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
