Unit 2: Property, Estates, and Ownership
acknowledgment
A formal declaration to a public official (notary) by a person who has signed an instrument that states that the signing was voluntary.
less-than-freehold estate
A leasehold estate; considered to exist for a definite period of time or successive periods of time until termination.
estate
A legal interest in land; defines the nature, degree, extent, and duration of a person's ownership in land.
less-than-freehold estate. Hint: A nonfreehold estate is a tenant's possessory estate in land or premises. The nonfreehold estate (also called a less-than-freehold estate or leasehold) is owned by renters or tenants.
A renter holds a:
real property
A running stream is considered:
freehold estate
An estate in real property which continues for an indefinite period of time.
life estate
An estate that is limited in duration to the life of its owner or the life of some other chosen person
it has become a fixture and belongs to the buyer. Hint: How is the disputed item attached to the property? If it is permanently attached, it is real property. A chandelier wired into the electrical system makes it a fixture, or real property. It would be included in the sale of the house as something attached or affixed to the land unless the sellers specifically mentioned they wanted to take it with them.
An owner builds an expensive oak bookcase and places it in his den, affixing it permanently to wall for stability. When the home is sold, if no special arrangements are made:
bundle of rights
An ownership concept describing all the legal rights that attach to the ownership of real property
fructus industriales. Hint: Fructus industriales are annual crops produced by human labor, such as fruits, nuts, vegetables, and grains. The main difference between cultivated plants and wild plants is that cultivated plants are considered personal property even before they are harvested.
Annual crops produced by human labor, such as fruits, nuts, vegetables, and grains are:
emblements
Annual crops produced for sale by tenant farmers.
Fee Simple Hint: An estate in fee, sometimes known as a fee simple estate, is the greatest ownership interest in real property. An estate that is unqualified, of indefinite duration, freely transferable, and inheritable. It is known as an estate of inheritance or a perpetual estate because the owner may dispose of it in his or her lifetime or after death by will.
Another name for an estate of inheritance is:
personal property
Anything movable that is not real property.
Appurtenance Hint: An appurtenance is anything used with the land for its benefit. Appurtenance means "belonging to" so, an appurtenance does not exist apart from the land to which it belongs.
Anything used with land for its benefit is known as a(n):
valid, but Hunter takes the property subject to Baker and Cooks right to share in the enjoyment and possession of the property.
Baker, Cook, and Turner own equal interests in a parcel of land as tenants in common. Without the consent of the others, Turner leased the entire parcel to Hunter for agricultural purposes. Such a lease would be:
Lyn owns 2/3 and Pat owns 1/3 as tenants in common.
Chris, Bell, and Lyn took title to a property as joint tenants. Chris sold her share to Pat, and then Bell died. Who owns the property now?
tenancy in common.
David left his son 2/3 interest and left his son's wife 1/3 interest in real property jointly and without the right of survivorship. They will take title as:
personal property Hint: Emblements are annual crops cultivated by tenant farmers and sharecroppers. They lease the land for agricultural use. The crops are the personal property of the farmer—not the landowner.
Emblements are:
title
Evidence of land ownership.
Ownership interests are equal
How are a joint tenancy interest and a community property interest alike?
rights or interests in the thing owned
In a technical sense, the term "property" refers to:
easement
Interest owned by one person in the land of another person.
reversion
John conveys a portion of his fee estate to Fred that is for a term less than his own, John's own interest would be:
littoral
Land bordering a lake, ocean, or sea.
real property
Land, anything affixed to the land, anything appurtenant to the land, anything immovable by law.
constructive notice
Notice given by recording a document or taking possession of the property
Right to tax Hint: The bundle of rights includes the right to own, possess, use, enjoy, borrow against, and transfer real property.
Of the following, which is not a right included in the bundle of rights?
Time of attachment
Of the following, which is not one of five general tests of a fixture?
sole ownership.
Ownership in severalty would most likely involve:
sole ownership. Hint: Property owned by one person or entity is known as sole and separate, or ownership in severalty. Severalty means you are severed from other owners.
Ownership in severalty would most likely involve:
severalty
Ownership of real property by one person or entity.
trade fixture
Personal property affixed to leased property by the tenant for business purposes that may be removed by tenant upon termination of the lease.
fixture
Personal property that has become affixed to real estate.
chattel
Personal property.
patents
The legal document that transmits real property from the state or federal government to a person.
prescription
The process of acquiring an interest, not ownership, in a certain property.
The Bundle of Rights Hint: Property rights are the rights someone has in something and are known collectively as the bundle of rights.
The property rights that someone has in something are known collectively as:
quiet enjoyment
The right to peace without aggravation by others
riparian rights
The rights of a landowner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property.
survivorship
The words "time, title, interest, and possession" are most closely related to:
appurtenance
Those rights and improvements that belong to and pass with the transfer of real property but are not necessarily a part of the actual property.
undivided 1/2 interest as a tenant in common. Hint: When two or more persons, whose interests are not necessarily equal, are owners of undivided interests in a single estate, a tenancy in common exists. Co-owners take title as a tenancy in common unless some other form of ownership or vesting is mentioned specifically in the deed.
Two friends contributed equal amounts to purchase a vacation home. There was no mention of the ownership interest of each person or how title was to be taken. Under these circumstances, each person would hold a(n):
They are associated with life estates. Hint: Measuring life, pur autre vie, and live tenant are terms associated with life estates.
What is the commonality of the terms, measuring life, pur autre vie, and life tenant?
Recording the transfer instrument protects his or her legal interests. Hint: The Recording Act of California provides that, after acknowledgment, any instrument or abstract judgment affecting the title to—or possession of—real property MAY be recorded. Whenever an interest in real property is transferred voluntarily or involuntarily, the new owner should record the transfer instrument to protect his or her legal interests. Recording a document gives constructive notice of an interest in real property.
Whenever an interest in real property is transferred voluntarily or involuntarily, why should the new owner record the transfer instrument?
Tenancy for years
Which of the following is a nonfreehold estate?
Something acquired by legal right and used with the land for its benefit. A right-of-way over another's adjoining land. Stock in a mutual water company
Which of the following is considered appurtenant to land?
An existing mortgage
Which of the following is considered personal property?
Leases
Which of the following is considered personal property?
Airspace above the land
Which of the following is considered real property?
Bearing wall in a single-family residence
Which of the following is considered real property?
Gas and Oil Hint: Minerals are owned as real property unless they are fugitive substances, that is, non-solid, migratory minerals such as oil or gas. Oil and gas may not be owned until taken from the ground, at which time they become the personal property of whoever removed them.
Which of the following is not real property?
Riparian property owners own the water and may use as much as they want.
Which of the following statements concerning riparian rights is not correct?
A deed must be acknowledged to be recorded. Hint: A deed must be acknowledged to be recorded. Recording allows (rather than requires) documents affecting title to real property to be filed.
Which statement is correct regarding recording a grant deed?
Ownership in severalty Hint: Concurrent ownership has several forms such as joint tenancy, tenancy in common, community property, and tenancy in partnership.
Which type of ownership is not concurrent ownership?
Personal property can become real property.
Why do disputes arise regarding ownership of personal property?
estate of inheritance.
"Of indefinite duration" is a phrase that describes an:
fee simple qualified
(1) An estate in which the holder has a fee simple title, subject to return to the grantor if a specified condition occurs. (2) Also known as fee simple defeasible
fee simple absolute
(1) The largest, most complete ownership recognized by law. (2) An estate in fee with no restrictions on its use. (3) Property transferred or sold with no conditions or limitations on its use
estate in fee
(1) The most complete form of ownership of real property. (2) A freehold estate that can be passed by descent or by will after the owner's death. (3) Also known as estate of inheritance or fee simple estate
unenforceable
A contract to sell community real property made by one spouse only is: