2. Real Property and the Law

Question 1

ACCESSION

Answer 1

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

Question 2

AIR RIGHTS

Answer 2

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

Question 3

ANNEXATION

Answer 3

Process of converting personal property into real property.

Question 4

AREA PREFERENCE

Answer 4

This refers to people’s preferences for one are over another, based on factors such as history, reputation, convenience, scenic beauty, and simple geography. Also known as situs.

Question 5

APPURTENANCE

Answer 5

A right, privilege, or improvement belonging to, and passing with, the land.

Question 6

BUNDLE OF LEGAL RIGHTS

Answer 6

The concept of land owner ship that includes ownership of all legal rights to the land—for example, possession, control within the law, and enjoyment.

Question 7

CHATTELS

Answer 7

Items of personal property that include such tangibles as chairs, tables, clothing, money, bonds, and bank accounts. Trade fixtures belong in this category. See also personal property.

Question 8

EMBLEMENTS

Answer 8

Growing crops, such as grapes and corn, that are produced annually through labor and industry; also called fructus industriales.

Question 9

FIXTURE

Answer 9

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

Question 10

HETEROGENEITY

Answer 10

Also known as nonhomogeneity, or the uniqueness of land.

Question 11

IMPROVEMENT

Answer 11

(1) Any structure, usually privately owned, erected on a site to enhance the value of the property—for example, building a fence or a driveway. (2) A publicly owned structure added to or benefiting land, such as a curb, sidewalk, street, or sewer.

Question 12

LAND

Answer 12

The earth’s surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.

Question 13

NONHOMOGENEITY

Answer 13

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

Question 14

PERSONAL PROPERTY

Answer 14

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

Question 15

REAL ESTATE

Answer 15

Land; a portion of the earth’s 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.

Question 16

REAL PROPERTY

Answer 16

The interests, benefits, and rights inherent in real estate ownership.

Question 17

SEVERANCE

Answer 17

Changing an item of real estate to personal property by detaching it from the land; for example, cutting down a tree.

Question 18

SITUS

Answer 18

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

Question 19

SUBSURFACE RIGHTS

Answer 19

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.

Question 20

SURFACE RIGHTS

Answer 20

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 ( air rights ) or the minerals below the surface ( subsurface rights ).

Question 21

TRADE FIXTURE

Answer 21

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

Question 22

WATER RIGHTS

Answer 22

Common Law rights held by owners of land adjacent to rivers, lakes, or oceans, and includes restrictions on those rights and land ownership.