Chapter 8 Real

What are the three physical components of land?

Surface rights, subsurface rights, and air rights

What are riparian rights?

Riparian rights are rights associated with land abutting a flowing waterway, such as a river or stream

When a homeowner has riparian rights, can they contaminate or stop the flow of water?

No

What are littoral rights?

Littoral rights are rights associated with land abutting water that is non-flowing, such as ponds, oceans and lakes

What is a fixture?

A fixture is an item that was originally personal property that has been permanently attached to real estate in such a way that it is now legally real property

What are the four tests used by courts to determine if an item is personal or real property?

1. Intent of the parties 2. Relationship or agreement of the parties 3. Method or degree of attachment or annexation 4. Adaptation of the item

Which estate is the largest bundle of legal rights and is the simplest yet most comprehensive form of ownership?

Fee simple estate planning

Which estate in real property is limited in duration to the life of its owner? Meaning you only own the property until you die?

Life estate

Is fee simple estate a freehold estate or a non-freehold estate?

Freeholdestate

What does it mean when an estate is called a “freehold” estate

A freehold estate means there is ownership. Whoever owns the property, “owns” it. With a freehold estate, the purchaser gets a deed

What does it mean when an estate is called a “non-freehold estate”

A non-freehold estate means there is no ownership but instead, there is a lease. It means the person who rents the property, “rents” it. There is no deed involved, but instead a lease

What are the four ways someone can ow a property fee simple?

1. Estate in severalty. 2. Tenancy in common 3. Joint tenancy with the right of survivorship 4. Estate by the entireties

What does estate in severalty mean?

Estate in severalty means one person owns it. “It” can be a house, investment property, business, condominium, timeshare, etc.

What does tenancy in common mean?

Tenancy in common means two or more people own a property and when one of them dies, their interest goes to their heirs

What does a joint tenancy with the right of survivorship mean?

A joint tenancy with the right of survivorship means two or more people own a property and when one of them dies their interest does not go to their heirs but goes to the surviving owner.

What does estate by the entireties mean?

An estate by the entireties is an estate created between a husband and wife. It also contains the right of survivorship, (meaning if one spouse dies, the other spouse owns the property)