Chapter 2 Flashcards
A Legal System that recognizes privateownership of land
Allodial System
A body of law based on custom and useage
Common Law
Rights someone has in something and are often defined as a “bundle of legal rights.”
Property Rights
Includes the earth’s surface, below to the center, above to infinity, and all natural things attached.
Land
Property Rights Include (5)
1) Possession
2) Enjoyment
3) Disposition
4) Control
5) Exclusion
The right to occupy the property
Possession
The right to possess the property without interference
Enjoyment
The right to sell or give the property to someone else
Disoposition
The right to use the property the way the owner wishes within the limits of the law
Control
The right to keep other people from using the property
Exclusion
Land plus any artificial things permanent attached
Real Estate
All components of real estate plus the legal rights and interests associated with its ownership
Real Property
Additions to a property that are created artificially rather that by nature
Improvements
unimproved land
Raw Land
Rights a property owner has in the space above the surface of the property
Air Rights
Rights a property owner has in any material below the surface of the land
Surface Rights
All property that is not classified as real property
Personal Property (Chattal Property)
Physical things that be seen and touched
Tangible Property
Things that can not be seen and touched, such as : sock certificates
Intangible Property
The process of changing real property to personal property
Severance
Personal Property changed to Real Property
Attachment
Items such as bushes and trees that are on and part of the real estate
Fruit of Nature
Items such as crops that are on but not part of the real estate
Fruits of Industry
Annual crops on a property that are raised by the owner of the property
emblements
