Property Ownership Flashcards

Georgia Sales Prelicense
Terms Definitions
Property
The term that refers to the rights of ownership.
Rights of Ownership include
Use; Possession; Enjoyment, Disposal. They also include the right to exclude everyone else from interfering with the mentioned rights. "Bundle of Rights"
Types of Real Property
Residential, Commercial, Industrial, Agricultural, Special Purpose
Residential Property
Property used for housing, including single family and multi-family properties
Commercial Property
Business property, including offices and shopping centers.
Industrial Property
Industrial warehouses and factories
Agricultural Property
Various types of farm land.
Special Purpose Property
Schools, Cemeteries, Hospitals, Parks, etc.
Personal Property
Property that can be moved and rights in real property that are held less than a lifetime, such as a lease.
Allodial System
Land may be owned by individuals, individuals may hold inheritable interest.
Feudal System
Land is owned by the sovereign, not by individuals. Individuals may possess rights for their lifetime and they may not hold an inheritable interest.
Estates in Land
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.
Free Hold Estates
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.
Estates Less than Freehold
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.
Governments Interest in Land
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.
Eminent Domain
Is the right of the government to take private property for public use. There are 4 major features: It must be taken for public use or for a use that is the best interest of public. The government must first attempt to purchase the property. It is taken through condemnation, there must be compensation.
Right of Taxation
It is the right of the government to impose taxes on the ownership of land. The basis for levying property taxes is provided at the local level.
Police Power
It is the right of government to make reasonable rules for the use of the land. It provides authority for such things as zoning restrictions, building codes, and safety and health codes..
Escheat
Right of the state to assume ownership of property when the owner dies without a valid will and without heirs or when property is abandoned.
Fixture
Was initially personal property, but has become real property. 3 major factors. Is it permanently attached to the real property. Conditions to remember AAA: Attachment, Adaptation, Agreement.
Trade Fixtures
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Frites Natuales
Growing plants that are considered to be part of the land. They include: Trees, Cultivated Perennials (i.e. apple or orange trees), Uncultivated vegetation of any kind (naturally growing shrubs, bushes etc.)
Fructus Industriales
Growing plants that are cultivated annually. Considered personal property or emblements. They include cultivated crops such as corn, wheat, or vegetables
Appurtenance
A right, privilege, or improvement with land. Not necessarily a part of the land.
Easement Appurtenant
In this type of appurtenance the easement is an appurtenance to the dominant estate.
Easement of Gross
The easement does not attach to the parcel of land (it "attaches" to the owner of the easement), and is not an appurtenance to land.
Appurtenances
Said to "run with the land" it means that the appurtenance is permanently associated with the land and exists as long as the land exists.
Water Rights
When land is owned that boarders on a body of water, the land carries with it certain right to the adjoins water. The rights have different names depending on the type of water adjoins the property.
Riparian Water Rights
Occurs when the land adjoins a river, stream, or other flowing body of water.
Littoral Water Rights
Occurs when land adjoins a stationary body of water such as a lake or sea. The landowner may enjoy use of the water touching their land as long as they do not alter the water position by artificial means.
Doctrine of Prior Appropriation
The riparian rights are limited in some states by this. It states that the first person to divert the water for their own personal use may continue to do so despite how it affects those further down the run.
Chattel
Is another name for personal property. There are two categories: Chattel Personal and Chattel Real
Chattel Real
Is an item of personal property which is not movable or is attached to or associated with real property. It may consist of tangible and intangible property interest. examples of intangible include
Chattel Real Tangible
Examples of tangible property include: trade fixtures, emblements (crops)
Chattel Real Intangible
Mortgages, Leases, Options, Easements
Fee Estates
Has two primary characteristics: It is held for a lifetime or longer and it is inheritable (can be willed to heirs.
Life Estate
Has two primary characteristics: It is held for a lifetime (but not longer) and it is not inheritable (cannot be willed to heirs)
Two General Types of Fee Estates
Fee Simple and Qualified Fee
Freehold Estates - Fee Estates: Fee Simple
It has three primary characteristics: It is the least restrictive form of ownership. It is limited only by the governments right of and eminent domain, taxation, police power, and escheat. It is an indefeasible estate - it cannot be defeated (overcome) by another individual against the owner's will under any circumstances
Freehold Estates - Fee Estates: Qualified Fee
Has three primary characteristics: it is a more restricted Form of ownership then fee simple. In addition to the governments rights, the Qualified Fee Estate is also restricted by some additional limitations. These limitations are usually imposed by the person creating the qualified fee estate. It is defeasible. It can be defeated (overcome) if some condition is not met or maintained. Because of this they are sometimes called defeasible fee estates.
Fee simple Determinable Estate
Is the most common form of qualified fee estate. It will terminate if a condition stated in the deed comes into being or is terminated. It is a qualified, defeasible, freehold estate. It is not a limited fee estate
Life Estates: Life Estate pur Autre Vie
It is a French term which means "for another's life." It is pronounced "poor otra vee." It is based on the lifetime of a third party. It is inheritable only if the life tenant dies before the third party on whose life the estate is based.
Life Estates: Voluntary Life Estates
Are created by a voluntary act of the grantor. There are two types of voluntary life estates: Life Estates in Reversion-one in which ownership of the fee estate reverts to the grantor for his/her heirs upon the death of the life tenant. Life Estate in Remainder-one in which ownership of the fee estate reverts to a third-party upon the death of the life tenant. The third-party named to receive the fee estate is called the remainderman.
Life Estates: Statutory Life Estate
In some states, life estates are created not by voluntary action, but by law. These are called statutory life estates. Dower, Curtesy, Homestead Protection
Statutory Life Estates: Dower
The wife's right to receive, upon the death of her husband, a share of all property held or owned by the husband during the marriage.
Statutory Life Estates: Courtesy
The husband's interest in property owned by his wife at the time of her death.
Statutory Life Estates: Homestead Protection
Provides a life estate to a widow or widower. (Note: This is not the same thing as a homestead tax exemption.)
Freehold Estates
Fee Estates - Fee Simple and Qualified Fee. Life Estates - Voluntary and Statutory
Life Tenant
May sell a life estate, mortgage the life estate, or convey the life estate by deed. But they may not sell the fee simple title.
An estate in real property
Which is held for an unlimited time is neither a leasehold estate nor an estate less than freehold.
A freehold estate may be held
for a lifetime or an unlimited time
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