Chapter 2 Yellow Text---Real Property and The Law Flashcards Preview

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Flashcards in Chapter 2 Yellow Text---Real Property and The Law Deck (19)
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1

Land

includes the earths surface extending down to the center of the earth and the air space above the surface.

2

subsurface rights include

mineral rights and other natural resources that can be leased or sold separately from the surface rights.

3

Air rights

can be sold separately from surface rights and have limitations to enable air travel

4

Water rights

can be held by owners of land adjacent to rivers, lakes or oceans. Determined by common law.

5

Real estate

includes the land as well as all things permanently attached or annexed to the land, both by nature and by humans.

6

Real Property

includes the interests, benefits, and rights that area automatically included in the ownership of unimproved land and R/E.

7

Bundle of legal rights

includes the rights of possession, control, enjoyment, exclusion and dispostion

8

Title

is the right to ownership of real property and the evidence of ownership provided by a written document, called a deed by which title is transferred.

9

Appurtenance

a right or privilege associated with real property in some way...ie parking space, an easement, water rights and is conveyed to the new owner when the property is sold.

10

Riparian rights

Belong to owners of land along a flowing body of water. ie a River.

11

Littoral rights

belong to owners of land the boarders a commercially navigable lake, sea or ocean.

12

Prior appropriation

is a doctrine that provides that water use, aside from limited domestic use, is controlled by the state rather than the landowner adjacent to the water, to use water, the landowner must demonstrate a beneficial use of the water such as for irrigations of crops.

13

Personal Property (chattel)

Includes:
moveable items (furniture, fridge, washer/dryer)
emblements (annual plants or crops)
Manufactured homes unless permanently affixed to the land

14

Severance

when real property becomes personal property

15

Annexation

personal property becomes real property

16

Fixture

personal property that has been affixed to the land or to a building so that by law it becomes part of the real property.

17

Trade fixtures

property attached to the structure but used in the course of business and can be personal property (if removed before the end of the lease)

18

Economic Characteristics of land

scarcity
improvements
permanence of the investment
and area preference (situs)

19

Physical characteristics of land

immobility,
indestructibility
non homogeneity (uniqueness)