Unit 2 Flashcards
Real Property and the Law (31 cards)
Land rights, mineral rights, and air rights are included in the definition of
real estate
Which of these is an example of an economic characteristic of land
scarcity
Another word for uniqueness is
Non homogeneity
Land uncovered when a navigable body of water permanently recedes is acquired by
accretion
Land
earth surface extending downward to the center of the earth and upward infinity
Land includes subsurface ,air space (T or F)
true
Charactoristics of Land
immobility , indestructibility , uniqueness
The most important economic characteristics of land is
location
The law of the sea identifies national territrial waters as those extending from a baseline up to
12 nautical miles
Real estate
land plus all human -made improvements to the land permanently attached
improvements
any artificial thing attached on or below the ground -fence, water, line or sewer pipe, trees, shrubs, landscaping
real property
interest, benefits, and rights that are automatically include the ownership of real estate
Bundle of legal rights
Right Possession , right control , right enjoyment, right of exclusion, right of disposition- DEEPC- (Disposition, Enjoyment, exclusion, Possession and control)
Frutus naturals vs Fructus industriales
Trees , shrubbery and grass are Fructus naturals -real Estate
Crops , fruits, vegetables and grain (emblements -Fructus industrials - personal property
The developer added sewer lines and utilities and built two streets
These are considered Improvements
The new owner of a condominium recieved the right to use a parking space in the muiltiunit building.
The right is Appurtenance
Appurtenance
runs with the land -right or privilege associated with the property examples are ( parking space, easements) This usually transferred with property if sold
Method of attachment, adaptation of the item, and agreement of the parties are the legal test for determining whether an item is
real property (transferred by Deed) land -
personal property (transferred by bill of sale) chairs, table, desk
Fixture
personal property that has been so attached to land or a building that , by law it becomes part of the real property - examples heating system, kitchen cabinets, light fixtures, and plumbing .
An important distinction between real and personal property is that real property is transferred by
Deed
A seller asked a real estate professional to draw up several documents relating to seller finacing , Under these circumstances, the real estate professional should
refer the seller to an attorney
A buyer particularly liked the ornate brass lighing fixtures in a seller’s house and immediately made an offer, which the seller accepted. On moving day , the buyer discovered that the seller had replaced all the ornate brass lighting fixures with plain chrome ones.
Lighting fixtures are normally considered to be real property
A rural landowner has posted a number of “No Trespassing “ and No hunting signs on his property. Which (stick) in the bundle of rights gives the landowner this authority.
Exclusion
A right of privilege tied to real property, although not necessarily part of the property , is called
an appurtenance
