Chapter 1 Real Property and Ownership
vested remainder
- A remainder is vested in a GROUP of takers, at least one of whom is QUALIFIED to take, BU, Remainder is vested in a group of takers, at least one of whom is qualified to take possession. But each class member's share is subject to partial diminution because additional takers can still join in.
one acre=
43,560 sq. feet
one mile =
5,260 Feet
townships
6 miles square and 36 square miles, these are formed when meridian and baselines cross
PUD Planned Unit Development
A community that merges housing, recreation, and commercial units into one self-contained development is called a
Cooperative
A form of individual ownership of apartments, the property is owned by a corporation, of which each resident is a shareholder entitled to a proprietary lease for a particular apartment
Time-share
A form of ownership interest that may include an estate interest in property that allows use of the property for a fixed or variable time period
life estate
A freehold estate in land that is limited in duration to the life of the owner or to the life or lives of some other designated person or persons.
Metes and bounds
A method of land description which involves identifying distances and directions and makes use of both the physical boundaries and measurements of the land.
Condominium
A property developed for co-ownership, with each co-owner having a separate interest in an individual unit, combined with an undivided interest in the common areas of the property.
Contingent remainder
A remainder that occurs when the remainder person is unborn or unascertainable and does not have the right to immediate possession upon the termination of the preceeding estate unless the stated condition occurs first.
Standard subdivision
A standard subdivision is one in which each individual owner owns his or her own parcel of land. There are no common rights of ownership or use among the various owners within the subdivision.
Government (rectangular) Survey
A system established in 1785 by the federal government, providing for surveying and describing land by reference to principal meridians and base lines; used mainly west of the Mississippi River.
Correction lines
A system for compensating inaccuracies in the Government Rectangular Survey System due to the curvature of the earth. Every fourth township line, 24 mile intervals, is used as a correction line on which the intervals between the north and south range lines are remeasured and corrected to a full 6 miles.
Tenancy by the Entirely
A tenancy held by husband and wife giving each the equal right to possession and enjoyment during their joint lives, along with the right to sole ownership upon the death of either partner.
benchmarks
ARE PERMANENT REFERENCE MARKS PLACED BY GOVERNMENT SURVEYORS ( USUALLY IN THE FORM OF A BRASS PLAQUE SET IN A SIDEWALK OR THE BASE OF A MAJOR BUILDING) INDICATING THE LEVEL OF THE GROUND RELATIVE TO A GIVEN BASE LEVEL
Fee simple
Absolute ownership. The greatest interest that one can have in real property. An estate that is without restriction, of indefinite duration, freely transferable and inheritable.
Bundle ofRrights
All of the legal rights incident to ownership of property including rights of use, possession, encumbering and disposition.
Real Property
All property that is not personal property. Includes land plus improvements, rights, appurtenances and fixtures. Immovable by law.
Freehold Estate
An estate in land in which ownership is for an indeterminate length, in contrast to a leasehold estate.(not time limitation, freely transferable, may be inherited.)
Tenancy in Severalty
An estate in real estate held by one owner.
fee simple determinable
An estate which arises where the conveying instrument includes a condition or a limitation that would automatically terminate the fee simple if the condition occurs. Includes the words "while" "during" "until" "for so long as"
Tenancy in Common
An interest in real estate held by two or more persons without right of survivorship. Equal or unequal ownership.
Undivided interest subdivision
An undivided interest subdivision is a subdivision where owners share undivided interests in the entire parcel of land, and have a non-exclusive right to use the property. An example would be a recreational vehicle park.
Severance
Changing of real to personal property, such as cutting down a tree, removing stained glass window
Partition
Court procedure dividing up cotenants' interest in real property when the parties do not all voluntarily agree to terminate the co-ownership
Emblements
Crops nurtured in the year of the transfer or sale of the property. They are considered personal property.
Fixtures
Fixtures are goods that become attached to real property. An object is a fixture if a reasonable person would consider the item to be a permanent part of the property.
Pur autre vie estate
Granted for the life of a third party other than the person that granted the estate and the present life tenant.
Meridians
Imaginary north-south lines which intersect base lines to form a starting point for the measurement of land.
Limited Common elements
In a condominium, those common elements reserved for the use of a certain apartment, or certain apartments, to the exclusion of other apartments, In a condominium, a part of the common elements that only a particular unit owner has the right to use, such as in an assigned parking space, a balcony, or a storage locker.
Common Interest Subdivision
Individuals owning a separate lot or unit, with an interest in the common areas of the entire project. The common areas are usually governed by a homeowners association.
Chattels
Items of personal property, an item of movable personal property.
Lot, block, and tract
Legal description that references a recorded plat. An example would be "Lot 2 of Section 1- Thornton's Subdivision as recorded in Plat Book 43- Page 9.
Topographical Lines
Lines on a map that indicate contour of the land.
Fructus Naturals
Naturally growing plants, perennial crops, and trees. Real Property.
Common Elements
Parts of a property that are necessary or convenient to the existence, maintenance, and safety of a condominium or are normally in common use by all of the condominium residents. Each condominium owner has an undivided ownership interest in the common elements.
trade fixture
Personal property used in business which has been annexed to real property and is removable by the owner. (Tenant) If it is not taken by the tenant it becomes the property of the landlord.
Separate Property
Property owned by a married person in his or her own right outside of the community interest including property acquired by the spouse (1) before marriage, (2) by gift or inheritance, (3) from rents and profits on separate property, and (4) with the proceeds from other separate property.
Interstate Lane Sales Full Disclosure Act
Purpose is to prevent fraud. Disclosure of property details.
Appurtenances
Rights, benefits and improvements that transfer with title are:
merger
Same party acquired both the life tenant's interest as well as the interests of the reversionary of remainder interest holder.
Annexation
The attaching of personal property to land so that the law views it as part of the real property (a fixture). Annexation can be actual or constructive.
Base lines
The main imaginary line running east and west and crossing a principal meridian at a definite point; used by surveyors for reference in locating and describing land under the rectangular (government) survey system of legal description.
Remainder estate
The ownership interest subsequent to a life estate which, upon the death of the life estate owner, becomes a fee simple absolute interest.
datum plane
The reference surface from which elevation is measured
Curtesy
The rights that a husband acquires in the wife's property upon her death.
Dower
The rights that a wife acquires in her husband's fee simple property.
fee simple on condition subsequent
This estate has the potential of infinite duration, but it can be terminated or limited by occurrence of an event specified in a deed or other document executed at the time of conveyance.
Joint Tenancy
Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship, i.e., the right to share equally with other surviving joint tenants in the interest of a deceased joint tenant. (Joint in Time, Title, Interest, Possession.)
MOL (more or less)
Used in Metes and Bounds
Test of fixture (4 ways)
agreement, intent, attachment, adaptability
Homeowners associations (HOA)
an organization made up of homeowners in a particular development that has the following primary duties; enforcing the association's rules and regulations and maintaining the community's common property and facilitates for use by all homeowners in the development.
Fructus industriales
annual plantings or crops of wheat, corn, veggies, and fruits, also knows as emblements, usually considered personal property
section=
one mile square and contains 640 acres.
Chattels Real
personal property, items that extend to the owner an interest in real property (ex: leases, mortgages, K for purchase/option Ks0
Doctrine of agreed boundaries
provides that if there is uncertainty between neighbors as the true boundary line an oral agreement to settle the matter is enforceable if the neighbors acted it for a long period of time
Reversionary Estate
the creator of the life estate may not choose to name a remainderman. in this case, ownership is said to revert to the origional owner upon the end of the life estate
POB (point of beginning)
the starting point in describing the measures of a property, usually from a monument or the street
