14 types of property
private, public, common, open access
2what is public property
property owned by the government. access is controlled by the government
3what is private property?
property that is owned by a single owner
4What is common property?
property owned by two or more individuals
5open-access property
property that is owned by noone (ex. out in the middle of the ocean, outer space)
6what are transaction costs?
the costs of defining, monitering, and enforcing property rights
7What are the two distinct private property rights are recognized under the law of property?
rights to tangible and intellectual property
8what is tangible property
property that can be touched and physically possesed
9what are the two types of tangible property?
Personal property and real property
10What are the characteristics of personal property?
can be owned or leased, governed by a mix of state statutes and common law Ex. goods, vehicles, inventory
11what is a title?
legal term for property ownership rights - bundle of rights
12What is mislaid property?
owner intentionally places property somewhere and forgets about it
13What is lost property?
owner unintentionally parts with the property through carelessness or neglect
14What is lost property?
the owner unintentionally parts with the property due to carelessness or neglect
15what is the main difference between misplaced and lost property?
lost property was unintentionally left behind. Mislaid property was left intentionally, just forgotten about
16what is abandoned property?
the owner threw the property away or voluntarily gets rid of it
17What is treasure trove property?
it is verifiably old as shit and the owners are probably dead
18What is adverse property?
property being held by someone other than the true owner,
19if a buyer purchases stolen goods, do they now have the title?
no, regardless of if it was bought in good faith
20what are the bailor and bailee?
In a bailment relationship, bailors own the property, while the bailee is in posession
21what is a bailment relationship?
owner allows someone else to temporarily hold property. bailee has a duty of care and to act reasonably in protecting the property (coat checks, valet parking)
22what is real property
real estate: land and structures built upon it, as well as plant life/vegetation
23What are improvements
the structures on real property
24ownership of real property is typically evidenced by:
a deed
25what land rights are included in typical property
rights to the use and enjoyment of the land, subsurface rights, water rights, airspace rights
26What are subsurface rights?
right to the land under a property ex: oil
27What are the various forms of ownership? what are they AKA?
AKA ownership interests. 1 fee simple 2 life estate 3 leasehold estate 4 easements
28what is fee simple ownership interest?
the highest level of general rights associated with real estate.
29what is fee simple absolute?
rights are unrestricted, infinite in duration, and inheritable
30what is fee simple defeasible?
fee simple right with certain restrictions. if one is violated, property ownership falls back to original owner ex. drinking at summer home
31defeasible definition
capable of being cancelled
32life estate
ownership interest that lasts the lifetime of a particular person. they are known as the life tenant and they cannot sell the property. can be defeasible
33what is leasehold estate ownership interest?
grants only qualified right to the real estate in an exclusive manner for a limited period of time
34what is an easement ownership interest?
priveledge to use real estate owned by another
35what are the 3 ways easments can. be created
express grant, implication or necessity, by perscription
36what is adverse possession
possesion of property someone else has the title to, possession must be 1 open notorious and visible 2 exclusive and actual, 3 continuous
37what is a nuisance?
can mean many things, from a disturbing noise to the erection of an ugly fence
38Private vs Public nuisance
private nuisances effect only private rights in property and affect a limited number of people
public nuisances cause damage to public rights and disturb the general public
39what are zoning ordinances?
local ordinances that regulate land use by dividing areas into zones with specific permitted uses, like residential, commercial, or industrial
40What is a zoning variance?
An exception to zoning laws.
41Who grants zoning variances?
A local zoning board or commission.
42What happens if zoning removes all property value?
It is a taking under the Takings Clause.
43What is the Takings Clause?
It requires the government to compensate owners for taken property.
44What is eminent domain?
The government’s power to take private property for public use.
45Do property owners have zoning rights?
Yes, they are entitled to due process.
46What zoning rule does the Equal Protection Clause affect?
Zoning cannot be arbitrary or discriminatory.
47Can zoning consider aesthetics?
Yes, but it cannot be the sole factor.
48Why does zoning matter to businesses?
It controls where businesses can operate.
49What are common zoning types?
Industrial, retail, and residential.
50How do courts limit zoning?
They ensure compliance with property rights and due process.
51What is environmental regulation?
Laws controlling land use to prevent harm.
52How do zoning boards decide on variances?
They check for harm to the neighborhood or local interests.
53What is environmental regulation?
Laws controlling land use for environmental policy.
54When is environmental regulation legal?
When it serves a legitimate state interest.
55What land uses can be restricted?
Wetlands, coastlands, and open spaces.
56When must the government compensate for regulations?
If they remove all economic value.
57What is the Takings Clause?
It requires payment for taken property.
58Does partial loss of value require compensation?
No, unless all value is lost.
59What does environmental law regulate?
Pollution, waste disposal, and factories.
60Who must follow environmental laws?
Businesses and property owners.
61What is eminent domain?
The government's power to take private property for public use.
62What is the Takings Clause?
It requires compensation when property is taken.
63How does eminent domain work?
Through a condemnation proceeding.
64What happens if a property owner refuses to sell?
The government can sue to condemn the land.
65What must courts do in eminent domain cases?
Ensure owners have a chance to be heard.
66How is compensation determined?
By fair market value.
67What is public use?
Traditional uses like roads, schools, and hospitals.
68How has public use expanded?
It now includes broader public purposes.
69Why is broad eminent domain controversial?
It may take private land for economic development.
70What was a major Supreme Court case on eminent domain?
Landmark Case 23.5 (Kelo v. City of New London).