Rights Interest & Estates: Ownership

Description of the physical boundaries of land ?

( center of earth and infinite space above the land.) Land Encompasses: the surface area of the earth and everything downward to the center. land: includes materials beneath the earths surface;water on or below the earths surface, and the air above the surface.

Which of the following would be represented as real estate opposed to real property ?

(Wells, driveways, and signs on a parcel of land) but if a person constructs a house with intention of creating a permanent dwelling, the house is considered real property. By contrast, if a camper affixes a tent to the land with the intention of moving it to another camp in a week, the tent would be considered real estate.

Two people own a house, each having undivided equal interest, which of the following best describes what each party owns ?

50% of the estate consisting of the indivisible whole of the real property. An undivided interest is an owner's fractional interest in an entire (undivided) estate, but not in a physical portion of the real property itself. An owner who has an undivided equal interest with another cannot exercise exclusive rights over a portion of the real estate, which is an indivisible whole.

which of the following is true of a cooperative?

A cooperative may hold an owner liable for unpaid operating expenses of other tenants. Since the cooperation owns undivided interest in the cooperative property, debt and financial obligations apply to the property as a whole, not to individual units as in a condominium.

Which of the following is true about Homestead?

A homestead interest can Not be conveyed by one spouse. Homestead laws help families keep their house and not letting creditors take their property.

If a joint tenant sells his or her interest to an outside party.

A joint tenant may transfer his or her interest in the property to an outside party, but only as a tenancy in common interest. Whoever acquires the interest co-owns the property as a tenant in common with the other joint tenants. The remaining joint tenants continue to own an undivided interest in the property, less the new co-tenant's share.

Homestead Estates are examples of?

A legal life estate. Homestead, dower,and curtesy are legal life estates. A life estate is created by state laws as opposed to being created by a property owners agreement. The focus on a legal life estate is to defining and protecting the property rights of surviving family members upon death of the husband or wife.

A tenant continues to occupy an apartment after lease expiration without the consent of the landlord. This type of estate is called?

An Estate at Sufferance. the tenant occupies the premises without consent of the landlord or other legal agreement with landlord. Usually such an estate involves a tenant who fails to vacate at the expiration of the lease, continuing occupancy without any right to do so. EX: a tenant violates the provisions of a lease and is evicted. The tenant protest and refuses to leave despite the eviction order.

what best describes a fixture

An item of personal property that has been converted to real property. A personal property item that has been converted to real property by attachment is called a fixture. Examples: chandeliers, toilets, water pumps, septic tanks, and window shutters. The owner of real property inherently owns all fixtures belonging to the property. When the owner sells the real property, the buyer acquires rights to all fixtures.

Ned grants his sister Alice an estate for as long as she lives. Her descendants, however, cannot inherit the estate. What kind of estate is it?

An ordinary life estate. "pur autre vie life estate" owner passes away the estate passes to the original owner and then is passed down through (a reversionary interest) and or (remainder interest)

what best describes legal concept and personal property.

Any item of property that is not definable as real property. Personal property is any owed item which is not real estate.( also called a chattels or personalty).

Unlike tenants in common, Join tenants?

Cannot will their interest to a party outside the tenancy.

A tenant without a lease has been sending the landlord monthly rent checks, and the landlord continues to accept the payments. What kind of leasehold estate exists?

Estate from period-to-period.

A landlord conveys a parcel of property with provision that the land cannot be developed for retail purposes. the new owner immediately begins to develop a retail shopping outlet, the grantor finds out and takes the property back. What kind of estate did the landlord convey?

Fee simple defeasible. The property must be used for a certain reason if used for anything else the estate reverts to the previous grantor.

What is property improvements?

Fences, sidewalks, street, buildings, wells, sewers, and piers. deals with clearing and helping develop land. EX: A chicken coop presently attached to land

Under what conditions can two individuals own a property as tenants by the entireties?

If they are married. Tenancy by the entireties is a form of ownership reserved exclusively for husband and wife. It features survivorship, equal interest, and limited exposure to foreclosure.

Which of the following would be considered community property?

Income derived from community property. If an income-producing property has been defined as community property, the revenue accruing from the investment is likewise community property.

When a tenant in common dies, what happens to the tenant's interest in the estate?

It passes by probate to the deceased tenants heirs.

When joint tenant dies, what happens to the interest in the estate?

It passes to the surviving joint tenants. In most states, joint tenants enjoy rights of survivorship; if a joint tenant dies, all interests and right pass to the surviving joint tenants free from any claims of creditors or heirs. When only joint tenant survives, the survivor's interest becomes an estate in severalty, and the joint tenancy is terminated.

Littoral Rights

Lakes, seas, oceans. concern properties abutting bodies of water that are not moving, such as lakes and seas. owners of properties abutting a navigable, non-moving body of water enjoy the littoral right of use, but do not own the water nor the land beneath the water.The legal premise underlying the definition of littoral.

Which of the following life estates is created by operation of law rather than by the owner?

Legal life estate. Is created by state laws as opposed to being created by a property owner's agreement. The focus of legal life estate is defining and protecting the property rights of surviving family members upon the death of the husband or wife.

The "four unities" required to create a joint tenancy include which of the following conditions?

Parties must acquire respective interest at the same time. all owners must acquire the property at the same time, use same deed, acquire equal interest, and share in equal rights of possession.

Carissa and Robert acquire a condominium as tenants in common. In this circumstance, Carissa can?

Sell her interest to a third party without the consent of Roberts Co-tenants may sell, encumber, or transfer their interest without obstruction or consent from the others owners. A co- tenants may not,however, encumber the entire property.

Tenant in common can

Sell or transfer his interest without the consent of the other tenants in common.

By contrast to a condominium, the owner of a cooperative owns?

Shares in a corporation or association and a proprietary lease in physical unit. In a cooperative, or co-op, one owns shares in a non profit corporation or cooperative association, which in turn acquires and owns an apartment building as its principal asset. Along with this stock, the shareholder acquires a proprietary lease to occupy one of the apartment units.

Riparian rights

Streams and Rivers. If the property abuts a stream or river, the owner's riparian rights are determined by weather the water is navigable or not navigable. If the property abuts a non-navigable stream, the owner enjoys unrestricted use of the water and owns the land beneath the stream to the stream midpoint. If the waterway in question is navigable, the waterway is considered to be a public easement. In such a case, the owner's property extends to the waters edge as opposed to the midpoint of the waterway.

Six people have identical rights in property and enjoy an indivisible interest. However any of the owners may sell or transfer his/her interest without consent o the others. This form of ownership is a ?

Tenancy in common. "estate in common" (Most common form of co-ownership) Characteristics : two or more owners, identical rights, interest individually owned, electable ownership shares, NO survivorship, and no unity time. With "identical rights", co-tenants share an indivisible interest in the estate, i.e... all have equal right of possess and use the property subject to the right of the other co-tenants.

A fee or life estate is held by an individual. This form of estate is referred to as an?

Tenancy in severalty If a single party owns the fee or life estate, the ownership is a tenancy in severalty. Synonyms are sole ownership, ownership in severalty, and estate in severalty.

estate at will?

Terminates on the death of lessor or lessee. (tenancy at will) The landlord and tenant agree that the lease will not have any specific termination date, provided rent is paid on time and other lease conditions are met. Ex: a son leases a house to his father and mother "forever" or until they want to move. The estate at will is terminated by proper notice, or by the death of either party.

in community property John married Patricia. he owned an SUV before they got married. he sold it and bought a Buick and Patricia bought a second property with the money she earned. they were both given motorcycles from her uncle as a gift. what is all community property?

The Buick and the second property.

When an estate is held in a trust, which party holds legal title?

The Trustee. In an estate in trust, a fee owner--the grantor or trustor--transfers legal title to a fiduciary--the trustee--created by a deed, will, or trust agreement.

When real property is held in a land trust, who controls the property?

The beneficiary. The land trust allows the trust-or to convey the fee estate to the trustee and to name himself or herself the beneficiary. The land trust applies only to real property, not to personal property. the agreement, or deed in trust, grants the beneficiary the right to possess and use the property, and to exercise control over the actions of the trustee.

In a cooperative, real property is owned only by?

The corporate entity of the cooperative association. The association interest is an undivided interest in the entire property. There is no ownership interest in individual units, as with condominium.

The distinguishing feature of a leasehold estate is?

The estate is limited by a lease term. Lease hold tenants only enjoy limited property use: use; temporary possession, and limited exclusion.

Retired couple just got a retirement home with a pier in a big lake. in this case the retirees water rights extend to.

The high water mark of the body of water at the shoreline. Ownership extends to the high-water mark of the body of water. The low water mark would imply that the owner owned the water itself at times of high water levels.

Which of the following is true about Tenancy in common?

The owner enjoy an indivisible interest. The tenancy in common, also known as the estate in common, is the most common form of co-ownership when the owner s are not married (through tenants in common can be married). The defining characteristics are: two or more owners; identical rights: interest individually owned; electable ownership shares; no survivorship; and no unity time. With "identical rights," co-tenants share an indivisible interest in the estate, i.e., all have equal rights to possess and use the property and use the property subject to the rights of the other co-tenants.

an item may be considered personal property as opposed to real property provided that.

The owner originally intended to remove it after a period of time. Ex: an apartment owner installs a security alarm system with the intention to remove it before the expiration of there lease. Here, the alarm would be considered personal property.

katelyn rents an apartment for one year. what right has she acquired under the leasehold?

The right to possess and use the premises.

An estate for period-to-period will continue as long as ?

The tenant makes, and landlord accepts, regular rent payments. (periodic tenancy) tenants period atomically renews if the landlord accepts the payment and the tenant pays rent in a timely manner.

which of the following is true of a joint tenancy ?

The tenants have equal and individual ownership interest.

A condominium owner's share of maintenance and operations expenses are based on?

The unit's pro rata share of the property value as defined in the declaration. The units pro rata share of the property's ownership as defined in the declaration determines the amount of a unit owner's assessment. EX: if a unit represents a 2% share of the property value, that unit owner's assessment will be 2% of the property's common area expenses.

In contrast to a tenancy in common, in a joint tenancy?

There is a single title to the property. Whereas tenants in common hold separate title to their individual interests, joint tenants together hold a single title to the property. This is referred to as unity of ownership.

The water front home owner died, what will come from the water rights the owner enjoyed while living in the home.

They transfer with the property when the property is sold. Littoral rights attach to the property. when the property is sold, the littoral rights transfer with the property to the new owner.

the property owner leases 60 acres of agricultural land for a renewal period of 5 years. In the context of real estate rights. this lease represents.

Transfer of a portion of the bundle of rights.

In a time-share freehold, owners acquire?

Undivided interests in the property as tenants in common. In a freehold time-share, or interval ownership estate, tenants in common own undivided interests in the property. Expenses prorations and rules governing interval usage are established by separate agreement when the estate is acquired.

If the duration of an owner's rights in a estate is not determinable, the owner has?

a Freehold Estate "Lease hold estate's have expirations"

Yes, the drones infringe on his air rights..

air right apply to the space above the surface boundaries of the parcel, as delineated by imaginary vertical lines extended to infinity. since the advent of aviation, allows property owners to allow aircraft airports use there air rights. the owner still has all rights to their property and air rights.

A real property interest that includes the right to posses is considered.

an estate in land If the interest-holder enjoys the right of possession, the party is considered to have an estate in land,or, familiarly an estate. Freehold and leasehold estates in land are further distinguished by whether the duration of the owner's rights can be determined.

"The bundle of rights" refer to which set of rights?

enjoyed by the owner of the property. (PUTEE) Possess,use,transfer,encumber,and exclude others from using the property. Transfer Rights include the right to sell, rent, donate,assign,or bequeath. The owner may also encumber the item by mortgaging it as collateral for debt.

The right to encumber a property means the owner can....

pledge the property as collateral for debt.( the right to mortgage the property for debt) There may be restrictions to this right, such as spouse's right to limit the degree to which a homestead may be mortgaged.

Community property

property owned jointly by a married couple.

The right to control land usage by zoning and eminent domain is an example of ?

public interest Public entities may own or leas real estate, in which case they enjoy an estate in land. However, government entities also have non-possessory interest in real estate which act to control land use for the public good within the entity's jurisdiction. Prime example of public interest is police power, or the right of the local or county government to zone. another example of public interest is the right to acquire ownership through the power of eminent domain.

Tanya buys a 4-bedroom condominium. As the new owner, she has the right to?

sell or mortgage the unit without impediment from individual owners of neighboring units. Condominium units can be individually sold, mortgaged, or otherwise encumbered without interference from other unit owners. An owner may not sell interests in the apartment separately from the interest in the common elements. Unit owners exclusively possess their apartment space, but must share common areas with the owners.