Types of Property
What is the definition of property?
Rights and interests we recognize in one another in tangible and intangible things
What is an easement?
The legal term for the right to use someone else's property for a specific purpose
This document is used to transfer ownership of real property
A deed
This type of property includes land and anything permanently attached to it
Real property
A type of co-ownership where two or more people own property with equal shares and the right of survivorship
Joint Tenancy
Type of transfer occurs when someone donates property for charitable purposes
A gift
What is the definition of tangible property?
Physical property (Furniture, jewelry, and etc.)
1. Sale
2. Gift
3. Inheritance
The legal process by which the government takes private property for public use
Eminent domain
What is community property?
Property jointly owned by spouses in certain states
A co-ownership arrangement where each owner can have unequal shares and no right of survivorship
Tenancy in common
Tenancy by Entireties is for who?
Married couples
What is personal property?
Rights and interests in anything that is not real property, either physical or non-physical
What are 2 ways of acquiring ownership by finding?
Lost property and mislaid property
_________ is the right to all that property produces, naturally or artificially, or to a significant increase in that property
Accession