Management and Organizational Studies 2275A/B Chapter 13: Chapter 13

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Real property: land and anything permanently attached to it. Fee simple- the right to use land subject only to local restrictions - ownership. Life estate - upon the death of a life tenant property reverts back to original owner. Leasehold estates - land leased to a tenant for a definite period of time. Easements- right to use a portion of another"s land for a particular purpose. Right of way- right to cross another"s land. License- gives a person permission to use another"s land. Prescription- public use of private land gives right to access. Adverse possession- flagrant possession tolerated by legal owner. Profit a prendre- right to remove trees, gravel, etc from land. Restrictive covenants- designated restrictions on how the land can be used. Tenancy in common: two or more people share an undivided interest in property with each owning a designated portion of title. Joint tenancy: two or more people own the entire property (with a right of survivorship)