Unit 2: Real Estate, Land, and Improvements Flashcards
(20 cards)
Land is separated into 3 opportunities for ownership, what are those?
Surface Rights
Subsurface Rights
Air Rights
What is the definition of real estate?
The land plus all man made improvements (appurtenances) that are permanently attached (annexed) to the land
What is an appurtenance?
Man made improvements anchored to the land.
What are the 10 rights in the Bundle of Rights to real property?
Control
Dispose
Encumber
Exclusion
Enjoyment
Give, Dedicate, Will
License
Mortgage
Possession
Use
What are Government rights to real property?
Land use controls
Taxation
Eminent domain
Escheat
What does Escheat mean?
If there is no will or rights to the property at owners death the government can take the land
What is eminent domain?
Governments right to take property for public use.
Water Rights:
What are Riparian rights?
Land abutting flowing water (R=River)
Water Rights:
What are Littoral rights?
Land abutting standing water (L=Lake)
When on a body of water, where do the rights generally extend?
They extend to the average high water mark.
Do water use rights automatically include the right to waterfront access?
No
What is Accretion?
Addition to land through natural causes
What is Reliction?
Land uncovered by the receding of a navigable body of water
What is Erosion?
Gradual wearing away of the land by natural forces.
What is Avulsion?
A sudden loss of land by an act of nature
What is the doctrine of prior appropriation?
The right to use water is controlled by the state rather than by the landowner adjacent to the water
In a real estate transaction, how is personal property transferred?
A bill of sale
What is the agreement of parties?
The written contract is the final decision on what will be conveyed
What is an Emblement?
Annual cultivated crops and belong to the party that planted them, unless otherwise agreed.
