Chapter 3 - legal issue

license

A ______ in real property is not transferable or inheritable.

profit

A _______ in real property is transferable and inheritable.

Licesnse

A __________ is permission to do a particular act on another's land without possessing any estate or interest in the land. No assignable, inheritable and is a temporary privilege.

lien

A claim or charge against the property of another

Partnership

A form of business organization owned by two or more partners.

Profit

A legal term describing the right to take products of the soil from someone's land, including soil, minerals and timber. They are created in the same manner as easements: by grant or deer, by necessity or by prescription. A profit is salable, inheritable, and transferable.

Easement

A limited right to make use of a property owned by another.

encroachment

A trespass on land or an intrusion over the boundary of land.

Easement for light and air

A view easement.

Party Wall

A wall shared by two adjoining structures. Each owner of the structure owns his section of the wall in severally.

Corporation

An artificial being invisible and intangible and existing only by law. Taxable legal entity recognized by law.

Specific Lien

Are claims against a specific and readily identifiable property, such as mortgage or mechanics lien.

Dowery and Curtesy

Automatic life estates owned by a surviving spouse in inheritable property owned by the deceased spouse alone during the marriage

Easements

Can be in gross or appurtenant.

Real property

Consists of land and everything attached to the land and the bundle of rights inherent in ownership.

Negative and Affirmative easements Appurtenant

Easement Appurtenant can be divided into two categories__________ and __________.

Negative or affirmative

Easements appurtenant can be _______ or _______.

Nonfreeholds or leaseholds

Estates in land are divided into two groups:

Personal Property

Everything that isn't real property

Fee Simple Estates and Life Estates

Freehold estates include:

Entry and exit

Meaning of ingress and egress

Sole Proprietorship

One individual owns this form of buildings organization.

Easements by grant

Or reservation are those created with the express written agreement of landowners, usually in a deed.

Surface of the earth and the area above and below the surface.

Ownership in land includes:

Life Estate

Ownership, possession, and control for someone's lifetime.

Fee simple on condition

The _________ can contour for an infinite time, as with the fee simple absolute. This condition can be defeated and is a defensible title. This condition is recognized in the deed by the words "But if"

Tenancy in common, joint tenancy, tenancy by the entirety, and community property.

The forms of co-ownership include

Appurtenances

The inherent or automatic ownership rights that are natural consequence of owning property.

Dominant Tenement

The land that benefits from an easement appurtenant is called __________.

Fee simple on condition Qualified fee simple

The two types of defensible fees are:

Fee simple

This estate is inheritable

Life estates

This estate is not inheritable

Ownership in Severalty

Title held in the name of one person only is_________.

Right of Survivorship

When one or more of the co owners died, the surviving co owners automatically revive the interest of the deceased co owener. The remaining survivor among all co owners owns the entire property in severalty.

Easements are terminated by

release, merger, abandonment, necessity, or expiration of prescribed time.

Easement in Gross

An entity's personal right to use property. The receiver DOES NOT own the adjoining property. Example: utility easement by electric or water company

Qualified fee simple

Another inheritable freehold Estate in the form of a fee simple estate. It is a defensible fee, so the grantor can terminate the title. This is recognized in the deed by the words "as long as" For Example, grantor transfers 10 acres to her daughter as long as the property is used for educational purposes.

Easements

Are non possessory interest in land owned by another.

Easements by Prescription

Are obtained by use of land without the owners permission for a legally prescribed length of time.

Mechanic's Lien and materialmen's liens

Are specific liens that may receive preferential treatment for priority liens.

Easements by implication

Arise by implication from the conduct of the parties. For example, when landowner X sells mineral rights to company Y, company Y has easement by implication to go on property X for mining purposes.

General lean

Claims against a person and all of his or her property, such as a judgement

General liens

Claims against a person and all of his property, such as judgement resulting from a lawsuit. The property of a judgement debtor is subject to execution and forced sale to satisfy an unpaid judgement.

Specific Lien

Claims against a specific and readily identifiable property, such as a mortgage.

Defensible Estates

Destructible or defeatable. Ex. When someone wants to donate land to a school or community for a specific purpose.

Grant, necessity, prescription, implication, and condemnation.

Easements are created by

Easements by necessity

Exists when land has no access to roads and is landlocked.

Freehold estates

Fee simple estates that are inheritable. Also life estates that are not inheritable.

Joint Tenancy

Form of co ownership requires all four unities of time, title, interest, and possession. Each tenant give up the right of inheritance.

Life estate in reversion

If the conveyance does not state a person or persons to receive the title upon the death of the life tenant or another specific person, a ____ is created

Dower

If the owner of the property was the husband, the wife has a life estate called___________.

Curtesy

If the owner of the property was the wife, the husband has a life estate called ________

encumbrance

Is a claim, lien, charge, or liability attached to and binding upon real property. Examples are encroachments, easements, leases, liens, assessments, and restrictive covenants.

Easement Appurtenant

Is a right of use in the adjoining land of another that moves with the title to the property benefiting from the easement. Two land owners must be involved. One must receive the benefit, and the other must except a burden.

Ease my by condemnation

Is created by the exercise of the governments right of eminent domain. The government can take title to land with payment of just compensation. The government also can take the right to use the land for some future purpose.

encroachment

Is created by the intrusion of some structure or object across a boundary line. Ex. Tree limbs, bushes, fences, antenae, roof lines, driveways, and overhangs. The encroaching owner is a trespasser.

Reversion or remainder

Life estates may be in _______ or _______. The duration of a life estate may be measured by the life tenant or by the life of another. (Pur autre vie) a life tenant has the right of possession and enjoyment of the property and derive income from it.

Lid pendens

Notice that provides specific and constructive public notice that a lawsuit affecting title or possession of certain real estate is pending.

fixture

Personal property that attaches permanently to the land or improvements and becomes part of the real property is ______.

scarcity, permanence of investment, location, and improvements.

Real property has the economic characteristics based on _______, _________, ________, and ________.

immobility, indestructability and uniqueness.

Real property has the physical characteristics of ________ , _________ and _______.

Tenancy by the Entirety

Restricted to married couples and adds the fifth unity of marriage.(unity of person)

Appurtenances

The inherent or automatic ownership rights that are natural consequences of owning property. Property owners not only have these rights but can also sell or lease these rights to others. - profit - air rights - subsurface rights - water rights

Servient Tenement

The land that must suffer and allow the use is called the____________.

Specific Liens

The lien for real property taxes and special assessments are ___________. In New York these liens have the highest priority for payment.

Fee Simple Absolute

The most complete form of ownership in real property

Coownership or concurrent ownership

When two or more people or organizations hold title at the same time, it is called__________ or ________.

An estate in remainder An estate in reversion

With a life estate, one of two outcomes is possible upon death:

Joint tenancy and tenancy by the entirety

_______ and _______ include the right of survivorship and require the unities of time, title, interest, and possession.

Cross Easement

the ownership is subject to an easement by each of the owners to use the others section of the wall for support.