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TN Pre Exam Prep: Property Characteristics and Ownership Rights
Terms in this set (72)
The earth's surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects.
All things permanently attached to it naturally or artificially
Real estate includes land plus what?
Real estate, plus the interests, benefits, and rights included with Real Estate ownership
What does real property include?
Everything that's not real property.
Official attachments to land that include such things as fencing, buildings, and walkways
Rights to enjoyment, disposition, position, control, and exclusion, along with our rights
What ownership rights come with ownership of real property?
Anything permanently attached to the land or to permanent structures on the land. They are part of real property, and are included with a sale of real property unless the parties negotiate differently.
Another word for personal property
Method of annexation, relationship of the parties, intentions of the annexing party, agreement of the parties, and adaptability
What are the five legal tests courts used to determine whether something is real property or personal property?
Cultivated crops, considered personal property even though they're attached to the soil.
When an item that was real property becomes personal property through detaching it from the land
When personal property is attached to real property, making it a fixture
A manufactured home
A home built with transport in mind, with an attached chassis, tongue, axles, and wheels. Personal property, unless legally annexed to the land.
A manufactured home built prior to 1976
Scarcity, improvements, permanence of investment, and situs (location).
What are the economic characteristics of land?
Immobility, indestructibility, and uniqueness (non-homogeneity)
What are the physical characteristics of land?
Air, water, minerals, profit, mortgage, fixtures, props, position and enjoyment, exclusion, and disposition
Name several "sticks " (right) in the bundle of rights.
Per se violation
One in which guilt is established on the face of the circumstances. No evidence is required and no justification is allowed.
Price fixing, market allocation, tie in arrangements, group boycotting
What are the four antitrust violations common to real estate?
Contract, combination, or conspiracy between or among competitors to unreasonably restrain trade.
What are the central elements of an antitrust violation?
Private provision in a deed controlling the use of the property
A nonpossessory right to use another's property in a manner established by either express or implied agreement. Private restrictions, but can be held by a public authority, such as a utility company's easement
a contract granting use or occupation of property during a specified time for a specified payment
Legal claim on a property that includes the right to sell the property if the lien is not paid off. Includes private liens and governmental liens, such as tax liens
A method of identifying a property in written words that allows for in an unambiguous interpretation of a property's boundaries and location.
Metes and Bounds
A survey system using points of reference and directional indicators to identify and locate a property for legal purposes
A natural or man-made permanent landmark that serves as a point of reference in a metes and bounds description
Rectangular government survey system
A survey system that describes land in reference to principal meridians and baselines. The fifth principal meridian serves as the starting point in Missouri surveys
A map which shows the location of a piece of property in context to its adjoining lots, roads and landmarks. It includes lot, Street, and block identifiers.
Lot and block
A legal description that refers to lot and block number within a subdivision as indicated on a recorded subdivision plat
1/36 of a township. In a government survey system, a township is divided into 36 sections
A square that is 6 miles x 6 miles. 36 mi.². Makes up the principal unit of the rectangular government survey system.
An inheritable estate
Provides the most complete form of ownership and bundle of rights in real property.
An inheritable freehold estate that is defeasible (the grantor can terminate the title). For example, a parent could transfer property to a child as long as the child remained unmarried.
Fee on condition
A type of defeasible estate recognized by the words "but if." The estate continues unless a specific event occurs, in which case it terminates.
Ownership, possession and control for someone's lifetime
Ownership for an undetermined length of time. An example is home ownership.
An estate for a limited time (e.g., renting, leasing)
Estate for years
An estate for a specified time. Example: days, months, years
An estate that renews itself automatically at the end of each lease period
Estate at will
And is state for an unknown period of time; either party may terminate the lease by giving notice to the other.
Estate at sufferance. Also known as tenancy of sufferance.
Non-law for possession after the expiration of the lease
The power of the state to claim property when the owner dies without a will and without locatable heirs or creditors
A type of estate that gives the owner special rights in property used as a family home. Not valid in all states.
The person receiving title upon the death of the life tenant
Fee simple present interest in conjunction with receipt of title upon the death of the life tenant
The right of repossession of the property by the owner after the end of the life estate.
Any claim or lien on the property held by another person or entity that limits the owner's use or rights or decreases the value of the property
A multi unit structure made up of individually owned units with separate deeds and shared ownership of common areas.
Also called master deed, this describes and defines the units and their use and is recorded.
A form of real property ownership in which the owner is a member of an association that owns the building, and shares stock in that association.
Tenancy in common
Ownership by two or more persons who hold undivided interest without right of survivorship. Interests need not be equal.
A form of concurrent ownership, which occurs when two or more persons own a single estate in land, with right of survivorship. Must have equal shares, right to partition.
Tenancy by the entirety
Marital estate Akin to a joint tenancy b/t husband and wife with right of survivorship.
A trust in which you assign the management of your assets to a trustee while you are living
And express trust created by a will
A trust created by a trustor who will also be the beneficiary who will retain control over management of the property. Often used to protect against the effects of divorce, judgment, bankruptcy or to assemble parcels for development while maintaining privacy.
PUD planned unit development
A planned combination of diverse land uses, such as housing, recreation, and shopping, in one contained development or subdivision.
the standards and procedures that regulate the subdivision of land for development and sale. May include restrictions such as fence height.
state power to enact laws promoting health, safety, and morals that take precedence over private rights
Government's power to take private property for public use.
A government regulation that effectively takes land by restricting its use, even if it remains in the owner's name.
abandoned industrial sites
Clean air act of 1970
Limits the release of air pollutants
Comprehensive Environmental Response, Compensation, and Liability Act 1980
Facilitate the cleanup of an abandoned or uncontrolled sites containing hazardous substances and imposes strict liability for cleanup costs on responsible parties
What was the purpose of CERCLA?
Limited hazardous waste cleanup liability for innocent landowners
What did SARA do?
The reversion of property to the state or county, as provided by state law, in cases where a decedent dies intestate without heirs capable of inheriting. In Tennessee, such property reverts to the state
A state, such as Tennessee, will make an attempt to locate heirs prior to taking property through escheat.
a cavity in the ground, especially in limestone bedrock, caused by water erosion and providing a route for surface water to disappear underground.
Radioactive gas from decay of uranium in rocks, can lead to long cancer.
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