Unit 2 Real Property & the Law Flashcards
(29 cards)
What is land?
The earths surface extending downward to the center of the earth and upward to infinity, including natural objects.
What is real estate?
Land plus all things permanently attached to it.
What is an improvement?
Any artificial thing attached to the land.
What is real property?
The interests, benefits, and rights that are automatically included in the ownership of land and real estate.
What are the bundle of legal rights?
Disposition - (buy, sell, transfer) Exclusion - (to keep others from using) Enjoyment - (to use property in legal manager) Possession Control - (within the framework of law)
DEEP-C
What is title?
1-The right to or ownership of the land with the bundle of legal rights.
2-Evidence of that ownership by a deed.
(Ownership of real property)
What is an appurtenances?
A promise, its a right or privilege connected to the property. (Runs with the land)
What are the types of rights in real estate?
1-Subsurface
2-Air
3-Water
What is personal property?
Sometimes known as personalty, anything not in the definition of Real Property.
What is a manufactured housing?
A home built offsite and trucked to a building lot, where they are assembled.
What is a chattel?
Personal Property/Personalty
What are fixtures?
Personal property that has been affixed to land or a building that by law it becomes real property.
What are plants?
2 Classes
1-Perennial that do not require annual cultivation known as fructus naturales. (real)
2-Annuals crops that are cultivated known as emblements fructus industriales. (personal)
What are emblements?
Crops that are cultivated annually. Personal Property.
What are trade fixtures?
A fixture used in the course of a business that is owned by the tenant. (chattel fixture) Can become real property if it isn’t removed at the end of a lease.
How is personal property conveyed?
A bill of sale or receipt.
What is severance?
Items of real property that can become personal property.
What are the 4 economic characteristics of real property?
1-Scarcity
2-Improvements
3-Permanence of investment
4-Location or area preference, or situs.
What are the physical characteristics of land?
1-Immobility
2-Indestructibility
3-Uniqueness, non-homogeneity.
How do trade fixtures differ from other fixtures?
They are used in the course of a business.
What are the two characteristics of real estate?
Economic and Physical.
What is accession?
The means by which trade fixtures become the real property of the landlord.
What are the legal tests of a fixture?
Method of annexation Adaptability of item to land's use Relationship of parties Intention in placing item on the land Agreement of the parties
M-A-R-I-A
What are water rights?
common-law or statutory rights held by owners of land adjacent to bodies of water, and are restrictions on the rights of land ownership.
