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Understanding Property Ownership: Concepts and Legal Principles, Exams of Nursing

A comprehensive overview of the key concepts and legal principles related to property ownership. It covers a wide range of topics, including the distinction between real property and personal property, the various types of property interests (such as freehold estates, tenancies, and easements), the methods of describing and measuring land, the rights associated with property ownership (including mineral rights, air rights, and water rights), and the different types of liens and encumbrances that can affect property. The document also explores the unique characteristics of real property, such as its immobility, indestructibility, and scarcity. Overall, this document serves as a valuable resource for understanding the complex legal framework surrounding property ownership and the various rights and obligations that come with it.

Typology: Exams

2023/2024

Available from 08/16/2024

Toperthetop
Toperthetop 🇬🇧

2.8

(4)

5.5K documents

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Property ownership

land - correct answer ✔✔The earth's surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water. real estate - correct answer ✔✔Land, plus all things permanently attached to it naturally or artificially Real Property - correct answer ✔✔Real estate, plus the interests, benefits, and rights included with real estate ownership Improvements - correct answer ✔✔Artificial attachments to land that include things such as fencing, buildings, and walkways ownership rights - correct answer ✔✔Enjoyment, disposition, possession, control, and exclusion; often referred to as "bundle of rights" Personal Property - correct answer ✔✔Everything owned that is not real property, aka chattel Method of annexation - correct answer ✔✔This refers to whether the item is attached to the property and how permanent the attachment is. Adaptability for use - correct answer ✔✔Refers to how an item is adapted to the real property. If removing an item would change or eliminate the use of the property, it's likely real property. Relationship of the parties - correct answer ✔✔In general, the courts tend to favor a tenant's take on an item over the landlord's and a buyer over a seller. Intention in placing - correct answer ✔✔if an item was intended to be temporary, then it is less likely to be considered real property

fixture - correct answer ✔✔Anything permanently attached to land or improvements so as to become real property severance - correct answer ✔✔Changing an item of real estate to personal property by detaching it from the land; for example, cutting down a tree. Emblements - correct answer ✔✔Cultivated crops (considered personal property even though they're attached to the soil) Annexation - correct answer ✔✔Process of converting personal property into real property. Trade Fixtures - correct answer ✔✔Personal property used in a business and can be removed by the lessee when the lease terminates. immobility - correct answer ✔✔The geographic location of land is fixed and can't be changed Indestructibility - correct answer ✔✔Improvements may deteriorate over time, but not land itself. Uniqueness/Nonhomogeneity - correct answer ✔✔One piece of land is never exactly like another. Scarcity - correct answer ✔✔You can't make more land; what we have now is what we'll always have Improvements - correct answer ✔✔A land's value can be positively or negatively affected by the improvements made on it Permanence of Investment - correct answer ✔✔Some improvements are long-term, stable investments with stable returns over time. Situs/location/area preference - correct answer ✔✔A property's value depends in large part on its location.

Legal Description - correct answer ✔✔A written description of a parcel of land which locates it precisely and will hold up in court. (Does not include address.) Metes - correct answer ✔✔The direction and distance of a line forming the boundary of a property bounds - correct answer ✔✔physical features that define the boundaries of the property Metes and bounds - correct answer ✔✔Descriptions are characterized by a point of beginning, which is where the description both begins and ends. It also uses monuments to mark boundaries. monument - correct answer ✔✔Permanent physical marker that's either man-made or natural; used in legal descriptions rectangular (government) survey system - correct answer ✔✔regulated by the U.S. Department of the Interior, Bureau of Land Management, and divides the land surveyed into six-mile-square townships, which are further subdivided. This system isn't used in the original 13 colonies or in Texas, West Virginia, or Kentucky. Townships - correct answer ✔✔a division of a county with some corporate powers Principal Meridian - correct answer ✔✔The north south line that runs through an initial point in the RGSS. These descriptions also use compass point directions Base line - correct answer ✔✔The east-west line from which measurements originate township lines - correct answer ✔✔East-west lines of a survey Range Lines - correct answer ✔✔North-south lines that don't run through the initial point lot and block system - correct answer ✔✔Begins with a reference to either metes and bounds or RGSS, then divides the land into lots with numerical descriptions of each parcel.

One acre - correct answer ✔✔43,560 square feet acres - correct answer ✔✔square feet / 43, Acres x 43560 - correct answer ✔✔square feet one mile - correct answer ✔✔5,280 feet Miles - correct answer ✔✔Linear feet/5, Linear Feet - correct answer ✔✔miles x 5, One hectare - correct answer ✔✔approximately 2.47 acres Front foot (frontage) - correct answer ✔✔length of property along a street, highway, or waterway One square mile - correct answer ✔✔640 acres Datum - correct answer ✔✔horizontal point of reference from which surveyors measure the depth and height of various land elevations. Benchmark - correct answer ✔✔A point where the exact elevation is known and marked Mineral rights (subsurface rights) - correct answer ✔✔The rights to drill or dig for minerals on the property Air Rights - correct answer ✔✔The right to use the area in the sky above the property Water Rights - correct answer ✔✔are especially important for agricultural use or in areas where a well is needed or water is scarce.

Riparian Rights - correct answer ✔✔Addresses water that moves through a property, such as a river or stream. Two types of water: navigable & non-navigable Littoral Rights - correct answer ✔✔Addresses static water such as a pond, lake, or ocean. Owners with littoral rights have to right to use and enjoy the static water but not to divert or contain it. prior appropriation - correct answer ✔✔To physically take water from a source and put it to a beneficial household, agricultural, or industrial use accretion - correct answer ✔✔Process by which water carries rock, sand, and soil and causes land build- up Alluvion - correct answer ✔✔New deposits of land that are the result of accretion Erosion - correct answer ✔✔Gradual loss of land due to a natural force Avulsion - correct answer ✔✔A sudden loss of land by a swift, large-scale change in water flow Refliction - correct answer ✔✔When water gradually recedes and uncovers new land General Lien - correct answer ✔✔A lien that attaches to all property owned by an individual. Real and personal. Specific Lien - correct answer ✔✔A lien affecting or attaching only to a certain, specific parcel of land or piece of property. (Mortgage, property tax, real property tax) Voluntary Lien - correct answer ✔✔A lien created by the borrower's choice - taking out a mortgage or home improvement loan Involuntary Lien - correct answer ✔✔A lien placed on property without the consent of the property owner.

Mechanic's Lien - correct answer ✔✔A statutory lien on the real property of another, created to ensure payment for work performed and materials furnished in the repair or improvement of real property, such as a building. Easement - correct answer ✔✔A nonpossessory right to use another's property in a manner established by either express or implied agreement. Servient Estate - correct answer ✔✔The tract of land burdened by an easement. Dominant Estate - correct answer ✔✔property that benefits from an easement Easement Appurtenant - correct answer ✔✔Attached to a specific parcel of land, transfers ("runs") with the land, and gives the "dominant tenement" rights to use adjoining property/servient tenement Easement in Gross - correct answer ✔✔Granted to a specific individual or business rather than attached to the property itself Easement by necessity - correct answer ✔✔An easement allowed by law as necessary for the full enjoyment of a parcel of real estate; for example, a right of ingress and egress over a grantor's land. encroachment - correct answer ✔✔Structures or objects built on another's land without permission Easement by Prescription - correct answer ✔✔This easement isn't legal, and is created through the continued, uninterrupted, obvious, exclusive, and adverse use of someone's property without permission. Freehold Estate - correct answer ✔✔An interest in real property where the owner's possession of the property isn't of fixed duration Fee Simple Estate/Fee Simple Absolute - correct answer ✔✔Estate where the holder is entitled to all rights (the whole bundle) to the property by the law. Intended to run forever.

Fee Simple Defeasible - correct answer ✔✔An estate which may be lost on the occurrence or nonoccurrence of a specified event. Fee Simple Determinable - correct answer ✔✔The current property owner conveys ownership to a new owner as long as some event does or doesn't occur. Fee simple to condition subsequent - correct answer ✔✔The current property owner conveys ownership to a new owner on a specific condition & if breached the original owner has the right to re-acquire full ownership. Possibility of Reverter - correct answer ✔✔The person who will take over the land if such events occur or do not occur. Tenancy in Common - correct answer ✔✔A form of co-ownership in which each co-owner is entitled to possession of the whole. (Inheritable) Joint Tenancy - correct answer ✔✔Equal ownership where you are allowed unity of time, title, interest, & possession. The right of survivorship. Survivorship - correct answer ✔✔The surviving owner(s) automatically receives ownership of the deceased person's share. It takes precedence over a will. Timeshare - correct answer ✔✔owned by several joint owners, each of whom has the right to use the property under the specific terms of a time-sharing agreement Bundle of Rights - correct answer ✔✔Possession, control, enjoyment, exclusion, disposition