4604359
Description
Flashcards by lossingraham, updated more than 1 year ago
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Created by lossingraham
over 9 years ago
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| Question | Answer |
| Rights | Claims that the government is obliged to enforce |
| Source of Property Rights | 14th Amendment |
| Interest | The extent of a right in a property |
| Estate | Legally recognized degree, quantity, nature, or extent of an interest in real property |
| Fee Simple Absolute | All possible rights |
| Two rights always owned by the government | Eminent Domain, Taxation |
| Possessory Estate | Right to possess property and exclude others |
| Non-possessory | Rights in a property that is in the possession of another |
| Freehold | Characterized by an undefined length of time |
| Non-freehold | Defined length of time (ie a lease) |
| Fixture | Real property that was formerly private property |
| Trade fixture | Removable personal property that a tenant attaches to leased land for business purposes |
| Ownership | An interest under which "title" is held |
| Posession | An interest under which power is exercised over real property to the exclusion of others |
| Tenancy in common | Ownership by more than one party, in undivided interests |
| Joint Tenancy | Ownership by more than one party, with rights to survivorship |
| Encumbrance | Non-possessory interest in real property held by someone other than the fee owner that affects title or use of the property |
| Marketable title | Title that a prudent buyer would except (eg. no liens on it) |
| Easement | Right to use land for a specific and limited purpose |
| "Runs with the land" | How easements are tied to the property itself and not the owner |
| Appurtenant Easements | Right of use a dominant parcel of land "enjoys" over an adjacent/ servient parcel |
| Easements in gross | Right to use land, unrelated to any parcel |
| License | Personal privilege to use the land of another for a specific purpose |
| Lien | Interest in land which security is an obligation |
| Security | Property to be forfeited in case of default on a note |
| Voluntary liens | Liens created by a contract or other agreement with the property owner |
| Involuntary Liens | Liens created by statutes or other laws without the consent of the property owner |
| Restrictive covenants | Impose restrictions of use on land |
| Recording Statutes | Establish a method of keeping track of the ownership of real property |
| Race statute | Recording statute that gives priority of title to the party that records first |
| Notice Statute | Recording statute that gives priority to a later claim, as long as that party paid value for that property, and did not have notice of an earlier claim |
| Deed | Written document which transfers title or other interest in real property to another person |
| Adverse possession | The legal circumstances by which a trespasser may lawfully claim ownership of property that it did not originally own |
| Eminent domain | The legal authority to take property for "public use" |
| Limited Partnership | Business organization that is managed by a general party who has unlimited liability, and limited partners, who are investors with limited liability but no say in operations |
| Tenancy-In-Common | Business entity that is fee-simple interest with many owners |
| Economic base | Activities that bring income into a city |
| Location Quotient | % of local employment in given industry/ % of employment in national economy |
| Zoning Regulations | Regulations by a municipality of land use, buildings and structures within the municipality's corporate limites |
| Zoning ordinance | Divides a city into certain districts and prescribes regulations for each one having to do with the architectural design of the structures |
| Nonconforming use | Use conflicting with the zoning map but in place prior to its enactment (aka grandfathering) |
| Variance | Exception of zoning requirements due to hardship |
| Plat | A survey of land which identifies the boundaries and any easements, flood zones, roadway and access right-of-way |
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