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Property Law
10 flashcards
Real property refers to land and anything permanently attached to it, like buildings. Personal property refers to movable items not permanently affixed to land.
The main types are freehold estates (fee simple, life estates) which are ownership interests of indefinite duration, and leasehold estates which are temporary rental interests.
The bundle of rights includes the right to possess, use, encumber (mortgage), transfer, and exclude others from the property.
Fee simple is the most complete form of ownership, an inheritable estate to use the property forever, subject only to government powers like eminent domain.
Common ways include joint tenancy, tenancy in common, timeshares, condominiums, and cooperatives.
Adverse possession allows someone to acquire ownership of real property belonging to another by openly and exclusively possessing it for a statutory period of time.
An easement is a right to use someone else's land for a specific purpose, such as a right-of-way or utility access.
Eminent domain is the power of government to take private property for public use, with payment of just compensation to the owner.
Zoning laws are local regulations that dictate how real property can and cannot be used in certain areas based on designated zones like residential, commercial, or industrial.
Common remedies include damages, injunctions, specific performance to force compliance with a contract, quieting title to resolve ownership disputes, and partition to divide jointly owned property.