Mingle School Real Estate Chapter 2 property ownership and interests – Flashcards
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Bundle of Legal Right 5
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Dispostion, enjoyment, exclusion, possession, control
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Right of disposition
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To sell, will, transfer, or otherwise dispose of or encumber the the property
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Exclusion
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To keep others from entering or using the property
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Possession
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To use or occupy
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Right of Control
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Of the property and its profits while the frame work of the law
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Appurtenances
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As a right or privilege
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Caissons
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Developer purchase numerous small portions of the land's surface for building's foundation supports
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Riparian rights
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Granted to owners of land located along the course of a river, stream, or lake.
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Right of enjoyment
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To uninterrupted use of the property without interference of any 3rd party
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Littoral eifht
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Close related to riparian rights. Ocean and large navigable lake that have a tide. Average or mean of high water mark.
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Accretion
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Boundaries changed by Land created, a gradual increase in land resulting from the deposit of soil by the water
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Reliction
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Water gradual recedes or disappears permanently, new land is acquired.
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Erosion
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The gradual wearing away do land cause by flowing water or other natural forces, may cause owner to lose land
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Avulsion
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Sudden act of natural disaster, floor or avalanche removes soils
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Emblements
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Fructus industrials, cash crops, fruits of industry. Known as personal property.
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Free hold estates
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Highest type of interest in real estate
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Encumbrances
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Burden
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Severance
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Changing an item of real estate to personal property by detaching it from the land. Cuttting a tree down
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Condominium ownership
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Common community ownership or horizontal property acts
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Total circumstances test TCT
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Intent of annexor Relationship of Anne method of annexation Adaptation to real estate
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Intent of annexor
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Was it meant to go or stay
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Relationship of annexor
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Owner or tenant
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Method of annexation
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Not easily removable
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Adaptation to real estate
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Ordinarily considered a permanent addition
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Uniform Commercial Code
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An item bough on credit remains personal property until paid for or a creditor can repossess the item in event of default
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Freehold estate 3
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Fee simple Dee simple defensible Pur autre vie estate (estate for life on another)
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Pur autre vie
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Based on the lifetime of another person
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Life estate
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Based on the lifetime of owner
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Life estate has 2
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Conventional life estate Pur autre vi
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Remainder interest vs reversionary interest
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The grantor names someone vs grand or does not name a remainderman
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Cooperative
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Proprietary lease
