Chapter 8: Property Rights

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  1. Common Elements
    legally attached to each units and are transferred with the unit when it is sold
  2. Concurrent Ownership
    Ownership by two or more persons at the same time

    • Tenancy in common
    • Joint tenancy
    • Tenancy by entireties
  3. Condomininum
    Real Property consisting of condominiums and common elements

    • Condo Documents
    • Declaration of Condominium
  4. Cooperative
    normally organized as a corporation.

    legal title is vested in a corporation or other entity
  5. Elective Share
    30% of the decedents net estate consisting of real and personal property

    Homesteaded property is in additional to the elective share
  6. Estate for Years
    Tenancy with a specific starting and ending date

    establishes an interest (use posession exclusion) in real property for tenant but does not convey actual title ( disposition)
  7. Estate in severalty
    Title is held by one person (aka sole ownership)
  8. Fee Simple Estate
    Most Comprehensive collection of real property

    Absolute and complete ownership , subject to governmental restrictions
  9. Fixtures
    Item of personal property converted to areal property by attaching it to the real property with the intention that it become permanently a part of the property

    • Fixtures test:
    • I ntent of the parties
    • R elationship between parties
    • M ethod of annexation
    • A daptation of the article
  10. Freehold estate
    Estates of ownership for an indefinite period

    • Fee Simple
    • Life Estate
    • Estate in Reversion
    • Remainder Estate
    • Vested remainderman
    • Contingent remainderman
  11. Joint Tenancy
    Characterized by right of survivorship

    Can only exist when:

    • Possession - same rights of undivided possession
    • Interest- equal ownership interest
    • Title-acquire title on same deed
    • Time- acquire interests in the property at the same time

    Has to have specific wording; "as joint tenants with right of survivorship and not at tenants in common"
  12. Land
    not only the surface but also everything attached to it by nature

    also oil, limestone associated with property

    • surface rights
    • subsurface rights- mineral rights
    • air rights- space above tract
  13. Leasehold Estate
    • Nonfreehold Estates
    • interest in real property that is measured in calendar time -- exist for a specific period of time

    • Estate for years
    • Tenancy at will
    • Tenancy at sufferance
  14. Littoral Rights
    Associated with land abutting tidal bodies of water-- ocean lake or sea
  15. Life Estates
    fewer rights than the owner of a fee simple estate

    • owned for the period of a lifetime of an individual
    • individual must maintain property and not permit waste also must pay taxes
  16. Martial Assets
    property acquired during the marriage individually by either spouse or jointly by them

    Divided in the event of a divorce
  17. Personal Property
    Any asset that is not real property (aka chattel)

    Savings account, car, jewelry

    Moveable, not attached to the land
  18. Proprietary Lease
    owners purchase shares of stock. ownership entitles the purchaser to a proprietary lease and right to occupy the unit for the life of the corporation
  19. Prospectus
    summarizes some of the major points detailed in the condo documents

    must file it with the state

    disclose that buyer can cancel w/in 15 calendar days
  20. Real Estate
    Land and all improvements permanently attached
  21. Real Property
    Includes all real estate plus the legal bundle of rights inherent in ownership.

    Any interest or estate in land and any interest in business enterprises or bus opportunities

    • Does not include
    • any cemetery lot or right of burial
    • Renting of a mobile home lot or recreational vehicle lot in a mobile home park
  22. Remainderman
    • Original grantor or third party receiving a life estate
    • Estate in reversion-- estate goes to the original grantor
    • Vested-- someone whose legal name is specified
    • Contingent-- refers to someone whose legal name is not specified (first born child)
  23. Right of Survivorship
    tha share of a co-owner who has dies goes to the surviving co owners and not deceased tenant's heirs
  24. Riparian Rights
    Associated with land abutting the banks of rivers, streams or other water course
  25. Separate Property
    Non-marital assets and any property the husband or with owned prior to the marriage and property acquired during the marriage by inheritance or gift
  26. Tenancy at sufferance
    Occurs when a tenant stays in possession of property beyond the ending date of a legal tenancy without the consent of the landlord
  27. Tenancy at will
    a lease agreement that has beginning date but no fixed termination date (week to week or month to month)

    • Notice for termination
    • Week to week - 7 days
    • Month to month- 15 days

    actions that will terminate are 1) sale of property 2) death of owner/renter
  28. Tenancy by the entireties
    • joint tenancy between husband and wife
    • Right of survivorship must exist and two co-owners must be married
  29. Tenants in common
    Two or more people with to share ownership of a sing property. Most frequent co ownership aside from husband and wife (tenancy by entireties)

    Each owns an undivided interest in the entire property
  30. Time share
    undivided interests in a living unit according to the number of weeks purchased

    ie) one week-- buyer owns 1/52 interest in the unit

    Developer disclosure purchasers can cancel s/in 10 days of signing

    • Types of ownership:
    • Interval Ownership- fee simple
    • Right-to-use - long term leasehold interest 20 to 40 yrs
  31. Trade fixture
    Item of personal property attached to real property that is owned by a tenant and used in a business -- legally removable by tennant
  32. undivided interest
    interest in the entire property rather than ownership of a particular part of the property
  33. Accrretion
    Process of land buildup from water-borne rock, sand and soil
  34. Alluvion
    New Deposits of land s a result of accretion

    • typically occur at the mouth of large rivers
    • land owner is entitled to all new soil deposits
  35. Erosion
    Gradual loss of land due to natural forces
  36. Reliction
    Gradual receding of water, uncovering additional land
  37. Act of Severance
    Turning real property into personal property

    ie- timber (real property); cut timber is personal property
  38. Attachment
    Personal property becoming real property

    Real Property that is permanently attached to or make part of the real property ie Bathtub in warehouse (personal property); Bathtub installed in home (real property)
  39. General Property Rights
    • Disposition- sell mortgage, dedicate or give away
    • Use- Uninterrupted use and control consistent with local laws
    • Possession- Right to occupy
    • Exclusion - Quiet Enjoyment / control entry onto land
  40. Sole and Concurrent ownerships
    Image Upload
  41. Homestead
    Protections and Benefits

    • Protection of the homestead- protected from forced sale for debts owing personal loan, credit card debt
    • Does not protect from foreclosure, special assessments, mortgages, liens
    • Tax Exemption-up to $50,000 for qualifying homesteads
    • Size of Homestead-restricted to 160 acres outside city or 1/2 acre within city
    • Protection of the family- surviving spouse receives a life estate and the children receives remainder of estate
  42. Condominium Documents
    • Declaration of Condo - record in county records of were the property is located
    • Articles of incorporation of the association
    • Bylaws of the association
    • FAQ
    • Estimated Operating Budget
  43. Condo Disclosures
    Image Upload
  44. Condo Advantages
    • Property taxes assessed and collected on each unit
    • Default in payment only effects owner of single unit
    • Building costs on a room for room typically lower
    • Common elements usually include rec center
    • Increased security, property appreciation
  45. Condo Disadvantages
    • Must abide by restrictions
    • Unit owners personally involved in the operation of the condo association
    • Nonpayment of the monthly maintenance fee may create a lien
    • Reserve fund for future expenses
    • No able to enlarge units
    • Right of refusal reserved by many associations
Card Set:
Chapter 8: Property Rights
2011-06-19 20:11:26
Real Estate

Property Rights
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