Chapter 30 Flashcards
(38 cards)
Real estate
the land itself and everything permanently attached to it
-buildings, fences, and trees on the surface
- earth, rocks, and minerals under the surface
-the airspace above the surface
Real Property
refers to the ownership rights that go along with the real estate
- Term used interchangeably with real estate
Air Rights
Modern court decisions have held that landowners own the airspace
above their land to as high as they can effectively possess or reasonably
control.
- This height usually extends as high as the highest tree or structure on
their property
- Air Rights can have value. For example, in New York City, developers bought air rights over the access to the George Washington Bridge and
constructed multistory buildings
Navigable airspace
the space above 1,000 feet over populated areas and above 500 feet over water and unpopulated areas
- subject to FAA (Federal Aviation Administration) regulations
Riparian owners
People who own land along the bank of a river or stream.
- The word riparian comes from the Latin root ripa, meaning “bank of a river.
Riparian Owner’s Rights
Owners of land on both sides through which a stream flows own all the soil
beneath the water.
- If the stream is non-navigable, and is a boundary line between two parcels of land, the owner on each side owns to the center of the stream, but do not
own the water itself.
- If the stream is navigable, however, each owner owns only to the bank of the
stream, and the bed is owned by the state.
* In most states, navigable it is defined as a stream that is capable of being navigated by
commercial vessels
Trees and Vegetation
Trees, flowers, shrubs, and vineyards that grow each year without
replanting (perennials) are considered real property.
- These plants have been planted and cultivated with the intention that they remain part of the real estate.
- In contrast, crops or garden plantings that produce flowers,
vegetables, or other harvest only for the year in which they are
planted (annuals).
- A tree belongs to the person on whose land the trunk is located.
- People who own adjoining land have the right to cut off trespassing
tree branches in their airspace and trespassing roots at the boundary
line of their property.
Fixtures
When personal property is attached to real property
- Becomes part of the real property
- If there is a question as to whether an item is a fixture, the courts ask the following
questions:
* Has there been a temporary or permanent installation of the personal property?
* Can it be removed without damaging the real property?
* Has it been adapted to the intended use of the real property?
Trade fixtures
those items of personal property brought upon the premises by the tenant that are necessary to carry
on the trade or business to which the premises will be devoted
- Contrary to the general rule, trade fixtures remain the personal property of the tenant or occupier of the property and are removable at the expiration of the term
of occupancy.
- Trade fixtures are not treated as part of the real property
Easement
The right to use another’s land for a particular purpose
Easements can be used to
- give people the right to pass over another’s land,
- to run wires through another’s airspace,
- to drain water onto another’s property,
- to run pipes underneath someone else’s ground.
Dominant tenement
The one who enjoys the easement and to whom it attaches
Servient tenement
the one on whom the easement is imposed
Subterranean Rights
Unless excluded in the deed, the owner of land has exclusive title to
material below the surface of the land.
- The right extends to the point determined to be the exact center of the
earth.
- These subterranean rights are often sold to corporations exploring for
coal, oil, or other mineral deposits
License (Oil and Gas Contracts)
only rights transferred are the right to enter the land, the right to
search for the oil and gas, and the right to leave with a quantity of
that oil and/or gas.
-The lessee receives the ability to operate on the land as if it were
their own, in exchange for an agreed to payment or a payment
schedule
Title by Adverse Possession
Title obtained by taking actual possession of the property openly,
notoriously, exclusively, under a claim of right, and continuously for a period of time set by state statute (15 years in Minnesota)
Eminent domain
the right of federal, state, and local governments, or other public bodies, to take private lands, with compensation to their owners, for a public purpose
Zoning laws
regulate the uses that may be made of properties within specified
geographical areas or districts
variance
an exemption or exception that permits a use that differs from those allowed under the existing ordinance
Landlord–tenant relationship
a contractual arrangement in which the owner of real property allows another to have temporary possession and control of the premises in exchange for consideration
Lease
The agreement that gives rise to the landlord–tenant relationship
- Gives an interest in real property and transfers possession
Lessor or landlord
The property owner who gives the lease
Lessee or tenant
Person to whom the lease is given
A License:
gives no property right or ownership interest in the property but merely allows the licensee to do certain acts that would otherwise be a trespass.
- A Lodger/Transient is one who has the use of property without actual or exclusive possession of it (this is a type of licensee).
