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RP Law Flashcards

(54 cards)

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1
Q

Land

A

The earth’s surface extending downward to the center of the earth and upward to infinity, including:

Natural elements, Surface, subsurface (minerals), and airspace (to space)

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2
Q

Natural Elements

A

trees, rocks, water (on/under the surface)

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3
Q

Real Estate

A

Land plus any permanent, human-made additions (e.g., buildings, fences, roads)

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4
Q

Real Property

A

Real estate plus the bundle of legal rights attached to ownership

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5
Q

Components of Land Ownership

A
  1. Surface Rights
  2. Subsurface Rights
  3. Air Rights
  4. Water Rights (governed by laws depending on location)
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6
Q

Surface Rights

A

Ownership of the soil and land on the surface

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7
Q

Subsurface Rights

A

Rights to natural resources and minerals below the earth’s surface (e.g., oil, gas, gold)

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8
Q

Air Rights

A

Rights to the space above the land, which may be sold or leased (e.g., for billboards, air travel corridors)

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9
Q

Water Rights

A

Riparian rights: Use of water from rivers/streams

Littoral rights: Use of water from oceans/lakes

Subject to federal, state, and local regulation

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10
Q

Ownership Bundle of Rights

A

Possession – Right to occupy

Control – Right to determine how it’s used (within legal limits)

Enjoyment – Right to use without interference

Exclusion – Right to keep others off

Disposition – Right to sell, lease, or transfer ownership

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11
Q

Physical Characteristics of Land (Permanent and Inherent to the Land Itself)

A

Immobility - The geographic location of land is fixed and cannot be moved. Even though soil can be relocated or topography altered, the location is permanent

Indestructibility - Land itself cannot be destroyed, though its condition may change through natural disasters, erosion, or human actions. Improvements (e.g., buildings) can deteriorate or become obsolete, affecting value. Land’s permanence contributes to long-term investment stability

Uniqueness (Nonhomogeneity) - No two parcels are exactly alike in location or characteristics. Every parcel has its own unique geographic coordinates. This is why real estate is considered non-fungible (not interchangeable)

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12
Q

Real Estate Includes:

A

The land itself (surface, subsurface, and airspace) and Improvements made to the land that are permanently attached (also known as annexations)

Real Estate = Land + Improvements

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13
Q

Types of Improvements:

A
  1. Above Ground
  2. Below Ground
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14
Q

Above Ground Improvements

A

Buildings

Fences

Landscaping elements (trees, shrubs that are intentionally planted and integrated)

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15
Q

Below Ground Improvements

A

Water lines

Sewer systems

Foundations

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16
Q

Real Property Includes

A

Real estate + legal rights and interests associated with ownership

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17
Q

Right of Possession

A

To occupy and use the property

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18
Q

Right of Control

A

To use the property as desired within the boundaries of the law

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19
Q

Right of Enjoyment

A

To enjoy the property legally without interference

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20
Q

Right of Exclusion

A

To prevent others from entering or using the property

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21
Q

Right of Disposition

A

To sell, will, lease, or transfer ownership

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22
Q

PCEED

Study These Flashcards
A

Possession, Control, Enjoyment, Exclusion, Disposition

23
Q

Title

Study These Flashcards
A

ownership of real property, and has two meanings:

  1. Legal ownership of the property and its associated rights
  2. Evidence of ownership (via a deed)
24
Q

Appurtenance

Study These Flashcards
A

A right or privilege that “runs with the land”

25
Factory Built and Manufactured Housing are:
Considered personal property until permanently affixed to land
26
Kinds of Plant Property:
1. Fructus Naturales 2. Fructus Industriales / Emblements
27
Fructus Naturales
(Real Property) - Trees, shrubs, grasses (perennial and uncultivated) - Transfer with land by default
28
Fructus Industriales / Emblements
(Personal Property) - Annual crops like corn, vegetables, fruit - Belong to the person who planted them - Can be harvested even after the land is sold, unless contract says otherwise
29
Types of Changing Property Classifications
1. Severance 2. Annexation
30
Severance
(Real → Personal) Removing something from the land E.g., cutting down a tree, picking an apple
31
Annexation
(Personal → Real) Attaching or integrating personal property into the land E.g., using concrete mix to pour a permanent sidewalk
32
Fixture
personal property that has been permanently attached to land or a structure in such a way that it becomes part of the real property.
33
Fixture Sale Rules:
Fixtures are included in the sale of real property unless otherwise excluded in the sales contract. Failing to clarify whether an item is a fixture can lead to legal disputes (e.g., "Does the seller get to take the chandelier?").
34
Fixture Test
MARIA
35
MARIA Fixture Test
M – Method of Attachment How permanently is the item affixed? Can it be removed without damaging the property—or can any damage be easily repaired? A – Adaptability of the Item to the Property Is it custom-fitted or adapted for a specific space? Example: A standard refrigerator = personal property A built-in refrigerator matching the cabinetry = likely a fixture R – Relationship of the Parties Courts tend to favor: Buyers over sellers Tenants over landlords I – Intention of the Person Installing the Item Was it intended to be permanent or temporary? Courts look at objective evidence (not just stated intent)—e.g., how it’s attached and used A – Agreement Between the Parties Was there a written agreement in the sales contract or lease? If so, it generally controls Sellers should specify which items are excluded Buyers/tenants should confirm what's included
36
Trade Fixture / Chattel Fixture
Personal property owned by a tenant Attached to rented property for use in a business Intended to be removed by the tenant before lease ends
37
Trade Fixture Removal
Removal Deadline: Trade fixtures must be removed on or before the last day of the lease. Failure to Remove: If not removed, the fixture becomes the landlord's property through accession. Damage Repair: Tenant must repair any damage caused by removal.
38
Accession
Legal principle where property left behind becomes the property of the real estate owner
39
Surfacre Rights
Ownership rights to the surface of the land (soil, trees, water, and structures on top) Owners may sell or lease these rights separately from the subsurface or air rights
40
Subsurface Rights
Rights to natural resources located beneath the earth’s surface. May be separately sold, leased, or retained
41
Air Rights
The rights to use or control the airspace above land, within legal limits. May be sold, leased, or restricted
42
Air Rights Limits
Air rights are no longer “infinite”—must allow reasonable interference (e.g., planes, drones) Government/airports may buy air rights near runways for safety
43
Water Rights
Legal rights to use water sources (rivers, lakes, oceans) that adjoin a property Governed by state law and vary based on: Location (wet vs. arid states) Type of water (navigable vs. non-navigable) Use (domestic, agricultural, industrial)
44
Types of Water Rights
1. Riparian 2. Littoral
45
Riparian Rights
(Flowing water: rivers, streams) Belong to landowners bordering a non-navigable or navigable river/stream Owners may use water as long as they do not interrupt flow or pollute it Ownership boundary: Nonnavigable water: to center of waterway Navigable water: to water’s edge; state owns submerged land
46
Littoral Rights
(Standing water: oceans, seas, lakes) Apply to landowners with property on navigable, non-flowing waters Ownership extends to high-water mark; land below that belongs to the government Rights typically include recreational use, docking, etc.
47
Accretion
Gradual increase in land by natural water deposits (e.g., sediment buildup)
48
Reliction
Gradual exposure of land previously covered by water (e.g., receding lake)
49
Avulsion
Sudden loss of land due to violent natural events (e.g., earthquake, flood)
50
These four characteristics influence the value, marketability, and investment potential of land:
1. Scarcity 2. Improvements 3. Permanence of Investment 4. Area Preference (Situs)
51
Scarcity
Land is finite, especially in desirable locations or for specific uses Not all land is developable, and zoning or environmental protections can limit use Preserving undeveloped land can increase its value due to its rarity and ecological benefit
52
Improvements
An improvement (e.g., a building or infrastructure) on one parcel can affect: Its own value or the value and use of nearby properties Examples: A new shopping center may increase property values, A waste facility may decrease nearby values
53
Permanence of Investment
Real estate development requires significant capital and labor Many improvements (e.g., roads, utilities, sewer systems) are durable and long-term Real estate is not quickly or easily moved or repurposed, making return on investment relatively stable and slow-building
54
Area Preference (Situs)
Commonly summed up as “location, location, location” Refers to people’s emotional and economic preference for a specific geographic area Influenced by: Convenience (e.g., proximity to work, schools) Reputation or desirability of the neighborhood Views, accessibility, history, and perceived safety Most important economic factor affecting real estate value

Real Estate (18 decks)

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