1. 1 Unit 10 The Nature of Real Property Real property distinguished from personal property…

2. 2 Types of Property Real –Land –Fixtures UCC fixture filing –Fructus industriales Personal –Tangible –Intangible

3. 3 Elements of Ownership Right of disposition –Sell –Give Lifetime –Survivorship –Intestate succession –Lend/Lease Right of exclusion (possession) Right of quiet enjoyment (use)

4. 4 Freehold Estates Infinite or unpredictable length Life estate (reversion or remainder) Fee simple estate Fee simple determinable (possibility of a reverter) Fee simple subject to a condition subsequent

5. 5 Future Interests Receiving party –Reverter –Remainder Certainty –Vested –Contingent

6. 6 Co-ownership Tenants in common Joint tenants Tenants by the entireties

7. 7 Trusts Parties –Trustor (grantor) –Trustee –Beneficiary Separation of legal & equitable interests