CH 2 - Real Property and the Law Flashcards Preview

Real Estate (General Portion) > CH 2 - Real Property and the Law > Flashcards

Flashcards in CH 2 - Real Property and the Law Deck (22):
1

Land

the Earth's surface, its subsurface extending downward to the center of the Earth, and the air space above the surface.

2

Subsurface rights

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

3

Air rights

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

4

Water rights

can be held by owners of land adjacent to rivers, lakes, or oceans

5

Real Estate

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

6

Real property

the interests, benefits , and rights that are automatically included in the ownership of unimproved land and real estate

7

Bundle of legal rights

the rights of possession, control, enjoyment, exclusion, and disposition

8

Title

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

9

Appurtenance

a right or privilege associated with real property in some way, such as a parking space in a multiunit building, an easement, or water right, and is normally conveyed to the new owner when the property is sold

10

Water rights

This is part of common law and statute. They include Riparian rights and Littoral Rights

11

Riparian rights

Belong to owners of land along a flowing body of water

12

Littoral rights

Belong to owners of land that borders a commercially navigable lake, sea, or ocean.

13

Prior appropriation

Water use, aside from limited domestic use, is controlled by the state rather than a landowner adjacent to the water, to use water, the landowner must demonstrate a beneficial use of the water, such as irrigation for crops

14

Personal Property (chattel) includes:

1. movable items
2. annuals plantings or crops of grains, vegetables, and fruit
3. factory built homes UNLESS THEY ARE PERMENENTLY AFFIXED TO LAND

15

Severance

items of real property that can become personal property

16

Annexation

Items of personal property that can become real property

17

Fixture

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

18

The Legal tests for a fixture include M.A.R.I.A.:

M. Method of annexation
A. Adaptability of the thing for the land's ordinary use
R. Relationship of the parties
I. Intent in placing the item on the land
A. Agreement of the parties

19

Trade fixtures

property attached to the structure used in the course of business and can be personal property if removed by the tenant and the premises are returned to original condition before the lease expires; or real property, if left behind by the tenant.

20

Accession

The landlord owns any trade fixtures attached to the building if the lease ends

21

Economic characteristics of land:

1. scarcity
2. improvements
3. permanence of the investment
4. area preference.

22

Physical characteristics of land:

1. immobility
2. indestructibility
3. uniqueness