Property Management Quizlet
Property Management Quizlet – Real property is an important part of corporate as well as personal wealth. As a result, the role of the corporate real estate manager has become critically important within corporations. The real estate manager must be aware not only of the value of land for purchase and sale, but also of proper lease negotiations, tax policies and assessments, zoning and land development, and environmental laws.
In this chapter and Chapter 31 “Transfer of Real Property by Sale” and Chapter 32 “Landlord and Tenant Law”, we focus on land use and environmental regulation (see Figure 28.1 “Chapter Overview”). We divide our discussion of the nature of real estate into three main categories: (1) estates; (2) rights that relate to the possession and ownership of land—for example, rights to air, water, and minerals; and (3) easements—rights over the land of others.
Property Management Quizlet
In property law, an estate is an interest in real property, ranging from absolute dominion and control to bare possession. Usually when we think of property, we think of only one type: absolute ownership. A car owner has the right to drive the car whenever he wants, rebuild it, repaint it and sell or scrap it. The idea that an owner can lose his property in the event of a certain event is foreign to our concept of private property. Not so with real property. You’d no doubt find it odd if you were sold a used car with the condition that you don’t paint it a different color—and if you did, you’d automatically be stripped of ownership. But that way land can be sold. Land and other real property interests can be divided into many categories, as we shall see. (Be careful not to confuse different types of interests in real property with forms of ownership, such as joint tenancies. An interest in real property that amounts to an estate is a measure of the degree of ownership of a thing; the form ownership relates to the specific person or persons who own it. .)
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The common law distinguishes estates along two main axes: (1) freehold versus leasehold and (2) present versus future interests. A freehold estate is an interest in land that has an indefinite duration. An interest in land that has an indefinite duration. Freehold may be absolute ownership—called fee simple absolute—or it may be an interest in the land for the owner’s life; In either case, it is impossible to say how long the estate will last. In the case of one who owns the property outright, his estate shall continue until sold or transferred; In the case of a life estate, it will last until the death of the owner or other specified person. A leasehold estate is an estate whose termination date is usually known—for example, a one-year lease. whose completion date is generally known. A one-year lease, for example, will expire exactly at the time stated in the lease agreement.
A current estate is one that is currently owned and enjoyed; A future property is one that will come into possession of the owner on the occurrence of a specified event. In this chapter, we consider both current and future freehold interests; Leasehold interests we reserve for Chapter 32 “Landlord and Tenant Act”.
The most powerful form of ownership is known as a fee. (or Fee Simple, or Fee Mere). This is what we mean when we say that someone “owns” land. As one court put it, “A fee in land confers upon the grantor full ownership, immediately and forever, from boundary to boundary and from the center of the earth to the sky, with all lawful rights to the use thereof.” Magnolia Petroleum Co. v. Thompson, 106 F.2d 217 (8th Cir. 1939). Although a fee simple mortgage (you can borrow money against the equity in your home) or an easement (you can give someone the right to walk across your yard) may be vested, with underlying control in the hands of the owner. Although it was once a complex matter to determine whether a person was granted a fee simple interest, today the law presumes that the property being transferred is a fee simple, unless the conveyance expressly states otherwise. (In her will, Lady Gaga bequeathed her five-thousand-acre farm to “my screen idol, Tilda Swinton.” Upon Lady Gaga’s death, Swinton took full ownership of the farm.)
Not every transfer of real property creates a fee simple absolute. Some transfers can limit the estate. A transfer specifying that ownership shall terminate upon a specified event is known as a fee simple indefeasible Any transfer specifying that ownership shall terminate upon a specified event. . Suppose, for example, that Mr. Warbucks “gives a tract of land to Miss Florence Nightingale for the purpose of conducting her hospital and for no other purpose. As long as the hospital is on the property, transportation will be good.” This grant of land shall remain the property of Miss Nightingale and her heirs so long as she and they maintain a hospital. When they cease to do so, the land will automatically revert to Mr. Warbucks or his heirs, without them having to do anything to regain title. Note that the conveyance of land may be perpetual but not absolute, as it will remain the property of Miss Nightingale as long as she fulfills the terms of the grant.
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A property measured by the life of a particular person is called a life property.A property measured by the life of a particular person is called a life property. A conventional life estate is created by the parties individually. . A conventional life estate is created by the parties individually. The simplest form is that denoted by the following words: “To Scarlet for life.” Scarlett becomes a mercenary for life; As such, he owns the property and can occupy it for life or lease it or even sell it, but the new tenant or buyer can acquire what Scarlett owes, which is her lifetime ownership (i.e., what she has to sell). Can is a life estate in land, no fee simple absolute). If Scarlett sells the house and dies a month later, the buyer’s interest is extinguished. A life estate may be based on the life of someone other than the life tenant: “To Scarlett for the life of Rhett.”
A life tenant is someone who holds an estate in land for his life or the life of another. may use the property as if he were the full owner in general with this exception: he shall not act in such a manner as to diminish the value of the property which ultimately passes to the remainderman – the person who will become the owner of the property at the end of life. The life tenant must pay the life estate for the general maintenance of the property, but the remainderman is responsible for extraordinary repairs.
Some life estates are created by operation of law and are known as legal life estates. The most common form is a widow’s interest in her husband’s real estate. In about one-third of the states, a woman is entitled to her statutory alternative dowry of whatever bequeathed in the will; The widow has the right to choose the share specified in the will or the share available under the dowry. , the right to a percentage (often one-third) of her husband’s estate when he dies. Most of these states give a widow a similar interest in her deceased spouse’s estate. Dowry is a substitute for anything bequeathed in a will; The widow has the right to choose the share specified in the will or the share available under the dowry. To prevent dowry rights from overwhelming the interests of remote purchasers, liens can be waived on sale by having the spouses sign the deed.
Up to this point, we have considered the current estate. But people can also have future interests in real property. Despite the implication of its name, a future interest is now owned but not now available for use or enjoyment. For the most part, future interests can be bought and sold, just as land held in fee simple absolute can be bought and sold. There are different classes of future interests, but in general there are two main types: reversion and remainder.
Quiz & Worksheet
A reversion occurs whenever the duration of the transferred estate is less than that of the property owned by the transferor. Arises whenever the duration of the transferred estate is less than that of the property owned by the transferor. A common example of a simple return is that which arises when a life property is declared. Ownership is conveyed only for life; When the life tenant dies, the ownership interest reverts
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