Ch. 2 Flashcards
Air Rights
The right to use the open space above the surface of a property.
Trade Fixtures
An article installed by a tenant under a commercial lease, removable before the lease expires.
Personal Property
Any property that is not real property.
Annexation
Conversion of personal property to real property.
Bundle of Legal Rights
Ownership of all legal rights to the land: control, possession, exclusion, enjoyment and disposition.
Real Property
The interests, benefits and rights of owning real estate.
Real Estate
Land, plus all human-made improvements to the land that are permanently attached to it.
Subsurface Rights
Ownership rights in the water, minerals, gas and oil that lie BENEATH a parcel of land.
Fixtures
Personal property that is converted to real property by being permanently attached to the realty.
Improvements
Any artificial thing attached on or below ground, such as a building, fence, pipes, and landscapes.
Severence
Separating anything from the land transferring it from real property to personal property.
Surface Rights
Ownership rights excluding air or mineral rights.
Water Rights
Common-law (historical) or statutory rights held by owners of land adjacent to rivers, lakes, or oceans and are restrictions on the rights of land ownership.
Chattels
Another name for personal property.
Emblements
Growing crops such as corn or soybeans that remain personal property.