Term
| The Law of property deals with a person's ability to do what 3 things with real and personal property |
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Definition
1. possess
2. transfer
3. access |
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Term
| Examples of real property are: |
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Definition
| land, vegetation growing on the land, structures that are permanently affixed to the land, mineral sources that are located beneath the soil, all rights and profits arising from the land, the right to drill oil |
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Term
| the difference between real and personal property is: |
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Definition
| real proeprty is immovable, if you were to move it, it would likely destroy the property. personal property is tangible and moveable items. |
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Term
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Definition
| an interest in property; the right to future ownership of real property |
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| life estate; an interest in property, the right to occupy property for a period of time |
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| an interest in property; the right to get property back if it is no longer being used for its intended current purpose |
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| tells you who has rights to property |
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| refers to the ability that one has to enforce rights to property in a court |
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Term
| what does it mean if someone has vested rights in a particular property? |
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Definition
| they have the legal ability to enforce those rights in court |
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Term
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Definition
| the title that someone has in real property |
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Definition
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Term
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Definition
| an estate in land that a person has for an indefinite period of time. the time period is unclear, uncertain, undecided. Laws govern the rights and obligations of a holder of this type of estate. |
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Term
| Categories of Freehold Estates |
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Definition
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Term
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Definition
| the largest estate in land that the law recognizes. the holder of a fee interest can sell, gift, devise and encumber his/her interest. holder of fee estate can hold their interest for an indefinite period of time |
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Term
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Definition
| to encumber an interest means to restrict/limti that interest by way of a mortgage, debt or other such means. |
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Term
| What does it mean to say that not all fee interests are absolute? |
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Definition
| the fee holder of the fee interest has an interest that is restricted in some way and the fee interest can termiante if a certain event happens. |
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Term
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Definition
| fee interests that are not absolute |
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Term
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Definition
| Fee Simple Determinable and Fee Simple Subject to a Condition Subsequent |
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Term
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Definition
| type of defeasible fee; when the titleholders interest can terminate if a specific event occurs which means that their interest is transferred back to the grantor. if the condition occurs, the interest automatically reverts back to the grantor of his heirs if grantor is deceased. |
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Term
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Definition
| the person who created an interest in property for another |
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Term
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Definition
| (relates to a FSD) indicates that there is a possbility that title will revert back to the grantor of a FSD, fee simple determinable. they are automatic by law and the grantor does not have to exercise this right to regain title to the property interest. |
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Term
| the phrases "for so long as," "during," "while" indicate what: |
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Definition
| a Fee Simple Determinable |
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Term
| Fee Simple subject to a condition Subsequent |
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Definition
| occurs when the grantor transfers title to property but reserves the right to get the title back if a specific event occurs. |
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Term
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Definition
| in a fee simple subject to a condition subsequent, the grantor can reserve the right to get the interest in the property back if a specific event occurs and he must specify the right of re entry in the transferring document. If he chooses NOT to exercise this right, he loses it for himself and his heirs which creates terminates the FSSCS and creates a FSA. This is NOT an automatic right, the grantor must exercise the right or it is lost. |
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Term
| Phrases "but it," "upon the happening of" indicates what? |
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Definition
| a Fee simple subject to a condition subsequent |
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Term
| Fee Simple Subject to an Executory Interest |
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Definition
| type of FSSCS; a FSSCS but the right of re entry is not for the grantor, but a third party specified in the transferring document. The grantor transfers the interest to x giving x a FSSCS and creates a right of re entry for Y if X does not abide by the conditions set forth in the transferring document. Y has a FSSEI. If Y chooses not to exercise the right of re entry, that right is lost and the FSSCS that X initialy had termiantes and creates a FSA for X. |
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Term
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Definition
| an interest a grantor creates for a third party where the third party can exercise a right of re entry and obtain their interest if the condition in the FSSCS occurs. An executory interest is lost for the third party and their heirs if the person with the executory interest chooses not to exercise their right of re entry. |
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Term
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Definition
| a type of limited Fee Simple Interest where the interest in the property only passes to a blood relative, lineal descendant of the title holder. this has been abolished in most jurisdictions |
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Term
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Definition
| where the grantor transfers an interest in property to a male relative and their male heirs. |
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Term
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Definition
| where just one person holds title to an interest in property |
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Term
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Definition
| where more than one person holds title to an interest in property |
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Term
| 5 recognized type of concurrent ownership |
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Definition
1. tenancy in common
2. joint tenancy
3. tenancy by the entirety
4. community property
5. tenancy in partnership |
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Term
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Definition
| where more than 1 person is the title holder at the same time but their ownership interest does NOT have to be equal. all co owners have the right to possess all of the land regardless of their interest percentage. the co owners can not claim or take exclusive possession of just their portion. they have the exact same rights to possess the ENTIRE proeprty. each co owner can freely transfer his interest. if a co owner dies, his interest passes to his heirs. a TC is presumed when more than 1 person is transferred property and they are not married. tenants can alienate their interest without destroying the title. |
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Term
| Separate but undivided interests |
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Definition
| in a Tenancy in common, the owners have interests in 1 physical piece of property even though each owner may own just a portion of that whole, the property does not get physically divided up according to their interest percentage. |
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Term
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Definition
| means that a co owner can freely transfer his interest in property without the permission of the other co owners |
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Term
| What happens in a Tenancy in common when a co owner is in actual possession of the property and makes money off of the property |
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Definition
| they do not have to share the profits with the co owners |
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Term
| What happens when a co owner is not in actual possession of the property and makes money off of the property |
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Definition
| for example if they are renting the property to another, they do have to share the profits pro rata with the other co owners (according to their percentage of ownership in the property) |
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Term
| encumbering an interest in a Tenancy in common |
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Definition
| a tenant in common may encumber only his interest in the property without the consent of the other co owners. if a co owner encumbers his interest and a foreclosure results, most states change the ownership into a tenancy in severaly for all co owners according to their interest percentage. the lien holder who foreclosed would own that portion in FSA with the remaining co owners. |
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Term
| 3 ways to terminate a tenancy in common |
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Definition
1. all owners can transfer their title itno an FSA according to their proportionate interest.
2. an owner who is in actual possession of the proeprty can try to get an ouster from the court
3. the court can order a partition |
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Term
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Definition
| when the court orders that an owners rights are terminated because they have failed to meet a required legal obligation or they abandoned the property |
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Definition
| a court orders the property to be partitioned when the co owners can not agree on how to divide the property |
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