Unit 2- The Nature Of Real Property Flashcards
(43 cards)
Community Property
Property acquired by spouses during marriage. (A holdover from Spanish law)
Real property (synonymous with/ Real Estate) RIGHTS
A bundle of rights (P.U.E.D.E)
- Right of Procession
- Right to control property Use
- Right of Enjoyment of the property
- Right to Dispose of the property
- Right to Exclude others from the property
Real property includes which elements? (4)
• Land
• Fixtures (attachments) to land
• Anything incidental or appurtenant to land
• Anything immovable by law
______ is the soil which makes up earth. Includes substance beneath the surface to the center of earth. (Oil, Gas, Water) Also includes airspace above earths surface for an indefinite distance upward. Subject to limitations.
Land
Mineral Rights
Right to remove substances from the land, usually from beneath the surface. (Gold, Iron, Coal, Gravel, & River beds)
_____ rights; uses must be balanced against agricultural use of both surface and underground _____ resources which consider present and future needs. (Californias recent drought= _____ conservation measures)
Water Rights
Air Rights were modified by Air Commerce act of _____ & Civil Aeronautics Act of _____ which allows use of airspace by aircraft
1926
1938
A _____ is anything, including improvements, that is attached, or affixed, to land. Permanently resting on the land
A Fixture
2 Water Rights
Riparian rights- ( R- River)owners of land bordering a river or other flowing stream. Have right to make reasonable use on their own property.
Littoral- (L- Lake) owners of a land bordering a still body of water, such as a lake. Have right to make reasonable use of water on their own property
Riparian rights
R= River, flowing water
owners of land bordering a RIVER or other flowing stream. Have right to make reasonable use on their own property.
Littoral Rights
L= Lake, standing water.
- owners of land bordering a lake or still body of water. Have right to make reasonable use on their own property.
_____ water rights belong to land owners, who have right of ______ use of the water under their land
Underground water rights
Correlative use
Right of appropriation
State can exercise this to divert water for public use
An _____ to land is anything used with the land for the benefit of its owners, such as a roadway or waterway. “Run with the land” because ____ is transferred when land is transferred
Appurtenance
Ex. Condominium parking spaces, stock in mutual water company, a passage for light, air, or heat from across another land.
_____ are cultivated crops. They are considered part of the land until they’re harvested then they become personal property. Governed by the provisions of Uniform Commercial code.
Emblements
Fructus Industriales
Crops produced by human labor (lettuce, cotton, grapes, etc)
Fructus Naturales
Naturally occurring plant growth (such as grasses)
Personal Property
Is every kind of property that isn’t real property. It is moveable.
Tests for a FIXTURE. A fixture is anything attached to the land
(M. A. R. I. A)
Method by which the thing is affixed
Adaptability of the thing for land’s ordinary use
Relationship of the parties
Intent in placing the item on land
Agreement of the parties
Ownership of real property is usually transferred by an instrument called a ____.
Deed
Ownership of personal property is usually transferred by a ____ __ ____
Bill of sale
Parcels of land are defined by these 3 methods of LEGAL DESCRIPTIONS
- Metes and bounds
- Rectangular survey system
- Lot and block
- Metes and Bounds (Legal Description)-
Surveyor uses boundary markers & measures the distance from marker to marker to determine property’s perimeter. Start at “point of beginning” and going clockwise.
Metes= distance. Measured by inches, feet, yards, or rods. Single monuments or markers.
- The rectangular survey system (Legal Description) / section and township system or U.S government survey system
Used by U.S Surveyor General to survey public lands. Distance from BASE LINE that runs east- west & a MERIDIAN that runs north- south from a reference point
