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Terms in this set (102)
*rights in our society*
- no unreasonable search or seizurepersonal*rights in our society*
- no double jeopardy or self-incriminationpersonal*rights in our society*
- protection of life, liberty, & propertypersonal*rights in our society*
- no taking property without compensationpersonal*rights in our society*
- speedy, public, fair trialpersonal*rights in our society*
- vehiclespersonal property*rights in our society*
- household goodspersonal property*rights in our society*
- stocks & bondspersonal property*rights in our society*
- patentspersonal property*rights in our society*
- softwarepersonal property*rights in our society*
- musicpersonal property*rights in our society*
- residencereal property*rights in our society*
- airportreal property*rights in our society*
- commercial buildingreal property*rights in our society*
- government buildingreal property*rights in our society*
- religious buildingreal property*rights in our society*
- streets, railroads, bridges, etc.real property*rights in our society*
- utilitiesreal propertyreal property: rights in 3 dimensions
- ___
- ___
- ___subsurface, surface, buildable air spacereal property that formerly was personal propertyfixture*rules for identifying a fixture*
manner of ___attachment*rules for identifying a fixture*
- custom screens or storm windows
- church pews
- custom designed furniturecharacter of the article & manner of adaptation*rules for identifying a fixture*
- dominant rule
- customary assumptions of the realm
example: kitchen appliances in a single-family residence vs. appliances in an apartmentintention of the parties*rules for identifying a fixture*
- variant of rule of intention
- trade fixtures of a commercial tenant (personal property)
- fences & other agricultural improvements of a tenant farmer (personal property)
- items installed by tenant in a residence (personal property)relation of the parties*importance of fixtures*
- fixtures automatically go with the ___ property
- you must be careful to ___ possible fixtures
- you should explicitly state whether they ___ with the property or notreal, identify, stay*real property ___*
any "bundle" or set of rights in real propertyinterests*real property interests*
a real property interest that includes the right of exclusive possessionestate*real property interests*
- easements
- restrictive covenants
- liensnon-possessory interests*ownership (freehold) estates*
estates of ___ lengthindefinite*ownership (freehold) estates*
___ - all possible rightsfee simple absolute*ownership (freehold) estates*
___ - all rights, but revocable if specific condition is violatedfee simple conditional*ownership (freehold) estates*
life estate with remainder interest
- ___: created by the owner
- ___: imposed by lawordinary, legal*modern leasehold interests*
- for a specific period of time (few days to decades)
- must be written if for more than one year (statue of frauds)
- written lease contract governs entirelytenancy for years*modern leasehold interests*
- no definite length of time
- often by oral agreement
- state law governs notice of terminationperiodic tenancyestablishes a more equitable relationship between landlords & tenantsresidential landlord & tenant actKey Aspects of the ___
1. Leases
2. Security Deposits
3. Rent
4. Maintenance
5. Privacy
6. EvictionsLandlord & Tenant Act___ interests in land:
- easements, liens, & restrictive covenantsnon-possessorythe right to use land for a specific and limited purposeeasementright of use a (dominant) parcel of land "enjoys" over an adjacent (servient) parceleasement appurtenant___ easements:
◦ driveway or access right-of-way
◦ sewer line
◦ drainage
◦ common wallaffirmative___ easements:
◦ light and air easement
◦ scenic easementnegative"___":
rights and obligations are inseparableruns with the landeasement appurtenant involves a ___ parcel & a ___ parceldominant, servientright to use land, unrelated to any other parceleasements in gross ("Commercial Easements")example of ___:
◦ extract minerals or oil and gaseasements in gross ("Commercial Easements")example of ___:
◦build a roadeasements in gross ("Commercial Easements")example of ___:
◦ lay a pipeline, power line, or cableeasements in gross ("Commercial Easements")example of ___:
◦ run an irrigation ditcheasements in gross ("Commercial Easements")example of ___:
◦ place & maintain a billboard or communications towereasements in gross ("Commercial Easements")example of ___:
◦ harvest timber or cropseasements in gross ("Commercial Easements")example of ___:
◦ conservation easement for wetlands preservationeasements in gross ("Commercial Easements")example of ___:
◦ hunt, fish, snowmobileeasements in gross ("Commercial Easements")*exclusive or nonexclusive easement in gross*
conveys all rights of the easement and recipient can convey access to othersexclusive*exclusive or nonexclusive easement in gross*
rights limited to one user only and recipient cannot extend access to others
- owner can convey access to othersnonexclusivesimilar to an easement in gross, but conveys permission rather than rightlicense*more easement concepts*
- revocable
- automatically terminated at the death of the grantor or sale of the landlicensecovenants that impose restrictions on land use and created at conveyance of land to a new ownerrestrictive covenants (deed restrictions)example of ___:
◦ setback lines, height restrictionsrestrictive covenants (deed restrictions)example of ___:
◦ minimum square footage (floor area)restrictive covenants (deed restrictions)example of ___:
◦ no freestanding structuresrestrictive covenants (deed restrictions)example of ___:
◦ no chain-link fencesrestrictive covenants (deed restrictions)example of ___:
◦ no RVs or boats visible from streetrestrictive covenants (deed restrictions)example of ___:
◦ required use of professional lawn carerestrictive covenants (deed restrictions)two methods of creation:
1. restriction in a deed conveying a ___ parcel of land to a new owner
2. restrictions imposed on an ___ subdivision at its creation
-- a list of restrictions recorded as a separate document
-- mutually binding on all purchasers in the subdivisionsingle, entirean interest in property as security for an obligationlien*type of lien*
- usually a debtlienarise from events unrelated to the propertygeneral liens*type of lien*
- court awarded damages
- federal tax liensgeneral liensarise from ownership and use of the propertyspecific liens*type of lien*
- mortgage
- mechanics' lien
- property tax, assessment or CDD lienspecific liensexample: a house with multiple owners
• all share the right of exclusive possession
• cannot obstruct each other's use
• may hold different sizes of sharesforms of direct co-ownership*forms of direct co-ownership*
◦ default form except in special cases
◦ multiple owners of same fee simple interest
◦ each owner can sell or mortgage their interest
◦ can be different size shares
◦ bad form for owning an operating business
◦ not good for multiple investorstenancy in common*forms of direct co-ownership*
◦ defining characteristic: "right of survivorship" restricts inheritance to heirs of the last surviving owner
◦ difficult to create and easily disrupted
◦ prevented or restricted by law in some statesjoint tenancy*forms of direct co-ownership*
◦ joint tenancy for husband and wife
◦ simplifies effect of homestead if minor children are present
◦ protected against liens arising from either spouse alone, including judgmentstenancy by the entirety*forms of direct co-ownership*
◦ combines single ownership and tenancy in common
◦ created by condominium declaration
◦ bylaws define owner rights:
-- share of all obligations
-- restrictions on sale or rental
-- methods of altering bylaws
◦ creates additional level of (private) government
◦ history of owners not understanding the restrictions and obligations*condominiumforms of direct co-ownership
- tenancy in ___
- ___ tenancy
- tenancy by the ___
- ___common, joint, entirety, condominium*cooperative housing*
- ___ owns propertycorporation*cooperative housing*
- each owner holds ___ & a proprietary ___ (no term & no rent)shares, lease*cooperative housing*
- cannot ___ individual interestsmortgage*cooperative housing*
- owner's mutually ___ for any specific liensliable*automatic ownership from marriage: early forms/current forms*
◦ automatic one-third life estate for a surviving spouse in real property of a decedent spouse
◦ common law roots (traditional English)
◦ dower is widow's claim; curtesy is widower's
◦ applies to all real property owned during the marriagedower/curtesyproblems with dower (widow's interest):
◦ life estate ___
◦ much of modern wealth not in ___ propertyunmarketable, real*automatic ownership from marriage: early forms/current forms*
◦ one-half interest in all property acquired "out of the fruits of the marriage"
◦ not property owned before the marriage
◦ not gifts or inheritances to one spouse
◦ may include income from "separate" propertycommunity property*timeshare*
range in "quality" of ___:
◦ condominium share
◦ leasehold
◦ licenseownership*timeshare*
- choice of time ___ & choice of resorts
- industry with a questionable ___intervals, history*timeshare*
never a financial ___
◦ note that the ___ has all the market informationinvestment, developer*timeshare*
key is ability of organization to deliver enduring ___service*rights to oil, gas, & minerals*
- rights carry implied ___ for removaleasement*rights to oil, gas, & minerals*
- in some states, mineral rights imply ownership of the ___ minerals occupyspace*oil rights have two forms*
oil is simply another mineralownership states*oil rights have two forms*
oil flows & is not owned until removedlaw of capture states*oil rights*
traditional "___" (if you could remove it, it was yours) is being limited due to extensive secondary recovery methodsrule of capture
Sets found in the same folder
fi331 - ch 1
37 terms
fi331 - ch 5
53 terms
fi331 - ch 3
78 terms
fi331 - ch 4
16 terms
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