Real Property and Estates

This set of flashcards covers key concepts related to Real Property, fixtures, types of estates, and ownership rights, helping to review important information from the lecture notes.

What defines Real Property?

Real Property is defined as land and all things affixed to it such as buildings and structures.

What is Personal Property?

Personal property includes everything that is not considered real property, such as stocks, bonds, and drafts.

What are Fixtures?

Fixtures are personal property objects that a tenant may attach to real property to render it more habitable.

What are Domestic Fixtures?

Types of domestic fixtures include stoves, shelves, and lighting equipment.

What is required for an object to become a Fixture?

The article must be physically annexed to the realty and adapted to the intended use or purpose of the realty.

How does intention affect the classification of an article as a Fixture?

The intention of the person attaching the article determines whether it is considered a fixture.

In a landlord/tenant relationship, what is the default assumption about fixtures?

Fixtures are usually attached for the tenant's benefit without the intention of increasing the landlord's property value.

What are Surface Rights?

Surface rights pertain to the rights to water on or adjacent to land, allowing owners access to and use of water.

What are Riparian Rights?

Riparian rights pertain to landowners whose land abuts a river or stream, depending on the navigability of the water.

What are Air Rights?

Air rights refer to a landowner's rights to the air space above their property, up to a certain height determined by law.

What is the process of Adverse Possession?

Adverse possession allows an individual to acquire title to real property by taking possession of land that belongs to another without consent for a legally specified period.

What are the requirements for Adverse Possession?

The requirements include hostile taking, actual possession, open and notorious use, continuous possession, and exclusivity.

Define Freehold Estates.

Freehold estates are estates of indeterminable duration, passed down indefinitely or for the lifetime of an individual.

What is a Life Estate?

A life estate is an estate granted for a period measured by someone's life, either the grantor's or the grantee's.

What type of lease is characterized by a fixed period?

An Estate for Years is characterized by a fixed period of time and ends on a certain date.

What does Tenancy in Common imply?

Tenancy in Common allows two or more persons to have undivided interests in property, where a co-tenant's share passes to their heirs.

What is Joint Tenancy?

Joint Tenancy is a form of ownership where each tenant has an undivided interest and rights of survivorship.

Who can hold Tenancy by the Entirety?

Tenancy by the Entirety is a form of concurrent ownership that can only be enjoyed by married couples.