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Definition
| Has specific characteristics of permanence and uniqueness. |
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Definition
| More than the surface of the earth. Composed of soil and all things of permanent nature affixed to the ground. |
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Definition
| The right to use another's property. |
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Definition
| Government restrictions on land use. |
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Definition
| Builder's restriction to land use. |
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Definition
| Personal, revocable privilege to perform an act or series of acts on the land of another. |
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Definition
| The right of another person to have the right to someone else's property. |
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Definition
| Personal property that is attached to the earth or placed in a building in such a way or under such circumstances that it is considered part of the real property. |
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Definition
| Equipment that a tenant attaches to a rental building and uses in a trade or business is ordinarily removable by the tenant when the tenant permanently leave the premises. |
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Definition
| Owner has absolute and entire interest in the land (unconditioned ownership). |
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Definition
| Lasts only during the life of a person. Upon the death of the person by whose life the estate was measured, the owner of the life estate has no interest remaining to pass to heirs or by will. (Conditioned Ownership) |
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Definition
| Having the remaining interest in the land once the life estate ends. |
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| Possibility of Reverter (Reversionary Interest) |
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Definition
| Grantor's interest. Future interest because it cannot exist unless present interest restrictions are violated. |
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Term
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Definition
| Receives primary responsibility. Persons who enter another's land by invitation. i.e. student at LCCC |
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Term
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Definition
| On the property with the permission of the landowner. |
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Term
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Definition
| Landowner ordinarily owes the duty of refraining from causing intentional harm only once the presence of the trespasser is known. Landowner does not have to warn them to protect them from harm. |
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Term
| *Attractive Nuisance Doctrine |
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Definition
| Even when children are trespassers, they are generally afforded greater protection through this. Ex: Swimming pool; drowning is foreseeable if it is not enclosed/made aware of. |
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Definition
| One owner. (Not necessarily one person) |
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Definition
| Co-ownership that grants an owner's property to the person of their choice upon death. |
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Term
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Definition
| Combination of co-ownership and individual ownership. |
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Term
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Definition
| Corporation owns the complex, occupants are stockholders. |
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Term
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Definition
| Instrument of writing by which owner or grantor transfers or conveys interest in land to the new owner. (MUST BE: Signed, Sealed, and Delivered!) |
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Term
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Definition
| Transfers or conveys an interest in land to a new owner. |
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Term
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Definition
| New owner of transferred property. (Transferee) |
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Term
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Definition
| Property is taken from its private owner for a public purpose. "Taking's Clause" of the 5th amendment. |
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Definition
| Debt. Mortgagor- property owner, Mortgagee- bank, lender. |
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Term
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Definition
| Judicial procedure resulting in sale of the mortgaged property. |
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Term
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Definition
| Due-on-sale clause. Money for sale is due on sale. |
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Term
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Definition
| Upon default, the full amount of the loan is due. |
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Term
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Definition
| Lender MUST satisfy mortgage. (Make final payment) |
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Term
| Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) |
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Definition
| Authorizes US president to issue funds to be used for cleanup of areas hat were once disposal sites for hazardous materials. |
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Term
| Nuisance (Public and Private) |
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Definition
| Public- affects the community or public at large. Private- affects a single or only a few people. |
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Term
| Environmental Impact Statement (EIS) |
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Definition
| Report that documents the impact of the proposed federal project on the environment and covers the consideration of practical and feasible alternatives with a lesser impact. |
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Term
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Definition
| Buyer conducts thorough investigation of the property and its current and former uses to determine whether any problems with respect to environmental law or nuisance exist. |
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Term
| Zoning: Nonconforming Use and Variance |
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Definition
Nonconforming Use- when the use of the land is in conflict with a zoning ordinance at the time the ordinance goes into effect.
Variance- Permits the owner of the land to use it in a specific manner that is inconsistent with the zoning ordinance. |
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Term
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Definition
Relationship in which one person is in lawful possession of real property owned by another.
Lessor- Landlord
Lessee- Tenant |
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Term
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Definition
| 1) Notice, 2) Expiration in tenancy for years, 3) Notice in periodic Tenancy, 4) Destruction of Property, 5) Fraud, 6) Transfer of the Tenant |
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Term
| Covenant of Quiet Enjoyment |
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Definition
| Protects the tenant from interference with possession by the landlord or the landlord's agent, but it does not impose liability on the landlord for the unlawful acts of third parties. |
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Term
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Definition
| Act of landlord substantially depriving tenant of use and enjoyment of property. |
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Term
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Definition
| Requires, in most states, that the premises have running water, heat in winter, and be free from structural defects and infestation. |
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Term
| Gifts: Inter vivos, Causa mortis. |
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Definition
Donor- gives gift
Donee- gets gift
Inter Vivos- normal gift between two living persons.
Causa Mortis- made when donor is contemplating imminent and impending death. Delivers personal property with the intent that the donee owns it upon the donor's death. |
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Term
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Definition
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Term
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Definition
| Transfer to the government of unclaimed property. |
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Term
| Tenancy: Joint Tenancy, Tenancy by entirety, Tenancy in Common. *Case Problem* |
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Definition
Joint Tenancy- ownership of two or more persons. Right of Survivorship.
Tenancy by Entirety- Ownership of property between husband and wife.
Tenancy in Common- ownership between two or more persons, interest of tenant in common may be transferred or inherited. |
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Term
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Definition
One person delivers possession of personal property to another under an agreement (express or implied) by which latter is to return, dispose of, or deliver the property as agreed.
Slight- benefit of bailor.
Extraordinary- benefit of bailee
Ordinary- mutual benefit
Constructive bailment- lawful acquired possession of another's personal property.
Bailments for mutual benefit
Gratuitous bailments- sole benefit of bailor or bailee. |
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