MIE 305 Final Exam Study Guide Graded A 2024

What are the "bundle of rights" associated with property ownership? - 1) Control; 2) Possession; 3) Enjoyment; 4) Exclusion; 5) Disposition Possession - The property is legally owned by whoever owns the title. Control - The titled owner (freeholder) controls the use of the property. Enjoyment - Rights-holder can enjoy the property in any legal or contractually agreed manner. Exclusion - Owner can exclude others from entering. Disposition - The titled owner can sell, rent, or transfer ownership temporarily. Real Property - Land, Homes, Real Estate Chattel Property - Property that is not real estate such as a car Tenancy in common - The common law default for multiple owners. a. Owners may own unequal shares but if not specified, they are all equal. b. Ownership interests are in the whole property and separately owned (conveyable) c. A single unity of possession means that ownership rights may be acquired through different legal instruments at different times. Example: ABC is in TIC. A sells to X, B dies and his share is conveyed to Z. XZC are now TIC. Joint Tenancy with right of survivorship - a. Single undivided interest - property belongs to all; not individually conveyable. b. Ownership interest must be equal among all owners (no unequal shares). c. Right of survivorship precludes conveyance by legal instruments or acts. d. JTs require four unities to be valid. 1: JTS must acquire ownership at the same time. 2: JTS must acquire ownership through the same document or grant. 3: JTS must have identical interests in the property and they must all have it for the same duration of time. 4: JTS must all have rights to possess and use the entire undivided property. "Twist on Inseparable Joint Tenancy interests" - a. Severance occurs if a JT in a transaction breaks these unities by a JT converting their share of the property. b. If a new owner comes because someone dies, they become a tenancy in common to the other joint tenants. What is the default form of co-ownership if non is specifically state in conveyance? - TIC Regarding joint tenancy with right of survivorship, what happens if ABC own a property and C dies? - C's share goes to A & B who now equally share the property. How does severance work with right of survivorship? ABC are JTs, C dies leaving C's share to X. - A and B are Joint Tenants while X owns 1/3 of the property. What are the four unities of joint tenancy for it to be valid? - 1) JTs must acquire ownership at the same time. 2) HTs must acquire their ownership through the same document or grant. 3) JTs must have identical interest in the property and they must all have it for the same duration. 4) JTs must all have rights to possess and use the entire undivided property. Acronyms: TIC, JT, JTWROS, TBE - TIC: Tenancy in common. JT: Joint tenancy JTWROS: Joint tenancy with right of survivorship. TBE: Tenancy by the entireties (about half of states recognize this including NC)(This means that a fifth unity is required) What are remainders and reservations with respect to these ownership rights? (Long answer) - 1) Life estates are a form of freehold, but the defining condition is that one's right in the property upon the death of a measuring life. a) Usually their own life. b) If it is another person's life, it is called pur autre vie. 2) After death, either remainders or reservations take place. a) Reservations - without further previously stated conveyance, it goes back to the grantee (or grantee's estate) b) Remainders - the property goes down the line to the next grantee. Easements - Gives someone other than the property owner the right to the property for a specific amount of time and for a certain purpose. License - A grant of the right to use real or personal property. It is not a true property interest. A license of real property will be limited to a particular holder and it will have a definite (limited) term. Leasehold - Temporary conveyance of property governed by contract between a lessor and lessee (residential or commercial).