Property Ownership

  1. What are the rights of ownership?
    • use
    • possession
    • enjoyment
    • disposal
  2. What 2 groups is property classified?
    • real
    • personal
  3. real property
    land and everything attached permanently to the land
  4. real property includes the right to
    • the surface of the earth
    • things permanently attached to the surface
    • things beneath the surface
    • the air above the surface
  5. basic types of real property
    • residential
    • commercial
    • industrial
    • agricultural
    • special purpose
  6. residential property
    property used for housing, including single-family and multi-family properties
  7. commercial property
    business property, including offices and shopping centers
  8. agricultural property
    various types of farm lands
  9. special purpose property
    school, cemeteries, hospitals, parks, etc
  10. personal property
    any property that can be moved and rights in real property that are held for less than a lifetime, such as a lease
  11. estate in land refers to what?
    an individuals interest in the land, not the land itself or to the physical properties of the land
  12. estate in land is
    the degree, quantity, nature, and extent of one's interest in the land. It is the measure of ones right in land.
  13. what are the 2 types of estates in land?
    • freehold estates
    • estates less than freehold
  14. freehold estate
    • it is an interest in land which is held for a lifetime or longer.
    • it entitles the holder to both ownership and possession.
  15. estate less than freehold
    • rental interest in land.
    • -it is held for less than a lifetime
    • -it entitles the holder to possession but not ownership
  16. a "lease" of real property is?
    an estate less than freehold
  17. another name for estates less than freehold?
    leasehold estates
  18. estates less than freehold are considered what?
    personal property
  19. eminent domain
    the right of the government to take private property for public use
  20. 4 features of eminent domain
    • the land which is taken for public use or for use that is in best interest of the public.
    • the government must first attempt to purchase the property from the owner.
    • if the property cannot be purchased, it is then taken through a process called condemnation.
    • the government must provide compensation to the owner for property taken.
  21. right of taxation
    • the right of government to impose taxes on the ownership of land.
    • it provides the basis for the levying of "property taxes" at the local level
  22. police power
    the right of government to make reasonable rules for the use of the land
  23. police power provides authority for?
    • zoning restrictions
    • building codes
    • safety and health codes
  24. escheat
    the right of the state to assume ownership of property when the owner dies without a valid will and without heirs or when property is bandoned
  25. What is a fixture?
    an item that initially was personal property but has become real property
  26. what are the conditions under which personal property becomes a fixture?
    • Attachment
    • adaption
    • agreement
Card Set
Property Ownership
property Ownership