Chapter 2 Yellow Text---Real Property and The Law

Question 1

Land

Answer 1

includes the earths surface extending down to the center of the earth and the air space above the surface.

Question 2

subsurface rights include

Answer 2

mineral rights and other natural resources that can be leased or sold separately from the surface rights.

Question 3

Air rights

Answer 3

can be sold separately from surface rights and have limitations to enable air travel

Question 4

Water rights

Answer 4

can be held by owners of land adjacent to rivers, lakes or oceans. Determined by common law.

Question 5

Real estate

Answer 5

includes the land as well as all things permanently attached or annexed to the land, both by nature and by humans.

Question 6

Real Property

Answer 6

includes the interests, benefits, and rights that area automatically included in the ownership of unimproved land and R/E.

Question 7

Bundle of legal rights

Answer 7

includes the rights of possession, control, enjoyment, exclusion and dispostion

Question 8

Title

Answer 8

is the right to ownership of real property and the evidence of ownership provided by a written document, called a deed by which title is transferred.

Question 9

Appurtenance

Answer 9

a right or privilege associated with real property in some way…ie parking space, an easement, water rights and is conveyed to the new owner when the property is sold.

Question 10

Riparian rights

Answer 10

Belong to owners of land along a flowing body of water. ie a River.

Question 11

Littoral rights

Answer 11

belong to owners of land the boarders a commercially navigable lake, sea or ocean.

Question 12

Prior appropriation

Answer 12

is a doctrine that provides that water use, aside from limited domestic use, is controlled by the state rather than the landowner adjacent to the water, to use water, the landowner must demonstrate a beneficial use of the water such as for irrigations of crops.

Question 13

Personal Property (chattel)

Answer 13

Includes:
moveable items (furniture, fridge, washer/dryer)
emblements (annual plants or crops)
Manufactured homes unless permanently affixed to the land

Question 14

Severance

Answer 14

when real property becomes personal property

Question 15

Annexation

Answer 15

personal property becomes real property

Question 16

Fixture

Answer 16

personal property that has been affixed to the land or to a building so that by law it becomes part of the real property.

Question 17

Trade fixtures

Answer 17

property attached to the structure but used in the course of business and can be personal property (if removed before the end of the lease)

Question 18

Economic Characteristics of land

Answer 18

scarcity
improvements
permanence of the investment
and area preference (situs)

Question 19

Physical characteristics of land

Answer 19

immobility, 
indestructibility 
non homogeneity (uniqueness)