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MIE 305 Exam 3 Latest Updated Graded A+
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MIE 305 Exam 3 Latest Updated Graded A+
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MIE 305 Exam 3 Latest Updated Graded A+Bundle of Rights - ANS-sticks metaphor
owner = entire bundle of sticks
renter = only a few sticks
possession, use, control, exclusion, transfer
Property Rights - ANS-the legal rights that a person has over a piece of real property
Real Property - ANS-The legal interests in land and things attached to or growing on land
ex: part of the earth's surface, buildings, fences, and trees
used to describe the legal rights that a person can have in real estate
Personal Property - ANS-The rights, powers, and privileges a person has in things that are not real property
tangible (objects) or intangible (accounts receivable, goodwill, patents, trademarks)
chattels real - ANS-personal property that can not be moved such as leases, mortgages
and contracts to purchase
chattels personal - ANS-movable personal property
ex: furniture, boats, cars, etc.
chattel personal in action (chose in action) - ANS-something to which one has a right to possession, but concerning which one may be required to bring some legal action ultimately to enjoy possession
Possession - ANS-The right to occupy the property (or the right to claim title over the property)
=/= ownership
ex: a tenant has a right of possession, they can occupy the apartment, but do not have ownership
Enjoyment (use) - ANS-the right to use the property to some degree and manner (& what or whom may be there at any given time) control - ANS-the ability to restrict how other may use the property (or to decide how the
property is to be used)
ex: cant run a business out of an apartment
Encumbrance - ANS-the right to place certain burdens upon the property that do not affect essential possession or alienability rights, but still reduce the value and/or enjoyment one may have in it through voluntary action (servitudes, easements, mortgages, collateral on debt, etc.) or through operation of law (tax liens, judgment liens, covenants, conditions & restrictions in modern planned communities, etc.)
ex: owner of land may authorize the local public utility companies to install power and telephone lines through the land. The utility companies are granted what is called an easement, which is a property right. As a result, the owner has less than the full bundle of rights
Easement - ANS-the right to use property for a specific purpose
ex: Farmer Brown sells half of his farm to his neighbor, the land Brown retained is called
the dominant land, and the land transferred subject to an easement is called the servient estate.
License (privilege) - ANS-a mere personal privilege given by the owner to another to do designated acts on the land of the owner
a right to use another's land is given orally
exclusion - ANS-the right to exclude other people from possessing & using the property
transfer - ANS-(disposition) right to move ownership
Possessory Interest - ANS-the intent and right of a party to occupy or exercise control over a particular plot of land
types of possessory interests - ANS-Fee simple absolute
Life estate
Leasehold
Fee Simple Absolute - ANS-most complete ownership interest possible
includes the entire bundle of rights
not qualified by any other interest
it passes upon the death of the owners to the heirs, free from any conditions can do whatever you want with the land (use, destroy, give it away, etc.)
pass to heirs
qualified fee simple estate - ANS-when the deed specifies that the property must be used for a specific purpose; "as long as"
"to my grandson as long as he remains married"
these interests do not contain the complete bundle of rights that exists with every piece of land.
these qualified interests are usually less valuable when compared with a fee simple absolute interest.
Life Estate - ANS-expires upon the death of a specified person
ex: Anna wills the land to Susie as a life estate. Susie can use it like it is in fee simple while she alive. However, when she dies it will return to Anna and be passed to her heirs. Susie cannot will the estate to her heirs once she dies
pur autre vie --> "For the life of another." A life estate pur autre vie is a life estate that is measured by the life of a person other than the grantee
property will then move to reversion (back to the grantor) or remainder (goes to a third party)
pur autre vie - ANS-"For the life of another." A life estate pur autre vie is a life estate that is measured by the life of a person other than the grantee
Leasehold Estate - ANS-grants possession for a particular duration
duration doesn't matter as long as it is specified in some way
Doesn't grant title to the land, so the owner can't will it to someone else.
Types of leases:
Estate for years
Periodic tenancy (week-to-week, month-to-month)
Tenancy at will (end at any time)
Tenancy at sufferance (tenant stays past end date of lease from years to at sufferance) Estate in Remainder - ANS-Grantor gives a life estate to a grantee. Upon the death of the grantee the property goes to a third party.
Reversion - ANS-Grantor gives a life estate to a grantee. Upon the death of the grantee the property goes back to its original owner (grantor & their heirs)
Waste - ANS-Damage to the real property, so its value is impaired
owners of remainders & reversions have real property interest
Types of leases - ANS-estate for years (uses calendar time)
periodic tenancy (exact duration isn't specified, renewed periodically until terminated)
tenancy at will (either party can terminate lease at any time for any reason, start date specified, end is not)
tenancy at sufferance (specified lease date has expired, but tenant remains on the property, begins as an estate for years, converts to periodic)
Concurrent Estates - ANS-two or more people owning property at the same time
Joint Tenancy - ANS-A form of concurrent ownership, 2+ people own a single unified interest in the entire property
tenants each own 100% of the property
each tenant has a right to use the entire property
right of survivorship
TIC vs Joint Tenancy - ANS-Joint Tenancy has the right of survivorship
TIC- TIC dies, his/her share in the property passes to the executor named in the will or to the administrator of the deceased's estate
However, JT- title of the deceased by operation of law to the survivor or survivors, free of the claims of anyone else except for taxes that may be due
Right of Survivorship - ANS-if you hold property as joint tenants with another and that person dies, you become the sole owner of the property (or the sole survivor of the interest)
Four Unities of Joint Tenancy - ANS-time, title, interest, possession
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