Exam review Essay

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Property.- consist of the legally protected rights and interest a person has in anything with an ascertainable value that is subject to ownership.
Real property.- sometimes called realty or real state , means the land and everything permanently attached to it. Including structures and anything attached permanently to the structures.
Personal property. - referred to in case law as personality or chattel , in essence , real property is immovable, whereas personal property is capable of being moved . It can be tangible or intangible. Tangible is such as a flat-screen TV , heavy construction equipment , or a car , has physical n substance intangible represents some set of rights and interest , but it has no real physical existence (stocks and bonds , trademarks and copyrights.)
Fixture.-a thing affixed to realty. a thing is affixed to realty when is attached to the realty by roots. Permanently attached by means of cement, plaster, bolts nails or screws
The property cannot be removed without causing substantial damage to the remaining realty
The property attached is as adapted to the rest of the realty as to become a part of it.
Fee simple.-the most complete form of ownership entitling the property owner to use , possess or dispose of the property as he or she chooses during his or her lifetime. On death, the interest in the property passes to the owner’s heirs, a fee sample absolute.
Interests present in real state Fee simple estates.- an ownership interest in land in which the owner has the greatest possible aggregation of rights , privileges, and power. Ownership in fee simple absolute is limited absolutely to a person and his or her heirs. Life estates.- an interest in land that exist only for the duration of the life of some person , usually the holder of the estate Leasehold estates an estate in realty held by a tenant under a lease. In every leasehold estate, the tenant has a qualified right to possess and/or use the land.
Concurrent ownership.- joint ownership

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