Explore tens of thousands of sets crafted by our community.
Concepts of Property Law
20
Flashcards
0/20
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
© Hypatia.Tech. 2024 All rights reserved.