Property Ownership

Property Ownership - Term Definition Property The term that...

Info icon This preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Term: Property Definition: The term that refers to the rights of ownership. Term: Rights of Ownership include Definition: Use; Possession; Enjoyment, Disposal. They also include the right to exclude everyone else from interfering with the mentioned rights. "Bundle of Rights" Term: Types of Real Property Definition: Residential, Commercial, Industrial, Agricultural, Special Purpose Term: Residential Property Definition: Property used for housing, including single family and multi-family properties Term: Commercial Property Definition: Business property, including offices and shopping centers.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Term: Industrial Property Definition: Industrial warehouses and factories Term: Agricultural Property Definition: Various types of farm land. Term: Special Purpose Property Definition: Schools, Cemeteries, Hospitals, Parks, etc. Term: Personal Property Definition: Property that can be moved and rights in real property that are held less than a lifetime, such as a lease. Term: Allodial System Definition: Land may be owned by individuals, individuals may hold inheritable interest.
Image of page 2
Term: Feudal System Definition: Land is owned by the sovereign, not by individuals. Individuals may possess rights for their lifetime and they may not hold an inheritable interest. Term: Estates in Land Definition: Held by individuals. It is the degree, quantity, nature, and extent of one's interest in the land. It is the measure of ones property rights in land. Term: Free Hold Estates Definition: It corresponds to what is commonly known as "ownership" interest in land. It is an interest in land which is held for a lifetime. It entitles the holder to both ownership and possession. Term: Estates Less than Freehold Definition: It corresponds to what is known as "rental" interest in land. It is held for less than a lifetime. It entitles the holder to possession but not ownership. Also called leasehold estates. They are considered personal property.
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Term: Governments Interest in Land Definition: Under the allodial system, an individual's rights in land are limited by the rights of the government. All private ownership is subject to four limitations by the government: Eminent Domain, Taxation,police Power, Escheat.
Image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern