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Concepts of Property Law
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Flashcards
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Easement
A non-possessory right to use and/or enter onto the real property of another without possessing it. Importance: It allows for rights of way and utilities, affecting property value and use.
Licence
A temporary, revocable permission to perform an act on the land of another. Importance: Allows landowners to provide rights without transferring ownership and affects land use agreements.
Personal Property
All property that does not fit the definition of real property, movable and can be owned by a person. Importance: It encompasses a wide range of items and assets, affecting commerce and personal rights.
Covenant
A written agreement or promise in a deed or lease, imposing certain obligations or restrictions on the use of property. Importance: Affects land use and can be enforced by future property owners.
Rule Against Perpetuities
A legal rule that prevents people from using legal instruments to exert control over the ownership of property for an unreasonable period of time beyond their death. Importance: Ensures that property can be freely transferred and used.
Fee Simple
The most extensive interest in land possible, with rights to use it indefinitely. Importance: It represents absolute ownership of property and is the most common type of land ownership.
Fixture
Personal property that becomes real property when attached in a permanent manner to real estate. Importance: Affects the determination of what is included in the sale or transfer of property.
Zoning
The legislative process of dividing land into zones for different purposes such as residential, commercial, industrial. Importance: Regulates land use and promotes orderly growth of communities.
Tenancy in Common
A form of co-ownership where each tenant has an undivided interest in the property. Importance: It dictates rights and succession upon a tenant's death and affects decisions on property use.
Quiet Enjoyment
The right of a property owner or tenant to enjoy his or her property without interference. Importance: It underpins the legal use of property and can be a claim for dispute if breached.
Real Property
Land and anything permanently attached to it, such as buildings and improvements. Importance: It establishes rights and interests that have legal implications and affects ownership and land use.
Intellectual Property
Refers to creations of the mind, such as inventions, literary and artistic works, designs, symbols, names, and images. Importance: Protects the rights of creators and promotes innovation and creativity.
Adverse Possession
A legal doctrine whereby a person who possesses the land of another for a certain period of time may be able to claim legal title to that land. Importance: Affects property rights and may change ownership without consent.
Condemnation
The legal process of taking private property for public use through the power of eminent domain. Importance: Provides a legal basis for property acquisition by the state and ensures fair compensation.
Joint Tenancy
A form of co-ownership with a right of survivorship so that when one tenant dies, their interest passes to the remaining joint tenants. Importance: It affects estate planning and the transfer of property upon death.
Leasehold Estate
A tenant's right to occupy real estate during the term of a lease, generally for a rent payment. Importance: Determines the legal rights and responsibilities of tenants and landlords.
Nuisance
A legal concept where an act, condition, or thing that interferes with the use or enjoyment of property is considered harmful or annoying to others. Importance: Protects property rights and the welfare of the community.
Eminent Domain
The power of the state to take private property for public use, with compensation. Importance: Balances property rights with the needs of society, and involves the legality of land acquisition.
Constructive Trust
An equitable remedy resembling a trust, imposed by a court to benefit a party that has been wrongfully deprived of its rights due to fraud or other dishonest conduct. Importance: Prevents unjust enrichment and preserves fair treatment.
Escheat
The reversion of property to the state in the absence of legal heirs or claimants. Importance: It ensures property is not left ownerless and helps the state manage unclaimed property.
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