“The Beginning”

**SEMINAR GROUNDRULES **SEMINAR BACK-UP// AAs VIA DROPBOX **THE SYLLABUS **DB RUBRIC **WA RUBRICS - Units 1-3-4-6-8 **WRITING RULES & REGS **QUIZZES –NO GRADE NO TIME LIMIT -BUT,

PLEASE TAKE THEM – THEY WILL HELP WITH MIDTERM AND FINAL, TRUST ME! ALSO TAKE SELF-STUDY EXAM EACH CHAPTER – ANSWERS IN THE BACK

**KEY TERMS / GLOSSARY EACH UNIT – LOTS OF DEFINITIONS ON THE EXAMS, AND WHAT BETTER PLACE TO FIND OR LEARN THEM?

Unit 1 Adverse Possession Unit 3 Easement (“just” a grade) Unit 4 Memo to Barb Buyer Unit 6 Essay on RE financing Unit 8 General Warranty Deed

Grading Rubrics for all are in Doc Sharing - Unit 6 Essay is listed as Midterm Essay

Rubric

**   Generally, the term “real property” refers to land. Land includes not only the earth but everything of a permanent nature over or under it. This includes structures and minerals.  Real property ownership signifies the right to use, control, and dispose of the land or objects on, over, and under the land.

**Personal property is a term that refers to all other types of property.  Sounds simple enough, right?  But, sometimes determining whether an item is part of the realty or personal property is not easy to do.

**Personal property can be tangible or intangible. Tangible personal property, such as a car or sofa, has physical substance. Intangible personal refers to a set of rights and interests, but there is no physical existence. Stock and bonds are examples of intangible personal property. Patents, trademarks, and copyrights are other examples.

The law of property is governed

primarily by state law, AND THE LAW OF THE STATE WHERE THE PROPERTY IS LOCATED - and so may vary from state to state.

Things that grow in the soil, such as trees and plants, may be considered part of the real property.

But annual crops may not be real property

The owner of real property also has ownership rights to use water that is located on the surface or beneath the surface of the land. The source of water will govern the landowner’s rights to own and use that water. The categories of water sources are (a) groundwater; (b) surface water; and (c) water that accumulates in a river, stream, or natural lake

The right to use such water sources will be either a riparian right or appropriation.

Under the riparian rights doctrine, the owner of riparian land has the right to use the water equally with other owners of riparian land, but cannot interfere with the natural flow of the water.

Appropriation is a doctrine that is usually found in Western states where water is scarce. It provides that the right to use water is given to the landowner who uses the water first. Thus, the date of appropriation determines the user’s priority to use the water, with the earliest user having the superior right. (More in our text.)

Fixtures refer to personal property that becomes installed in or attached to real property in such a way that its removal would compromise the integrity of the real property. The more permanent the attachment, the more likely it will be that a court determines that the article is a fixture and part of the real property.

Nota Bene: For us, and for Exam purposes, Fixtures are real property.

An owner of real estate has the right to possess, use, and dispose of his property.

Possession refers to occupying the land, which is reflected in visible acts such as enclosure, cultivation, constructing improvements, or occupying existing improvements on the property.

Use refers to do with his land as he wishes, within the bounds of the law. Clearly, a landowner cannot create a health hazard or endanger others by the use of his land.

Dispose of land simply means selling or giving others rights to the property.

1. Inheritance and Devise: When a landowner dies, ownership of his property is usually transferred to someone else.

Inheritance refers to the passage of title and ownership of

real property from a person who dies intestate -without a will - to those who can claim a right to the property by law because of a close relation to the deceased landowner. Each state has its own descent laws dealing with this disposition, and it is the law of the state in which the property is located that will apply.

Devise refers to passing title to real property from a landowner who dies with a will. The will must comply with the state laws governing wills, and as with inheritance, the law of the state in which the property is located.

2. Gift: While the promise to make a gift of real property is revocable (except when the recipient has detrimentally relied upon the promise that the gift would be made), once the gift is made ownership to real property can be transferred.

3. Contract and Sale: Purchasing and selling real property are ways of passing ownership rights. Most real estate legal assistants, paralegals, and attorneys deal with issues associated with buying and selling real property.

4. Adverse Possession: If a person unlawfully possesses property of another for a long enough period of time, he may acquire title to the property under the doctrine of adverse possession. States have statutes regarding the required elements to establish a claim of adverse possession and the period of time needed for such possession before title to the property passes to the “squatter.” Tacking refers to the adding of possession periods by different adverse possessors of blood or contractual relation.

(Unit 1 Written Assignment = AP)

There are six modern-day estates in

real property: fee simple (or fee simple absolute), fee simple determinable, fee simple on condition subsequent, life estate, estate for years, and estate at will.

1. Fee Simple: Fee simple refers to an ownership interest in real property that affords the owner the greatest possible aggregation of rights, privileges, and power. Only an individual and his heirs can hold a fee simple absolute. There is a presumption that a fee simple is created at every conveyance unless a lesser estate is mentioned.

2. Fee Simple Determinable: A fee simple determinable refers to an ownership interest in real property that can revert to the grantor of the interest (or his heirs or assigns) upon the occurrence or nonoccurrence of a specified event. The conveyed interest expires automatically upon the happening or nonhappening of an event that is stated in the deed of conveyance or the will creating the estate.

3. Fee Simple on Condition Subsequent: A fee simple on condition subsequent occurs when a fee simple is subject to a power in the grantor to recover possession of the estate if a specified even occurs, such as the death of the grantee or the divorce of the grantee.

4. Life Estate: A life estate is an interest in real property that affords the holder all rights of possession and use of land but exists only for the duration of the life of some person, usually the holder of the life estate, but may be someone else. If the life tenant commits waste, which can occur if the life tenant does not take care of the property and jeopardizes its value, the life estate will terminate.

5. Estate for Years: An estate for years will result if the grantor conveys his property for a fixed period of time. Next to the fee simple, this is the most common form of ownership.

6. Estate at Will: With an estate at will, no fixed term is created and either the lessor or lessee can terminate the tenancy, without cause. Some states may require that notice of termination of the estate be given.

18