Chapter 8

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Chapter 8
2012-04-26 13:01:44
real property personal

Real Propery Rights
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  1. Real Propery
    includes the physical land and improvements, together with legal rights to own or use the propery. An individuals rights in propery are guaranteed and protected by goernment.
  2. Riparian Rights
    rights of an owner whose propery borders on a flowing waterway such as a river or stream.
  3. Littoral Rights
    rights of woners of propery bordering nonflowing water such as an ocian, sea or lake.
  4. Erosion
    loss of sail that is carried away by water washing against a riverbank or a beach.
  5. Accretion
    increase in land area as moving water deposits soil in other than its original location...the opposite of erosion.
  6. What are the four tests to determine if something is real property or personal property?
    • 1. Intent of Parties
    • 2. Relationship of the Parties
    • 3. Method of Annexation
    • 4. Adaptation of the Article
  7. Trade Fixture
    articles of personal property that have been attached to real estate being rented or leased by a tenant and used in the conduct of business. Pwesonal property installed for business is not considered part of the real estate and be removed at the termination of the lease.
  8. What are the five rights included in the "Bundle of Rights"
    • 1. Possession
    • 2. Disposition
    • 3. Enjoyment
    • 4. Exclusion
    • 5. Control
  9. Estate in Severalty
    Sole ownership of the entire bundle of rights.
  10. Tenancy in Common
    A fee estate held by 2 or more ppl. Can be owned with equal or unequal shares of ownership. May sell his interst during his lifetime without the consent of the other owners, and without affecting any other owners rights. May leave his interest in a will. If he dies intestate, the interest will dedescend to the owners heirs.
  11. Joint Tenancy or Joint Estate
    all tenants have equal rights and have acquired their ownership at the same time.

    Includes right of survivorship: When a joint tenant dies, his rights go to directly to the surviving tenant.
  12. Tenancy by the entireties
    This is for husband and wife only. The marriage is considered to be the owner of the property..includes right of survivorship
  13. If a husband and wife get divorced what kind of estate does the does the tenancy entirties turn into?
    tenancy in common
  14. Life Estate
    When an owner of a fee simple estate conveys ownership to another, but only for the balance of the lifetime of the party to whom the poperty is conveyed. This person is called a life tenant.
  15. Reversion Estate
    The grantors (owner) right to regain ownership after a life estate ends
  16. Tenancy for years
    AKA leasehold estate
  17. Separate Property
    property owned by only one spouse. It can be sold without the agreement of his or her spouse
  18. Homestead
    any real property owned by a head of household who resides therein. Homestead rights apply to a person living alone too