Chapter 2 Flashcards
Land
Surface above and below earth
Estate
Degree, Quantity, Nature and extent of owner’s interest
Real Estate
Man made improvements with the exception of landscaping.
Real Property
The legal rights you have when you purchase property.
What are the 3 bundle of rights?
- Use
- Possession
- Disposition
Title
Right/Evidence of Ownership
Appurtenance
Secondary Rights
Uniqueness
The concept that no two parcels of the property are exactly the same or in the same location.
Immobility
The geographic location of any given parcel of land can never be changed
Indestructability
Considered indestructible, even though it is subject to both natural and human forces.
Personal Property
All the property that can be moved
Severance
The act of separating it from the land
(Real to Personal)
Annexation
Personal to real
Fixtures
Personal property that has been attached to the land or a building, that by law it becomes part of the real property.
Legal Tests of a fixture
In determining whether an item is a fixture
Trade fixtures
A fixture that is used in the conduct of business.
Surfaces Rights
Ownership rights in a parcel of real estate that are limited to the surface of the earth
Subsurface Rights
The rights to earth’s natural resources below the earth’s surface
Air rights
The rights to use the space above the earth may be sold or leased independently, provided the rights have not been limited by law.
Water rights
Common laws or statutory rights held by owners of land adjacent to rivers, lakes, or oceans.
Riparian Rights
Non navigable water - boundary at middle of stream
Littoral Rights
Land borders navigable water
Accretion
Streams move slowly
Erosion
The gradual and sometimes imperceptible wearing away of the land by natural forces, such as wind, water rain and flowing water.
