Chapter 4 Property Rights and Ownership Interests in RP Real property –land and things permanently attached to the land Personal property –moveable property

Chapter 4 Property Rights and Ownership Interests in RP Fixtures –An item that was once personal property but that has become attached to the real estate so that it is now considered real property

Chapter 4 Property Rights and Ownership Interests in RP Tests for Fixture Status –Intent of the parties –Attachment –Adaptability

Chapter 4 Property Rights and Ownership Interests in RP Mineral and Air Rights –Separate ownership –Limitation of air space to a reasonable distance –Right to sunlight

Chapter 4 Property Rights and Ownership Interests in RP Water Rights –Littoral rights (Navigable) –Riparian rights theory (Non-navigable) Reasonable use –Prior appropriation theory –Underground water

Chapter 4 Property Rights and Ownership Interests in RP Estates in Land –Grantor Party who transfers interest –Grantee Party who receives interest

Chapter 4 Property Rights and Ownership Interests in RP Estates in Land (Cont’d) –Freehold estates: (Ownership Interest) Fee simple absolute estates –Alienable (Sell) –Devisable (By Will) –Descendible (w/o Will)

Chapter 4 Property Rights and Ownership Interests in RP Freehold estates (Cont’d) Qualified Estates - Conditional –Qualified Fee Determinable (Automatic) possibility of reversion(future interest) –Qualified Fee Conditional (Court Order) power of termination (future interest)

Chapter 4 Property Rights and Ownership Interests in RP Freehold estates (Cont’d) –Life Estates Non-inheritable freehold estate that ends upon the death of the named person

Chapter 4 Property Rights and Ownership Interests in RP Leased Fee Estates (Ownership Interest) –Freehold estate (Right of Reversion) Ownership held by a Landlord Right of Use and Occupancy conveyed by lease Rights of Lessor granted by contract –Rents –Reversion Most common form in Income Property Analysis

Chapter 4 Property Rights and Ownership Interests in RP Leasehold Estates (Possessory Interest) –Non-freehold estates (No Right of Reversion) Tenancy for a stated period Tenancy from period to period Tenancy at will Tenancy at sufferance

Chapter 4 Property Rights and Ownership Interests in RP Concurrent Estates - Joint Ownership –Tenancy in common Undivided proportional interest –Joint tenancy Right of survivorship –Tenancy by the entirety Only between husband and wife –Community property Between husband and wife

Chapter 4 Property Rights and Ownership Interests in RP Condominium Ownership –Fee simple ownership to personal units –Common ownership of public facilities

Chapter 4 Property Rights and Ownership Interests in RP Cooperative Ownership –Land and building owned by a non-profit corporation –Residents have proprietary lease in specific units

Chapter 4 Property Rights and Ownership Interests in RP Time Sharing –Fee interest time-share –Right-to-use time-share