ASU REA 380 Exam 1

real property

consists of the legal interests associated with ownership of the physical real estate

personal property

moveable property, ex cars, furniture clothing. "Chattel"

Real Estate

Land and things attached to it

Title

ownership of property

Deed

A document that transfers ownership of property from grantor party to grantee

Lease

agreement that transfers use and possession from lessor to lessee

Fixture

Personal property iten that has become a part of the real property is called this

test of intent of the parties

determine whether something is a fixture or personal property

Test of attachment

If personal property being attached becomes fixture then damage occurs from taking it off

Test of adaptability

personal item is removed and alters the usefulness of real estate

air rights

above earths surface

Mineral rights

Rights to the subsurface, including rights to oil, gas, coal, and other substances that are mined, and can be separated from land ownership.

Water Rights

The legal rights to use the water in a river, stream, or other body near parcel of land

Littoral properties

owners adjoining lands and non navigable bodies of water

riparian rights doctrine

Theory that permits landowners whose land underlies or borders non-navigable bodies of water to use all the water needed as long as the use does not deprive other landowners who are also entitled to use some of the water.

Prior Appropriation Doctrine

controlled by statute - water rights acquired by compliance with statutory requirements

Underground / subterranean stream

water that flows in a defined channel

Percolating water

water in pockets not clearly located

Estates in land

collections or bundles of ownership interests in real property

Freehold Estate

An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.

Fee Simple Absolute estate

the fullest and most complete set of ownership rights one can possess in real property

Qualified Fee Estate

owner's rights can be "defeased" or lost in the future should a stated event or condition come to pass

Life estate

type of freehold estate that terminates automatically and immediately upon the death of a named person

Life Tenant

The holder of a life estate.

estate pur autre vie

when a life tenant is someone other than the person whose life the life estate is tied to

Reversion Interest

A future interest in real property.

remainder interest

The remnant of an estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another.

Leasehold Estate

the rights of use and possession held by a tenant as a result of a lease agreement with a property owner

Tenancy from Period to Period

Occurs when a landlord and tenant enter into an agreement for a specified term

Tenancy from Period to Period

A leasehold, which is automatically renewed for the same term as in the original lease; also referred to as a periodic tenancy or an estate from year to year. or month to month Notice needed to terminate.

Tenancy at Will

An occupation of space for an indefinite period which can be terminated by either the lessor or lessee at any time.

Tenancy at Sufferance

A tenancy which is created when one is in wrongful possession of realty, even though the original possession may have been legal.

Concurrent Estates

two or more people owning property at the same time

Tenancy in Common

Co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death.

Joint Tenancy

A form of concurrent ownership, which occurs when two or more persons own a single estate in land, with right of survivorship. Must have equal shares, right to partition.

Tenancy by the Entirety

The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse, the survivor becomes the owner of the property.

Community Property

property obtained during the course of the marriage

Separate Property

Property brought to a marraige

condominium

hold title to unit, usually fee simple absolute state, all owners can own common areas as tenants

Cooperative

the land and building usually are owned by a nonprofit corporation specifically created for the purpose of owning the property. Owns stock.

Timeshares

own time at a vacation property, generally not sound investments. Split ownership by time

Fee Interest time share

divides the ownership of a unit into 52 week intervals

Right to use time share

a lease arrangement with a leasehold interest for a specific period of time and often with more restrictions regarding resale

Legal Description

every parcel of real estate is unique so we need to be able to uniquely identify each parcel

Metes and Bounds

state at a designated point of beginning and through specific distances and directions. locate the boundary lines of the parcel

Metes

distance

Bounds

direction

Distances are measured in

Feet, to the nearest tenth or hundredth

Directions are measured

in degrees minutes and seconds (angle greater and 90)

Property corners and marked by

Reference points

Rectangular survey

method of land description used in about 30 states based on imaginary lines of longitude (meridians) and latitude (base lines); also referred to as the US government survey system.

Principal meridians

north-south lines separating townships

Base lines

east-west lines separating townships

Range lines

are parallel to meridians and 6 miles apart

Township lines are parallel

to base lines and 6 miles apart

townships are formed by

range and township lines

townships are identified in

a specific way

Townships are

6 miles square with 36 one-square-miles sections

Combined use of metes and bounds and rectangular survey systems

For a given parcel of land the point of beginning might be described using the rectangular survey system and then metes and bound description might follow

Plats

accurate engineering drawings of their subdivision projects

Encumbrances

Restrictions or limitations on the owner's ability to use a property

Private Restrictions

non-governmental limitations on the owner's ability to use a property

Public Restrictions

governmental limitations on the owner's ability to use a property

convenants, conditions, and restrictions (CC&Rs)

Private encumbrances that limit the way a property owner can use a property, recorded in public record, enforceable by parties who benefit from the limitations. Run with the land

Liens

A legal claim held by a lienor against a property owner's property as security for a debt

General lien

A lien against all of the property owned by the lienee

Specific lien

a lien against a specific piece of real estate, mortgage on a shopping center

Mortgage lien

a pledge of real property as collateral for a debt or other obligation

Foreclosure

is the process used to enforce the pledge if the mortgagor defaults

Mechanics lien

A security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property.

Easement

Right to use someone eases property in a specific manner

Easement Appurtenant

when easement is legally connected to an adjoining property

Dominant estate

land being served or benefited by the easement

Servient Estate

land being burdened by easement

easement in gross

there are not dominant estate only servient

Implication

easement supposedly reflects the intentions of the parties

Implied grant

letting someone use a part of your land

Prescription

when someone other than the land owner uses the land openly, hostly and continuously for a time period.

Nature of easements

Permanent in nature - running with the land.

License

a revocable personal privilege to use land for a particular purpse

Termination of easement

rights and restrictions can be terminated under certain circumstances

Agreement

written and recorded agreement given to everyone, expensive

Merger

sharing land, selling part happens when agreement isn't made

Abandonment

party dies not exercise his rights t0 use servant estate over easement

The conservation easement

negative easement that prevents rather that provides a right to use a property in specified manner

Profit a prendre

a non possessors interest that permits the holder to remove specified resources from the land ex wild animals

Encroachment

an unauthorized invasion or intrusion of a fixture building on to another persons property. Can negatively impact value, best detected by boundary survey

adverse poossession

process by which title to land is transferred from its legal owner to someone who openly possesses the land for a statutory time period without permission of the owner