Flashcards in Unit 2 Real Property & Law Deck (21):
Land is defined as
The earths surface extending downward to the center of the earth and upward to infinity
Real estate is defined as
Land plus all human made improvements to the land that are permanently attached
Real property is defined as
The interests, benefits and rights that are automatically include it in the ownership of real estate.
The right of possession, right to control property, right to enjoyment, right to exclusion and the right of disposition is best described as
Bundle of legal rights
An Appurtenance (runs with the land) is best defined as
A right or privilege associate it with the property although not necessarily physically part of the property.
Example; parking spaces, water rights and other improvements
Surface rights or defined as
Ownership rights and a parcel of real estate that are limited to the surface of the earth.
Air rights are defined as
The right to use the space above the earth. It may be soldor least independently but limited by law.
Water rights are defined as
Rights held by owners of the land adjacent to rivers, lakes or oceans and are restrictions on the Rights of land ownership.
Riparian rights are defined as
Common law rights granted to owners of land along the course of a river stream or similar flowing body of water is called riparian rights.
Littoral Right is defined as
Owners whose land borders commercially navigable lakes, seas and oceans.
Accretion is defined as
Increases in land resulting from the deposit of soil by the waters action.
Erosion is defined as
The gradual and sometimes Imperceptible wearing away of land by natural forces such as wind rain and flowing water.
Avulsion is defined as
The sudden removal of soil by acts of nature.
Example: earthquake, mudslide, hurricane and other acts of God.
What is the Definition of personal property (sometimes called personality)
Is all the property that can be around and does not fit the definition of real property.
Personal property is movable.
Chattels is also called
Fructus Naturales ( fruits of nature) is defined as
A legal term for plants that do not require annual cultivation such as trees and shrubbery.
Emblements or Fructus Industriales (Fruits of industry) is defined as
Legally known as plants or crops that require annual cultivation.
A fixture is defined as
Personal property that has been attached to the land or building, by law it becomes part of real property.
Example: elevators, heating systems, radiators, kitchen cabinets, light fixtures, and plumbing.
Trade fixtures are defined as
Usually owned and installed by a tenant for the tenant use. They are removable and associate it with a trade.
Example: shelves placed in a commercial building
What are the three physical Characteristics of land?
Immobility, and indestructibility and uniqueness