Podcast
Questions and Answers
Which of the following best describes the concept of 'riparian rights'?
Which of the following best describes the concept of 'riparian rights'?
- The right to construct buildings on a public waterway.
- The right to drill for oil on one's property.
- The right to reasonable use and enjoyment of water flowing past one's land. (correct)
- The right to divert water flow to neighboring properties.
What is the key characteristic of 'severalty' ownership?
What is the key characteristic of 'severalty' ownership?
- Ownership shared between a husband and wife.
- Ownership by multiple individuals with equal shares.
- Ownership divided among several beneficiaries of a trust.
- Ownership by only a single individual. (correct)
In a 'tenancy in common' arrangement, what happens to an owner's interest upon their death?
In a 'tenancy in common' arrangement, what happens to an owner's interest upon their death?
- It reverts back to the original grantor of the property.
- It automatically transfers to the surviving tenants.
- It passes to their heirs or as directed by their will. (correct)
- It is divided equally among the surviving tenants.
Which of the following scenarios violates the required 'unities' for establishing a joint tenancy with right of survivorship?
Which of the following scenarios violates the required 'unities' for establishing a joint tenancy with right of survivorship?
A real estate investor is considering purchasing a large tract of land but is concerned about 'illiquidity'. Which of the following strategies would least effectively mitigate the risks associated with this characteristic?
A real estate investor is considering purchasing a large tract of land but is concerned about 'illiquidity'. Which of the following strategies would least effectively mitigate the risks associated with this characteristic?
Which of the following best describes the 'bundle of rights' in real estate?
Which of the following best describes the 'bundle of rights' in real estate?
What is the primary characteristic that distinguishes a joint tenancy from other forms of co-ownership?
What is the primary characteristic that distinguishes a joint tenancy from other forms of co-ownership?
In the context of real property, what does 'escheat' refer to?
In the context of real property, what does 'escheat' refer to?
How does a 'life estate' differ from a 'fee simple' estate?
How does a 'life estate' differ from a 'fee simple' estate?
Which scenario exemplifies an 'act of waste'?
Which scenario exemplifies an 'act of waste'?
What is the key difference between a 'fixture' and 'personal property'?
What is the key difference between a 'fixture' and 'personal property'?
A property is co-owned by 4 individuals as joint tenants. If one of the joint tenants sells their interest to an outside party, what happens to the joint tenancy?
A property is co-owned by 4 individuals as joint tenants. If one of the joint tenants sells their interest to an outside party, what happens to the joint tenancy?
Person A owns a property in fee simple and grants Person B a life estate measured by Person C's life. If Person B dies before Person C, what happens to the property?
Person A owns a property in fee simple and grants Person B a life estate measured by Person C's life. If Person B dies before Person C, what happens to the property?
Flashcards
Riparian Rights
Riparian Rights
The right of a property owner to reasonable use of water flowing past their land.
Severalty
Severalty
Ownership of real property by a single individual.
Tenancy in Common
Tenancy in Common
Ownership by two or more persons with undivided interest, lacking 'right of survivorship'.
Undivided Interest
Undivided Interest
Signup and view all the flashcards
Illiquidity
Illiquidity
Signup and view all the flashcards
Act of Waste
Act of Waste
Signup and view all the flashcards
Air Rights
Air Rights
Signup and view all the flashcards
Beneficiary
Beneficiary
Signup and view all the flashcards
Bundle of Rights
Bundle of Rights
Signup and view all the flashcards
Escheat
Escheat
Signup and view all the flashcards
Estate for Years
Estate for Years
Signup and view all the flashcards
Fixture / Trade Fixture
Fixture / Trade Fixture
Signup and view all the flashcards
Partition
Partition
Signup and view all the flashcards
Study Notes
- Act of Waste is a legal cause of action addressing property condition changes by a tenant that harms its value.
- Air Rights are real property rights to use the space above land.
- A Beneficiary is someone who gains benefits from certain actions.
- Bundle of Rights describes real estate ownership as possessing various rights like use, sale, lease, and bequest.
- Escheat is when property reverts to the State if the owner abandons it or dies intestate without any eligible heirs.
- Estate for Years is a leasehold estate for a defined period; it is not automatically renewed.
- Fixture is personal property attached to land to become part of the real property.
- Trade Fixture is personal property used in a business and attached to the land.
- Curtesy is a husband’s interest in his deceased wife's real property if they had a child capable of inheriting the estate.
- Dower: A widow's legal right to a portion of her deceased husband's real estate for her lifetime.
- Joint Tenancy is property ownership by two or more with undivided interest and "right of survivorship."
- Joint Venture is a business agreement where parties develop a new entity/assets for a limited time by contributing equity.
- Life Estate conveys property title for the grantee's lifetime.
- Partition is the division of real property among owners with undivided shares.
- It can be expensive and usually involves a judge-ordered sale.
- Personal Property is any property that is NOT real property.
- Reversionary Interest is the grantor's interest in property after the preceding estate ends.
- Right of Survivorship is when a surviving joint owner inherits the deceased owner's interest.
- It is a key feature of joint tenancy.
- Riparian Rights grant landowners bordering a natural watercourse the right to reasonable use and enjoyment of the water.
- Severalty means ownership by a single individual.
- Tenancy in Common is property ownership by two or more with undivided interest, without right of survivorship.
- A Trustee is someone who holds property or authority in trust for another's benefit.
- A Trustor is someone who conveys title to a trustee.
- Undivided Interest is when tenants each have an equal right to enjoy the entire property.
- Unities of Interest, Possession, Time, and Title must all exist for joint tenancy with right of survivorship or tenancy by the entirety.
- Specifically, these unities must exist when creating these types of property interests.
- Illiquidity refers to property's difficulty to be sold or exchanged for cash.
- Parcel is a piece of land under one ownership.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Definitions of key real property law terms, including waste, air rights, beneficiaries, bundle of rights, escheat, estates for years, fixtures, trade fixtures, curtesy, dower and joint tenancy.
