Property Ownership 1

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Property Ownership 1
2013-06-12 08:05:58
Property Ownership

Property Ownership
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  1. "Property" refers to the rights of ________.
  2. Rights of _________ are?
    • Ownership
    • 1. use
    • 2. possesion
    • 3. enjoyment
    • 4. disposal
  3. What are the rights of ________ also called as?
    • Ownership
    • "bundle of rights"
  4. two types of property
    real and personal
  5. Land and everything attached permanently to the land is called?
    Real property
  6. Rights included in real property are?
    • 1. the surface of the earth
    • 2. things permanently attached
    • 3. things beneath the surface
    • 4. the air above the surface
  7. classification of real property
    residential, commercial, industrial, agricultural, special purpose
  8. Personal property
    any property that can be moved and rights in real property that are held for less than a lifetime(leases)
  9. feudal system of ownership
    • -land is owned by the sovereign, not by individual.
    • -individuals may possess rights for their lifetime only.
    • -individuals may not hold an inheritable interest.
  10. interest held by individuals are called ?
    estates in land
  11. Estate in land is
    the degree, quantity, nature and the extent's of one's interest in land. It is the measure of one's property rights in land. "estate in land" refers to an individual's interest in the land, not to the land itself or the physical properties of it.
  12. Two types of estate in land are
    freehold and estates less than freehold
  13. Estate less than free hold are
    "rental" interest in land. Held for less than a lifetime. Entitles the holder to possession but not ownership. Also called LEASEHOLD ESTATES. Are considered PERSONAL PROPERTY.
  14. An individuals rights in land are limited by the rights of the government. 4
    eminent domain, taxation, police power, and escheat.
  15. What is eminent domain?
    the right of the government to take private property for public use. Must be in best interest for public, must try to purchase first, will be compensated if unable to purchase.
  16. What is the process that land is taken by the government called?
  17. police power
    the rights of the government to make reasonable rules for use of the land.(zoning, etc)
  18. right of taxation
    right of gov to impose taxes on the ownerships
  19. Escheat
    the right of the STATE to assume ownership of property when the owner dies without a valid will and without heirs or when the property is abandoned.