Dimensions of Property
This term describes land and anything permanently attached to it, like buildings or trees.
What is real property?
This term refers to the legal ability to control, lease, or sell the space above a parcel of land, often used for constructing high-rise buildings or extending over transportation corridors.
What are air rights?
This type of ownership gives the holder the fullest legal rights and powers to possess, use, and transfer land.
What is fee simple ownership?
When you buy a car with money, you gain ownership through this common method of acquiring property.
What is exchange (or purchase)?
This type of property includes movable items like cars, jewelry, or furniture.
What is personal property?
Land ownership consists of more than the surface of the property.
What is defining land?
This estate lasts only for lifetime of a specific person, after which the property returns to the original owner or a named third party.
What is a life estate?
The first person to physically control previously unowned things becomes their owner. This principle applied to a meteorite that crashed through a tenant's roof in 1954.
What is possession?
This dimension of property refers to ownership rights that are not physical, such as stocks, copyrights, or patents.
What is intangible property?
These rights give a landowner legal control over the natural resources found beneath the surface of their land, such as oil, gas, or minerals.
What are subsurface rights?
When you rent an apartment for a year, the type of property right you have is called this.
What is a leasehold estate?
When fungible goods like grain are accidentally mixed together, ownership is determined by the doctrine of this, which allocates proportional shares.
What is confusion?
This type of property can be touched, moved, and physically measured; examples include a laptop, a car, or a gold ring.
What is tangible personal property?
These items, once personal property, become part of the real property when they are permanently attached to the land or a building like built-in cabinets or light fixtures.
What are fixtures?
In this form of ownersip, two or more people share undivided interests in the same property like business partners or married couples.
What is concurrent ownership?
If you take someone else's airplane engine, build a plane around it, and the engine is more valuable than your additions, you still likely lose ownership due to this legal principle.
What is accession?
You own smartphone and the music downloads stored on it. One of this is tangible property, and the other is intangible. Which is which, and why?
The smartphone is tangible property because its physical and movable; the music downloads are intangible property because they're digital files representing intellecual ownership, not physical objects.
This gives ownership of natural resources, like oil, gas, or groundwater, to the first person who extracts them from the land even if they migrate from a neighbor’s property.
What is Rule of Capture?
When two people own land together and one dies, the surviving owner automatically becomes the sole owner. This special form of concurrent ownership is called what?
What is joint tenancy with right of survivorship?
This type of property transfer requires the donor to intend to give the item and to deliver it, either physically or constructively.
What is a gift?