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Flashcards in Chapter 2 Deck (16)
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1

What is accession?

Trade fixtures that are not removed become the real property of the landlord

2

List the economic characteristics of Real Estate

Scarcity
Improvements
Permanence of investment
Location

3

List of physical characteristics of Real Estate

Immobility
Industructibility
Uniqueness

4

Define land

The Earth's surface extending downward to the Center of the Earth and upward to Infinity.

Land has no improvements

5

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

6

Define Improvement

Any artificial addition to land, such as a building or fence

7

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

8

Define Emblements

Annually cultivated crops, such as wheat, corn, vegetables and fruit

9

Define chattels

Items of personal property including tangibles as chairs tables clothing money Bonds in a bank accounts

10

Define personal property

Property that is movable and not affixed to or associated with the land

11

What are the bundle of legal rights

Right of possession
Right to control the property
Right of enjoyment
Right of exclusion
Right of disposition

12

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

13

Define surface rights

The right to use the surface of the Earth

14

What are subsurface rights

The rights to the natural resources lying below the earth 's surface.

15

Define Appurtenance

Anything associated with the property, although not necessarily a direct part of it

16

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