Property ownership -chapter 3.txt

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Author:
nleggett
ID:
241663
Filename:
Property ownership -chapter 3.txt
Updated:
2013-10-20 10:42:36
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Property Ownership
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Chapter 3
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  1. Immobility, indestructible, unique or non-homogeneous
    Physical characteristic
  2. Scarcity, improvement, permanence of investment, situs
    Economic characteristics
  3. Area preference, favorable site, preferred location
    Situs
  4. Prm, pob, distance between monuments
    Metes & bounds
  5. Baselines & principal meridians
    Rectangular survey
  6. How to determine the number of acres in a rectangular survey
    Multiply denominators and divide by 640 acres
  7. Township has how many miles, sections, acres & square feet
    36 miles, 36 sections, 640 acres (more or less), 43,560 square feet
  8. Charge, claim or liability attached & binding on real estate
    Encumbrance
  9. Specific property, special assessment
    Specific lien
  10. Judgement or court decree (all debtors property)
    General lien
  11. Right of one to use the land of another
    Easement
  12. Tract over which easement runs
    Serving tenement
  13. Tract that benefits from easement
    Dominant tenement
  14. Personal interest or utility
    Easement in gross
  15. No other way to street
    Easement by necessity
  16. Claimant of continuous use for 5-20 years
    Easement by prescription
  17. "Right of way" across someone else's property ("in addition to", run with the land") non-contiguous
    Easement by appurtenances
  18. Park in driveway or hunting
    License
  19. Illegal extension of building
    Encroachment
  20. King or gov't holds title allowing teen ants to live there
    Feudal
  21. Individual holds land free and clear of rent or govt
    Allodial
  22. Owner dies & leaves no heirs and gov't becomes owner
    Escheat
  23. Indeterminable length (lifetime or forever)
    Freehold estate
  24. Highest, all rights, indefinite period, inheritable by heirs
    Fee simple
  25. Indefinite period, inheritable, extinguished on designated event, revert to original grantor
    Defensible fee
  26. Duration to life, no inheritance, estate our Autry vie, entitle to possession, remainder interest, reversion interest
    Life estate
  27. Upon death, if no remainder, will go back to original fee simple owner or their heirs if dead
    Reversion army interest
  28. Time ownership, not answerable to remainderman, enjoy but cannot encroach, may not commit waste, entitled to possession, income and profits, life interest may be sold, mortgaged or gifted
    Life tenant
  29. Upon death of wife
    Curtesy
  30. Upon death of husband
    Dower
  31. Right not yet perfected
    Enchoate
  32. Tract of land owned and occupied as family home, exempt from judgement for unsecured debts
    Homestead
  33. Use of another's property without their permission (30 year old garage 6 inches over), visual, hostile, exclusive and continuous
    Adverse possession
  34. Ownership by natural person
    Freehold estate
  35. Each holds and individual undivided interest, each can sell, convey, mortgage or transfer, upon death passes to heirs, May partition land
    Tenancy in common
  36. Owners have right of survivorship, needs title, time, interest and possession to be valid, termination results from destruction of any 4 units, May partition land
    Joint tenancy
  37. Must be husband and wife, right of survivorship, title may be conveyed or encumbered by deed signed by both, no right of partition
    Tenancy by entirety
  38. 1.Husband and wife may have sole ownership or separate or individual property if owned solely before marriage or acquired by gift or inheritance after marriage

    2. Spouse equal partners of property acquired after marriage

    3. Upon ones death, survivor owns 1/2 other willed

    4. Ante nuptial agmt so preserving separate ownership
    Community (marital) property
  39. Owned by 3rd person benefit another, owned by business organization, 2 or more to create and operate a real estate investment, REITS
    Trust
  40. Definite period of time terminated by either party
    Tenancy for years
  41. (Periodic) indefinite period, no specific date, terminated by either party
    Tenancy for year to year
  42. Tenant right to possession, indefinite period, terminated by either notice or death
    Tenancy at will
  43. (Holdover) - tenant continues to hold possession without landlord consent
    Tenancy at sufferance
  44. Acquiring title to additions or improvements
    Accession
  45. Soil deposited by natural force of water
    Accression
  46. Soil increase by deposit from accretion
    Alluvion
  47. Property of debtor in custody if law and held as security pending disposition of creditor
    Attachment
  48. Permanent metal marker in cement
    Benchmark
  49. Horizontal plane from which elevations are measured
    Datum
  50. Gradual washing away of soil by flowing water or soil
    Erosion
  51. Legally allowed necessities
    Estovers
  52. No monetary value
    Good consideration
  53. Not yet perfected
    Enchoate
  54. Court doctrine bars legal claim because of undue delay to assert the claim
    Laches
  55. Action pending
    Los pendens
  56. Transfer of rights under contract from one party to another
    Novation
  57. No prior agreement can change terms of contract
    Parole evidence rule

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