1. Rights & Terms Of Realty Flashcards
LITTORAL RIGHTS
Applies to lake or ocean rights
Own to high water mark
RIPARIAN RIGHTS
Applies to river or stream rights
Own to the middle of river if you can’t navigate rive
PRIOR APPROPRIATION
Government to administer the right of water within the state
ESTOVERS
Right of the tenant to use wood of owner in a lease situation for needs only
EMBLEMENTS
Regarded as personal property
The fruit of the crop
WASTE
LESSOR or LIFE ESTATE holder fails to keep realty in the same condition they received
SEVERANCE
Turning realty into Personal Property
ALLODIAL LAND SYSTEM
The basis of real property law whereby individuals can hold clear title to real property and have full ownership rights - however, you must use it or lose it
ADVERSE POSSESSION
Acquisition of property by continuous, actual, open, and notorious use of the land of another without their permission for a specific period of time
TACKING
Combining successive periods of continuous use or occupation of real property to establish adverse possession or prescriptive easement
LICENSE
Privilege to be on someone’s property
Can be cancelled by LICENSOR (owner) at anytime
Privilege attaches to the person, not the realty
ENCROACHMENT
Illegal physical extension on another’s property, such as a wall or fence
ENCUMBRANCES
Anything that affects value of realty including a lien
FIXTURE
An object that was once personal property and has been attached to realty in a permanent way
TRADE FIXTURE
A business related article installed by a tenant under terms of a lease and removable by tenant before lease expires, failure to do so, gives LESSOR ownership, called accessio