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Related Flashcards
Related Topics
Cards In This Set
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Define Bundle of Rights
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Ownership concept that describes a property owner's legal rights that attach to the ownership of real property
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List Bundle of Rights
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Possession, enjoyment, Use, Transfer, Encumber
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Estate
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Ownership or interest in Real Property
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2 Types:
Freehold verse Less than Free Hold Estate
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Freehold:
Fee Simple : Fee Simple Absolute/Qualified/Simple
Life Estate: Reversion/Remainder
Leasehold Estate-
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Fee Simple Estate (Freehold)
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Absolute or Qualified
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Life Estate (Freehold)
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An estate that is granted for a definite period of time
"Measuring life"
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Remainderman
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The person a life estate reverts to upon the death of current owner, not the original owner of the estate
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Leasehold Estates (LTFH)
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Contains fewer bundle of rights (renters and tenants)
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Four different types of leasehold estates
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Estate for years, period to period, will, sufferance
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Characteristics of a lease
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Written/oral contracts (landlords sign, but not nec. tenants), clear terms with consideration, cant be altered
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Real Property
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Refers to land, permanent fixtures attached to land
Anything immovable
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Water rights
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Cannot be owned, under doctrine of correlative user.
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Types of water rights
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Littoral, Surface, Riparian, Underground, Right of appropriation
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Littoral
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Rights of a property owner who owns a piece of land boarding a lake or ocean
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Surface
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These rights outline rain runoff rights and regulations
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