Moseley - all national sections Flashcards

Moseley - all national sections Flashcards Forms of ownership1. Sole ownership2. Concurrent ownership3. Trust Scope of liensGeneral - federal tax liens, judicial liensSpecific - mortgages, property tax, mechanic's liens Vendor's lienSpecific, equitable, involuntary. Filed by seller against property sold in amount of unpaid purchase price

• methods of legally describing real property 1. Metes and bounds2. Government survey3. Lot, block,

and subdivision MortgageBorrowing money and agreeing to give up your real property rights if you don't pay the loan. Equitable.UniquenessEvery piece of land is different TrespassEncroachment on land (fence, driveway) BoundsEst. using artificial or natural monuments AgreementParties may agree to remove a fixture NuisanceEncroachment on airspace (tree branches, loud noises, bright lights) Method of attachmentIs item permanently attached/built in? Or is it free-standing Principal meridiansImaginary lines running north to south.Life estateFreehold estate given to someone for their entire life.Owner of this estate has all rights associated with owning land. When owner dies, estate transfers to someone else.Ex. A buys cabin from B even though it's a life estate bc B is young and in good health. But if B does die then A loses the estate.Easement distinguished from a licenseA license is a personal privilege given to a person by the landowner to use their land. Ex. landowner giving neighbor permission to use pond for fishing. Licenses do not transfer.Further divisionsRectangles formed by principal meridians and base lines can be further subdivided as follows -Checks - 24 mi/per sideTownships - 6 mi/per sideSections - 1 mi/per side or 640 acres Estates in landInterest in land (not physical land itself) that can be bought and sold Easements in grossLimited right of person to use land of another. Doesn't transfer with land. Does not survive death of landholder.Types of real property1. Fructus naturales2. Fixtures Relationship of partiesResidential parties are less likely to be able to sever a fixture than commercial parties What effect do liens have on a transfer of propertyIf you buy the property and the lien has not been fulfilled then you take on the lien

Non-freehold estatesAKA leasehold estate. Right of possession but not ownership. Ex. leasee of apartment. For a specific period of time. Lease is personal not real property. Lease will not survive death of landlord IF landlord only holds life estate.Reversion estateA life estate that goes back to seller if he fails to name a remainder estate... ex. A gives B life estate, then B dies, and if A failed to name a remainder estate then it goes back to A. Also - when estate goes back to landlord after tenant's lease is up.Uses of real propertyPublic or private. Uses include residential, commercial, industrial, agricultural, recreational, and specific.Water rightsOwner's right to use water on land Government survey/geodetic/rectangularImaginary lines running in all directions, forming a grid. Not useful for smaller parcels. Ex. "Township 4 South, Range 3 East, or T4S, R3E." SeveranceAct of removing a fixture from real property and making it personal property. Can not be done with all items. The most predictable element of severance is agreement. You should avoid doubt by putting the severance agreement in writing. A written agreement is the best way to ensure questionable items (like fixtures) transfer.

• types of freehold estatesFee estates and life estates

Mechanics lienSpecific, statutory, involuntary. Workers file against improved property for cost of materials etc. Liens can be recorded day work starts or materials are delivered.

• categories of estatesFreehold estates, future estates, non-freehold (leasehold)

estates, statutory estates Compass anglesUsed by surveyors to determine direction and establish boundaries of parcel Life tenantHolder of life estate that exists for duration of his life.Cannot commit waste, must maintain premises, pay tax/mortgage fees, cannot encumber property past life time Judgment lienGeneral, equitable, involuntary. Attaches to real and personal property. Only applies to property located in jurisdiction where lien is filed Easement by implicationImplied easement. Not necessarily written. Ex. if easement exists for subject to go and collect mining materials it is implied that he has access to where the mining materials are.Survey monumentPhysical marker located at each section corner Township tiersImaginary lines running east to west parallel to base lines Easements appurtenantRight to use adjoining land. Parcel of land that benefits is dominant. Parcel that supplies easement is servient.Transfers with land. Terminates when there is a merger of estates, release from dominant state, abandonment of

dominant state, servient state is destroyed, or there is no longer a necessity.Easement by agreementWritten. Two agree to an easement (ex. shared wall) and split costs and benefits.

Factors affecting real estate supply and demand 1. Demographics (population size and growth)2.Unemployment/income (low income means low demand)3.Cost/availability of credit (low interest rates = increased demand)4. Cost/availability of labor and materials (more available materials = increased supply)5. Government policies (tax incentives can increase demand, high property taxes can decrease demand) Fee estatesHighest/most unrestricted ownership interest in land.Includes fee simple estate (exists indefinitely, transferred without restrictions) and the qualified fee/defeasible estate (exists so long as certain condition doesn't occur, transfers with conditions). Ex. of qualified fee estate - son gets land from parent on condition he doesn't serve alcohol on estate.IndestructibilityLand exists forever. Primary basis for why land is not insurable or able to depreciate Community propertyProperty acquired by spouse A is also spouse B's and upon divorce all property must be split down the middle.Applicable in AZ, CA, ID, LO, NV, NM, TX, WA, and WI Fixture disputes - testing methods1. Method of attachment2. Adaptation3. Agreement4.Relationship of parties Tax lienGeneral, statutory, involuntary. Filed against those who have not paid federal estate taxes, federal income taxes, or payroll taxes.Dower and curtsyRight to property of a spouse.Dower - wife receives limited inheritance of husband's propertyCurtsy - husband receives limited inheritance of wife's propertyMost states have eliminated this to due to gender discrimination Non-legal descriptionUsed for convenience. Ex. an address.

• classes of property1. Personal property2. Real property

Range linesImaginary lines running north to south parallel to principal meridians Freehold estatesEstate (interest) in land where you have possession and rights of real property. If you have this you are "seized of the land." Rights in personal property1. Intellectual property (protected by patent or coyright)2.Business reputation (good will)3. Leases (transfers possessions and use without ownership)4. Partnership interests (business association of 2+ people) Geodetic surveysHorizontal and vertical land description methods that rely on permanent ground markers (monuments/benchmarks) and a datum (imaginary markers - ex. point on the surface of a parcel) Express reservationCreated by landowner selling his property but reserving an easement. Ex. selling front of lot but making easement to