Property Rights

Question 1

Real Property

Answer 1

Land, everything attached to it, and bundle of rights

Question 2

Personal Property

Answer 2

Anything not attached to land

Question 3

Deed

Answer 3

how real property ownership is conveyed. receipt

Question 4

Title

Answer 4

review online, it is cut off in print out

Question 5

Bundle of Rights (PECDE)

Answer 5

grouping of property rights that can be separately transferred

Question 6

Possession

Answer 6

own real estate

Question 7

Enjoyment

Answer 7

use it in any legal way

Question 8

Control

Answer 8

control the use

Question 9

Disposition

Answer 9

give it to someone else by sale, rental or will

Question 10

Exclusion

Answer 10

limit access to it

Question 11

Land and Surface Rights (surface rights)

Answer 11

extends approx. 30 feet below lands surface

Question 12

Improvements on Land

Answer 12

anything permanently attached to land ex: house

Question 13

Fixtures

Answer 13

individual improvements ex: window blinds

Question 14

Air Rights

Answer 14

right to space above land (vertical interests)

Question 15

Mineral Rights (solid)

Answer 15

solid minerals. extend to earth’s core

Question 16

Mineral Rights (liquid)

Answer 16

oil, gas etc. extend to earth’s core. 2 types of ownership, depends on state

Question 17

Doctrine of Capture

Answer 17

land owner does not own the liquid but has right to capture

Question 18

Utilization Pooling

Answer 18

landowner does own a fraction of whatever liquid mineral rights exist under their property.

Question 19

United States vs. Causby

Answer 19

space starting between 80-500 ft above land is called navigable air space and is under jurisdiction of the Fed Aviation Authority

*think of united airlines

Question 20

Profit a’ Prendre

Answer 20

if mineral rights are purchased separately from surface of land

owner of mineral rights automatically gains right to harvest mineral as implied easement.

mineral rights to core if don’t own

Question 21

Riparian Rights

Answer 21

ownership rights for bordering rivers and waterways

navigable waterway, own up to accretion line
non navigable, up to midpoint

state specific, Eastern states

Question 22

Accretion Line

Answer 22

edge of water

Question 23

Doctrine of Prior Appropriation

Answer 23

Western states. ownership of whoever used the water first

Question 24

Appurtenances

Answer 24

any property rights existing outside boundaries of property itself.

ex: easement across adjoining property for beach access or deeded parking spot in condo

Question 25

Easement

Answer 25

right of way

Question 26

Personal Property (chattel, personalty, moveable)

Answer 26

property not attached to piece of land or improvement ex: car or table

Question 27

Bill of Sale

Answer 27

receipt. how personal property is transferred | ex: The seller is allowing the buyer to keep a house plant

Question 28

Test to determine Real or Personal

Answer 28

4 questions to determine where an item belongs and who it belongs to

Question 29

Attachment

Answer 29

is the property permanently attached to land (nailed or rooted)

Question 30

Adaptability

Answer 30

is the property custom built to fit or generically fits anywhere

Question 31

Intention

Answer 31

intent of the person who installed the property. This causes exceptions. ex: did they want to make it permanent?

Question 32

Agreement

Answer 32

buyer and seller agree to determine an item as either personal or real. this approach trumps AAI.

Question 33

Statute of Frauds

Answer 33

law requiring real estate contracts to be in writing to be legally enforceable all items of real estate are included in sale unless specifically excluded in writing

Question 34

Trade Fixtures

Answer 34

business property items that are permanently attached to land but treated as personal because it was only installed for that particular business. Mostly on commercial RE

Question 35

Emblements

Answer 35

Crops planted and harvested annually/biannually. Considered personal since it was planted to be harvested apple trees are considered real estate since they are fully harvested ex; corn or wheat

Question 36

Annexation

Answer 36

personal now real (planting a sapling)

Question 37

Severance

Answer 37

real now personal (digging up a tree)