Unit 1 Flashcards
Land
The earth’s surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.
Improvement
(1) Any structure, usually privately owned, erected on a site to enhance the value of the property—for example, building a fence or a driveway. (2) A publicly owned structure added to or benefiting land, such as a curb, sidewalk, street, or sewer.
Appurtenance
A right, privilege, or improvement belonging to, and passing with, the land. Typical appurtenances include parking spaces in multiunit buildings, septic tanks, easements, water rights, and other improvements. An appurtenance is connected to the property, and ownership of the appurtenance normally transfers to the new owner when the property is sold.
Bundle Of Legal Rights
The concept of land ownership that includes ownership of all legal rights to the land—for example, possession, control within the law, and enjoyment.
right of possession,
right to control the property (within the framework of the law),
right of enjoyment (that is, to use the property as the owner wishes, within the framework of the law),
right of exclusion (to keep others from entering or using the property), and
right of disposition (to sell, will, transfer, or otherwise dispose of or encumber the property).
Chattel
Items of personal property, including such tangibles as chairs, tables, clothing, money, bonds, and bank accounts. Chattels include trade fixtures.
Emblements
Growing crops, such as corn, that are produced annually through labor and industry. Also called fructus industriales. As long as an annual crop is growing, it will stay with the real property unless other provisions are made in the sales contract.
Severance
Changing an item of real estate to personal property by detaching it from the land; for example, cutting down a tree.
Annexation
It also is possible to change personal property into real property through a process called annexation. For example, a landowner buys cement, stones, and sand, mixes them into concrete, and constructs a sidewalk across her land. This landowner has effectively converted personal property (cement, stones, and sand) into real property (a sidewalk).
Fixture
An item of personal property that has been converted to real property by being permanently affixed to the realty.
Trade Fixture
An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.
Accession
Acquiring title to additions or improvements to real property as a result of the annexation of fixtures.
Attachment
The act of taking a person’s property into legal custody by writ or other judicial order to hold it available for application to that person’s debt to a creditor.
A buyer is interested in a house that fits most of her needs, but it is located in a busy area where she is not sure she wants to live. The real estate characteristic associated with her concern is
area preference.
Appurtenance
An appurtenance is anything associated with the property, although not necessarily a direct part of it. Typical appurtenances include parking spaces in multiunit buildings, easements, water rights, and other improvements.
Which of these is considered the MOST important characteristic of land?
Location
