Vocabulary: Chapter 2-real property and the law Flashcards Preview

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Flashcards in Vocabulary: Chapter 2-real property and the law Deck (22)
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Appurtenances

A right, privilege, or improvement belonging to, and passing with, the land; "run with the land"

1

Accession

Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the creation of alluvial deposits along the banks of streams

2

Air rights

The right to use the open space above the property, usually allowing the surface to be use for another purpose

3

Annexation

Process of converting personal property into real property

4

Area preference

People desire for one area over another, based on a number of factors such as history, reputation, convenience, scenic beauty, and location

5

Bundle of legal rights

The concept of land ownership that includes ownership of all legal rights to the land-possession, control within the law, enjoyment, exclusion, and disposition

6

Chattel

Items called chattels that do not fit into the definition of real property; movable objects

7

Emblements

Growing crops, such as corn, that are produced annually through labor and industry; also called Fructus Industriales

8

Fixture

An item of personal property that has been converted to real property by being permanently affixed to the realty

9

Improvement

(1) any structure, usually privately owned, corrected on the site to enhance the value of property e.g. building a fence or driveway
(2) a publicly own structure added to or benefit in land e.g. the curb, sidewalk, Street, or sewer

10

Land

The earth surface, extending downward to the center of the earth and upper indefinitely into space, including things permanently attached by nature, such as trees and water

11

Manufactured housing

Dwellings that are built off-site and trucked to a building lot where they are installed or assembled

12

Non-homogeneity

A lack of uniformity dissimilarity. Because no two parcels of land are exactly alike, real estate said to be nonhomogeneous

13

Personal property

Items, called chattels, that do not fit into the definition of real property movable objects

14

Real estate

Land; a portion of the earth surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached to it, whether naturally or artificially

15

Real property

The interest, benefits, and rights inherited in real estate ownership

16

Severance

Changing an item of real estate to personal property by detaching from the land e.g. cutting down a tree

17

Situs

The personal preference of people for one area over another, not necessarily based on objective facts and knowledge

18

Sub surface rights

Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of the property

19

Surface rights

Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above it or the minerals below the surface

20

Trade fixture

An article installed by a tenant under the terms of the lease and removable by the tenant before the lease expires

21

Water rights

Common-law rights held by owners of land adjacent to rivers, lakes, or oceans; includes restrictions on those rights in land ownership