Flashcards in Chapter 2 - Real Property & The Law Deck (14):
Center of earth to earth's surface and upward to infinity (including permanent natural objects such as trees and water).
Land at, above, and below the earth's surface, plus all things permanently attached to it, whether natural or artificial (includes improvements)
Land + Real Estate + interests, benefits and rights automatically included in ownership.
Bundle of Rights.
Right or privilege associated with the land such as parking space.
Personal property such as chairs, clothing, money and bank accounts.
Annually cultivated crops such as fruit, vegetables are considered personal property.
AKA - Fructus Industriales
When real property becomes personal property.
Ex. Cutting down a tree
When personal property becomes real property.
Ex. Concrete turned into a sidewalk
Personal property that has been affixed to land or a building that, by law, it becomes part of real property.
Ex. HVAC, kitchen cabinets
Article owned by a tenant and used in conducting business (or a chattel fixture).
Ex. Pizza Oven
Unremoved trade fixtures become real property of the landlord.
Economic Characteristics of Real Property
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.
Physical Characteristics of Real Property
Immobility - geographic location cannot be changed
Indestructibility - land is indestructible
Uniqueness / Nonhomogeneity - no two parcels of land are exactly the same