41.1 b a c kn e x t h o m e Chapter 41 Objectives  Define real property and explain the rules about vegetation, running water, and fixtures.  Name the types of multiple ownership of property.  List the estates and other interests in real estate.  Identify methods of acquisition exclusive to real property. © 2002 West Educational PublishingTo accompany Law for Business, 14e, by Ashcroft and Ashcroft

41.2 b a c kn e x t h o m e Real Property Trees and perennial crops  Can be real or personal, depending upon the type of vegetation and harvestation. Rivers and streams  Riverbed is owned by a property owner if an unnavigable river flows through the property. Fixtures  Personal property attached to land or building.

41.3 b a c kn e x t h o m e Multiple Ownership Tenancy in common  When two or more persons own property and upon the death of one, the property passes to decedent’s heirs. Joint tenancy  When two or more persons own property and upon death of one, property passes to other owner(s). Tenancy by entirety and community property  Exist between husband and wife whereby upon the death of one, the spouse becomes sole owner of the property.

41.4 b a c kn e x t h o m e Estates in Property Fee simple  Owner has the right to possess property forever and may sell, lease, or dispose of the property. Life estate  At the death of a life tenant, title passes as directed by the original owner.

41.5 b a c kn e x t h o m e Other Interests in Real Property  Explain each of the following: Easements License  How may one acquire property by accretion?  What is adverse possession? Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz