Chapter 2 Flashcards
(16 cards)
What is accession?
Trade fixtures that are not removed become the real property of the landlord
List the economic characteristics of Real Estate
Scarcity
Improvements
Permanence of investment
Location
List of physical characteristics of Real Estate
Immobility
Industructibility
Uniqueness
Define land
The Earth’s surface extending downward to the Center of the Earth and upward to Infinity.
Land has no improvements
Define real estate
Land at, above, and below the Earth’s surface, plus all things permanently attached to it.
Land plus permanent human-made additions
Define Improvement
Any artificial addition to land, such as a building or fence
Define fixture
Personal property that has been so effects to land or a building that, by law, it becomes part of the real estate property
Define Emblements
Annually cultivated crops, such as wheat, corn, vegetables and fruit
Define chattels
Items of personal property including tangibles as chairs tables clothing money Bonds in a bank accounts
Define personal property
Property that is movable and not affixed to or associated with the land
What are the bundle of legal rights
Right of possession Right to control the property Right of enjoyment Right of exclusion Right of disposition
Define air rights
The rights to use the space above the Earth may be sold or leased independently, provided those rights have not been preempted by law
Define surface rights
The right to use the surface of the Earth
What are subsurface rights
The rights to the natural resources lying below the earth ‘s surface.
Define Appurtenance
Anything associated with the property, although not necessarily a direct part of it
Define real property
The interest, benefits, and rights that are automatically included in the ownership of land and real estate
Land with improvements plus rights
