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CH 2
Legal Foundations to Value
58
Finance
Undergraduate 3
07/13/2011

Additional Finance Flashcards

 


 

Cards

Term
property rights
Definition
  • (exclusive) possession
  • use (enjoyment)
  • disposition
Term
personal rights
Definition

(personal freedoms)

-derived primarily from "Bill of Rights," amendments & clauses to U.S. Constitution

Term
Rights In Our Society
Definition
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Term
Real Property: Rights In 3 Dimensions
Definition
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Term
real property
Definition
rights in land & its perm structures
Term
"Groundles" Building Stories: The Use of Air Rights
Definition
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Term
fixture
Definition
object that formerly was personal property but has become real property
Term
interests
Definition
lesser bundles held by diff individuals
Term
estates
Definition
interests in real property that include possession
Term
Estates
Definition
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Term
freeholds
Definition
titled INT; ownership
Term
fee simple conditional
Definition
-ownership subject to a condition or trigger event; property used as dormitory for F students
-greatly reduces value of ownership
Term
reverter
Definition
uncertain interests held by the previous owner(or heirs)
Term
ordinary life estate
Definition
rights of disposition of the fee simple absolute are unbundled & separated completely
Term
remainder estate
Definition
homeowner retains all rights of exclusive possession, use & enjoyment for her lifetime while the university gains the right of disposition
Term
legal life estates
Definition
created by action of law; FL surviving spouse life estate, minors remainder estate, if need to sell trustee must be created
Term
leasehold
Definition
-possessory INT; estates
1. limited in T
2. right of disposition diminished b/c the property ultimately reverts to the landlord
3. not titled INT
Term
tenancy for years
Definition
leasehold INT for a specific per of T
Term
periodic tenancy
Definition
-lease that has no definite term at the start
-written rental contracts reduces risk for both parties; adds value to property
Term
tenancy at will
Definition
agreement that the tenant will stay until either landlord/tenant gives notice
Term
tenancy at sufferance
Definition
-tenant that is supposed to vacate does not
-differs from trespassing only in that the tenant previously occupied the property under a legitimate household INT
Term
easement
Definition
right to use land for a specific & limited purpose
Term
easements appurtenant
Definition
-relationship between 2 parcels of land
-"runs w/the land"; perm & inseparable feature of both parcels involved
-affirmative & negative
Term
dominant parcel
Definition
benefits from the easement
Term
servient parcel
Definition
constrained/diminished by the easement
Term
An Easement Appurtenant Involves a Dominant Parcel & a Servient Parcel
Definition
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Term
easement in gross
Definition
-right to use land for a specific, limited purpose unrelated to any adjacent parcel
-no dominant parcel
Term

A & C: common driveway easement

C: implied easement of access in favor of B

E: involuntary driveway easement aka easement by prescription

F: implied easement of access to extract oil

G: conservation easement

Definition
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Term
license
Definition
permission
Term
Rights Included in Various Real Property Interests
Definition
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Term
deed restrictions
Definition
owner who created restriction or owner's heirs are the only persons who can enforce the restriction
Term
"equitable servitude"
Definition
subdivisionwide restrictions are deemed to serve the interest of all owners present & future in the subdivision lots
Term
lien
Definition
INT in real property that serves as security for an obligation
Term
general lien
Definition
arises out of actions unrelated to ownership of the property
Term
specific lien
Definition
derives directly from events related to a property
Term
attach
Definition
place a lien on
Term
property tax lien
Definition
-local gov services benefiting properties to assure payment
-automatically superior to any other lien
Term
assessment lien
Definition
-properties that receive primary benefit
-automatically superior to any other lien
Term
mortgage
Definition
INT in property as security for debt
Term
mechanics' liens
Definition
construction & other improvements to real estate
Term
3 Level of Liens on a Personal Residence
Definition
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Term
tenancy in common
Definition
"normal" form of direct co-ownership; as close to fee simple absolute estate as possible
Term
Forms of Co-Ownership
Definition
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Term
joint tenancy
Definition
-right of survivorship
-INT of decedent co-ownership divides = among surviving co-owners & nothing passes to heirs of decedent
Term
tenancy by the entirety
Definition
form of joint tenancy for husband & wife
Term
condominium
Definition
form of ownership combining single person ownership w/tenancy in common
Term
condominium bylaws
Definition
made & enforced by owner association
Term
condominium declaration
Definition
master deed; doc where 3D descriptions of space occupied by ea unit, common facilities & areas, determination of the proportion of common areas associated w/ea unit, provision for expansion of the property
Term
cooperative
Definition
-not a form of true direct co-ownership
-proprietary corp
Term
dower
Definition
gave a wife 1/3 life estate in all real property of a decedent husband that was ever owned by him during the marriage, provided that the wife did not join in conveying the property to a new owner
Term
curtesy
Definition
-see dower; HUSBAND
Term
elective share
Definition
gives a surviving spouse a share of most of the wealth of the decedent
Term
community property
Definition
-10 states, Spanish tradition, automatic right of husband & wife in property of ea other
Term
separate property
Definition
-property acquired prior to marriage
-gifts/inheritance received during marriage
Term
2 Main Forms of Marital Property Rights
Definition
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Term
timesharing
Definition
multiple individuals have use of property but, unlike traditional forms of co-ownership, the INT are not simultaneous
Term
mineral rights
Definition
-oil, gas, coal, other substances that are mined can be separated from land ownership
Term
rule of capture
Definition
owner of an oil/gas well could claim all that is pumped from it, regardless of whether the oil/gas migrated from adjacent property
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