Exam (elaborations)
MIE 305 Exam 3|234 Complete Q’s and A’s
- Institution
- MIE 305 Exam 3|234 Complete Q’s And A’s
MIE 305 Exam 3|234 Complete Q’s and A’s
[Show more]
Seller
Follow
Content preview
MIE 305 Exam 3|234 Complete Q’s andA’s
Real Property - -The legal interests in land and things attached to, or
growing on land.
-Personal Property - -Referred to generally as chattel, the rights, powers,
and privileges a person has in things that are not real property, may be
transferred by sale, gift, or will.
-Chattels Real - -An interest in land, such as a leasehold.
-Chattels Personal - -Moveable personal property.
-Chattel Personal in Action - -Something to which one has a right to
possession, but concerning which one which may be required to bring some
legal action to ultimately enjoy its possession, ie. check or note.
-Bundle of Rights - -Dominion and control over something with the right to
exclude others.
-Possession - -The right to claim title over the property, meaning one exerts
dominion and ultimate power over it.
-Control - -The right to decide how the property is to be used, or employed.
-Quiet Enjoyment - -A means by which the rights holder can decide how to
use the property, or what or whom may be there at any given time, but
differs from control in the sense that it creates a right to enjoy the property
which others, through the law of nuisance, are capable of violating that is
separate from merely whether on controls the property in question.
-Exclusion - -Gives the rights holder the legal ability to determine who or
what is not allowed on the property.
-Alienation/Disposition - -The right to dispose of any or all of the rights one
holds in property through sale, gift, or lease.
-Encumbrance - -The right to place certain burdens upon the property that
do not affect essential possession or alienation rights but nevertheless
reduce the value or enjoyment one may have in it through voluntary action
or through operation of law, ie. mortgage.
, -Fee Simple Estates - -Interests classified as either absolute of qualified
present interests.
-Fee Simple Absolute - -This is the most complete interest a person may
have in land and includes the entire bundle of rights. Such an estate is not
qualified by any other interest, and it passes upon death of the owners to the
heir, free from any conditions and existing in perpetuity.
-Qualified/Conditional Fee Simple - -A fee simple interest that may be
defeated in the future by the occurrence or nonoccurrence of a stated event
or condition.
-Life Estate - -One's rights in the property end upon the death of the
grantee or the duration of the life of some other designated person, may be
conditional upon an event, do not have the rights of encumbrance or
alienation, unless limitations are included interests may be sold or
mortgaged.
-Estate in Remainder - -If the estate is to be given to someone else upon
termination of the life estate.
-Reversion - -If the estate is to go back to the original owner, or revert to
the heirs upon termination of the life estate.
-Waste - -Damage to the real property, so its value is impaired.
-Easement - -A right that one person has to some profit, benefit, or use in or
over the land of another is created by a deed or acquired by prescription or
by implication.
-Easement by Prescription - -If a party uses an easement for a long period
of time the owner of the land may not deny the existence of the easement.
-Easement by Necessity - -The owner of the servient land grants an
easement to the other owner by implication.
-License - -A mere personal privilege given by the owner to another to do
designated acts on the land of the owner.
-Tenancy in Common (TIC) - -This is the most usual method of two or more
persons owning property at the same time none of the formalities or unities
required for other specialized forms of coownership are essential for this
method, ownership rights don't have to be equal, each owner can enjoy the
full property, separate and undivided.
, -Fully Alienable - -Interests may be transferred during life or upon death to
whomever they desire.
-Joint Tenancy - -Two or more persons that own property, in such manner
that they have one and the same interest, accruing by one and the same
conveyance, commencing at one and the same time and held by one and the
same undivided possession, enjoy rights to the entire property, no unequal
share or conveyance by will, conveyance must be aggred upon by all
tenants.
-Right of Survivorship - -If one owner dies the interests revert to the
remaining owners, ususally not applied by courts unless there is a contract
clearly stating such, all owners must have equal ownership shares
-Unities of Joint Tenancies - -Time, title, interest, possession.
-Time - -Each cotenants interest vested or was acquired at the same time
as the others.
-Title - -Each cotenant acquired his or her interest in the same deed or will
as the others.
-Interest - -Must have identical interests as to their share and quality of
title, and they, must all have it for the same duration.
-Severance - -If a joint tenant conveys their interests to another party
during their lifetime it would destroy the unities, reverts the relationship.
-Tenancy by the Entireties - -Joint tenancy with an addition unity of
marriage that may only be terminated through divorce, joint transfer to
someone else, or conveyance from one spouse to another.
-Community Property - -Created at the time of marriage and continues until
separation or death, each spouse possess equal interests regardless of which
spouse earned or acquired the property.
-Eminent Domain - -The right that resides in the united states, state,
county, city or other public body to take private property for public use upon
payment of just compensation.
-Kelo v. City of New London - -The taking of privately owned land with just
compensation for the purpose of transferring it to another private owner as
part of a development plan is constitutional under the takings clause.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller wanjohip510. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £11.88. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now