Quiz 3

• Easement: The right to use someone else's land for a specific purpose, such as crossing it.

Property Rights

• Riparian Rights: A property owner's entitlement to reasonable use and enjoyment of water flowing past their land, such as a river.
• Chattel: Personal property, anything not considered real property.
• Fixture: Personal property attached to land or improvements, becoming part of the real property.
• Air Rights: A property owner's right to use the space above their land's surface.
• Subsurface Rights: A property owner's rights to water and other substances beneath the land's surface.

Real Property Ownership

• Tenancy in Common: Real property ownership by two or more persons with undivided interests, lacking "right of survivorship."
• Tenancy by the Entirety: Real property ownership by a married couple, where neither spouse can transfer interests without the other's consent.
• Joint Tenancy: Real property ownership by two or more persons with undivided interest, including "right of survivorship."
• Estate in Severalty: An estate held by a tenant alone, without shared interest with others.
• Fee Simple Absolute: The most complete form of ownership; an owner cannot build beyond the property line of the land.
• Remainderman: The person who receives the property after the prior estate terminates.
• Real property is considered illiquid as it is not easily sold.
• Air Rights are often regulated by local zoning ordinances.

Business and Real Estate Agreements

• Joint Venture: A business agreement where parties develop a new entity/assets for a limited time by contributing equity.
• Fee Simple Estate is the same as Fee Simple Absolute.

Fixtures and Personal Property

• Trade Fixture: Personal property attached to land/improvements, becoming part of the property.
• Artwork is not a fixture.
• Oil beneath a property is an example of a subsurface right.

Types of Real Estate and Estates

• Churches, theaters, and schools are examples of Special Purpose Real Estate.
• An Estate for Years does not automatically renew.
• The right to access a lake adjacent to a property is an example of a littoral right.
• Tenancy at Sufferance occurs if a tenant remains longer than the term specified in an estate for years.
• Littoral Rights apply to a property owner whose land borders a body of water, such as a lake, ocean, or sea, for reasonable use and enjoyment of the shore and water the property borders on.
• Severalty: Ownership by a single individual.
• Curtesy: A husband’s interest upon the death of his wife in the real property of an estate that she owned or inherited, provided they had a child capable of inheriting the estate.
• Riparian Rights allow access to and use of a river for recreational purposes for the owner of a property adjacent to the river.
• Littoral Rights are associated with a stagnant body of water.

Property Ownership Conditions

• Unities of interest, Possession, Time, and Title: Conditions for creating certain property interests.
• Limited Liability Company: This type of ownership is common in real estate as the owners are not personally liable for damages.
• Condominium: An example of residential property use.
• Subsurface Rights: Selling a portion of natural gas located deep beneath a property.
• Estate for Years: A leasehold estate granted to a tenant for a specified period, like a one-bedroom apartment leased for a year.
• Air Rights are exemplified by unused buildable square footage that can be developed or sold to an adjacent lot.
• Remainderman: Mary's sister's children are the remainderman, receiving ownership after a life estate of 15 years.
• Estate for Years: Any leasehold estate for a specific period of time.
• Trustee: Holds property, authority, or a position of trust for another's benefit.
• Personal Property: Any property that is not real property.