Chapter 2 - Real Property & The Law Flashcards Preview

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Flashcards in Chapter 2 - Real Property & The Law Deck (14):
1

Land

Center of earth to earth's surface and upward to infinity (including permanent natural objects such as trees and water).

2

Real Estate

Land at, above, and below the earth's surface, plus all things permanently attached to it, whether natural or artificial (includes improvements)

3

Real Property

Land + Real Estate + interests, benefits and rights automatically included in ownership.
Bundle of Rights.

4

Appurtenance

Right or privilege associated with the land such as parking space.

5

Chattels

Personal property such as chairs, clothing, money and bank accounts.

6

Emblements

Annually cultivated crops such as fruit, vegetables are considered personal property.
AKA - Fructus Industriales

7

Severance

When real property becomes personal property.
Ex. Cutting down a tree

8

Annexation

When personal property becomes real property.
Ex. Concrete turned into a sidewalk

9

Fixtures

Personal property that has been affixed to land or a building that, by law, it becomes part of real property.
Ex. HVAC, kitchen cabinets

10

Trade Fixture

Article owned by a tenant and used in conducting business (or a chattel fixture).
Ex. Pizza Oven

11

Accession

Unremoved trade fixtures become real property of the landlord.

12

Economic Characteristics of Real Property

4 types:
Scarcity - rare commodity
Improvements - Shopping center or house
Permanence of Investment - large fixed investments such as drainage, sewer, water will remain forever
Area Preference / Situs - "To Place" location, location, location.

13

Physical Characteristics of Real Property

3 types:
Immobility - geographic location cannot be changed
Indestructibility - land is indestructible
Uniqueness / Nonhomogeneity - no two parcels of land are exactly the same

14

Specific Performance

"No money damage can make buyer whole". Seller defaults selling real property a judge can make them sell it since no other alternative exists to make the buyer whole.