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BLAW Chapter 42 real property
Terms in this set (50)
What are the three categories thag propert falls into?
What does real property consist of?
Which one is the most common form of real property?
Land (which includes anything underground and some amount of airspace above the land)
What does the sale of plant life consist of?
-when you sell land the plant life is automatically included
-homeowners can sell crops or plants from their land as well
What does fixtures consist of?
They are goods that have become attached to the property
-ex. A house, fences
-but it's not things that are inside of the house like a piano, it's things that are physically attached and permanent
When is an object a fixture?
When the reasonable person would consider the item to be a permanent part of the property
What are three parts of fixtures?
-attachments (heating ducts, AC units)
-adaptation (custom made bookshelf that is adapted/attached to the wall)
-other manifestation of permanence (something that is attached to the floor with bolts and just looks permanent)
What are three forms that real estate can take?
-few simple absolute
What is fee simple absolute?
Full ownership privileges in a property
What are the two types of ownership when you have limited specific rights in the property?
-estates or interests
Two or more people owning property at the same time
What are the most common forms of concurrent estates?
-tenancy in common
-tenancy by the entirety
What is tenancy in common?
Two or more people holding equal interest in a property, but with no right of survivorship
-i.e a husband and wife owning a house together
-can be any number of people and they each own an equal share (4 owners= 25% each)
What happens when you are a tenant in common and you're sharing ownership with someone you dislike?
You can partition or divide the property among the co-tenants
-if the people cannot agree then they can get the courts to make a decision
Partition by kind
When courts actually divide the land equally among the co-tenants even if not all of the co-tenants agree to the division
What happens if you cannot have a partition of the land because the land cannot be divided equally?
Then the estate will be sold and the proceeds with be divided equally
-there are co owners
-they have the right to survivorship meaning that when one tenant dies, the interest in the property goes to the surviving tenants
-a joint tenant cannot leave the property to their heirs (courts don't like that)
Can a joint tenant sell their ownership to someone else?
Yes and then it will sever the joint tenancy and the right to survivorship is served as well
Tenancy by entirety
-when a husband and wife own the property together equally
-neither party can convey his or her interest
-if they want to sell their interest, they must do it together
-divorce terminates this
The income and assets that either party earns during the marriage
-this is only in about nine states
-they can have separate property from before they were married
-husband and wife maintain separate ownership of assets they bring into the marriage or inherit
-this is only in about nine states
Ownership of property for the lifetime of a particular person
-the remaining rights in the land are called future interests
What are the two future interests in life estates?
Reversion (in life estates)
The right of an owner to property upon the death of a life tenant
-i.e. Someone give s property "to Claire for her life" then the property is Claire's and when she dies the property goes back to the first owner of his heirs
Remainder interest in life estates
"To Douglas for life, and then to Ernie"
-Doug has the life estate and Ernie has a remainder
A right to enter into someone else's land for a certain purpose and make limited use of it
What are the two kinds of easement?
-easement in gross
Benefits it's owners in the use of another parcel of land
-someone can sell you an easement onto their land for your benefit
-it runs with the land (i.e. You cannot sell the land without selling the easement
The property that benefits from the easement
The land that is burdened by the easement
Easement in gross
Benefits it's owner but not in the use of other land
-these easements may be sold even if the land is not sold
What are two ways the property owners can create an easement?
-grant (the owner intends to allow someone else to use the property)
-reservation (owner sells the land but keeps some right to enter it
Easement by implicatikn
The owners do something to clearly imply that there will be an easement
Easement by necessity
When the dominant tenement absolutely must make use of other property
Easement by prescription
When someone makes use of a property belonging to another person if they are doing it:
-openly and notoriously
-adverse to the owner
-continuously and uninterrupted for a couple years
Gives one person the right to enter land belonging to another and take something away
Gives the holder temporary permission to enter another's property
-licensor is the person giving permission
-licensee is the person entering the property
-the bank requires a security interest before in hands over its money to you
-the mortgage is a security interest in real property
Mortgagor and mortgagee
-or: the homeowner who borrows money
-ee: the lender i.e. The bank who is getting the security interest
Most mortgages obtain liens on the home which allows the right to foreclose on the property if the mortgagor fails to pay back the money borrowed
To gain ownership of the land, the user must prove:
-entry and exclusive possession
-open and notorious possession
-a claim adverse to the owner
-continuous possession over a certain period of years
Entry and exclusive possession
The user must be the only one that is taking physical possession of the land
Open and notorious possessjon
The user is openly using the land so if there is an owner, they would have time to take back their land
A claim adverse to the owner
The user must act and believe he has the title to the land
-ie putting up a fence or no trespassing signs
How long does someone has to claim a land before it turns into adverse possession?
Most states are different.
-for the middle of no where it's 20 years
-some states only require 10 or 5 years
Adding on years of continuous use even though you weren't there using the land....?
An order from the court requiring the homeowner to eliminate the nuisance
State laws that permit local communities to regulate building and land use
Owners can ask for certain things to be done to their property that go against the zoning permits
The power of the government to take private property for public use
-the takings clause
-gov has to pay the owner the fair price of the home or land
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