Chattel
Personal property
Exclusivity
The right to exclude others from using resources produced by your land.
Subterranean rights
"Mineral rights" Owner may use and exploit for himself or lease the rights to others.
Transferability
A charectaristic of real property that allows to pass or sell property to any one the owner chooses.
Tenant
Person who has legal possession & use of the real property belonging to another.
Sole & seperate property
Both real and personal property acquired by a spouse before, or after the marriage by gift, devise, or bequest.
Partition by kind
Each owner ends up controling an individual portion of the property.