11Unit 10 The Nature of Real PropertyReal property distinguished from personal property…2Types of PropertyReal – Land–FixturesUCC fixture filing– Fructus industrialesPersonal– Tangible– Intangible3Elements of OwnershipRight of disposition–Sell–GiveLifetime– Survivorship– Intestate succession– Lend/LeaseRight of exclusion (possession)Right of quiet enjoyment (use)24Freehold EstatesInfinite or unpredictable lengthLife estate (reversion or remainder)Fee simple estateFee simple determinable (possibility of a reverter)Fee simple subject to a condition subsequent5Future InterestsReceiving party– Reverter– RemainderCertainty–Vested– Contingent6Co-ownershipTenants in commonJoint tenantsTenants by the entireties37TrustsParties– Trustor (grantor)–Trustee– BeneficiarySeparation of legal & equitable
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