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.
Accession
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.
Accretion
The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.
Appurtenance
A right, privilege, or improvement belonging to, and passing with, the land; “runs with the land.”
Area Preference
People’s desire for one area over another, based on a number of factors such as history, reputation, convenience, scenic beauty , and location.
Avulsion
The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream.
Erosion
The gradual and sometimes imperceptible wearing away of the land by natural forces, such as wind, rain, and flowing water.
Land
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.
Littoral Rights
1) A landowner’s claim to use water in large navigable lakes and oceans adjacent to her property. 2) The ownership rights to land bordering these bodies of water up to the high-water mark.
Manufactured Housing
Dwellings that are built off site and trucked to a building lot where they are installed or assembled.
Nonhomogeneity
A lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike, real estate is said to be nonhomogeneous.
Prior Appropriation
A concept of water ownership in which the landowner’s right to use available water is based on a government-administered permit system.
Riparian Rights
An owner’s rights in land that borders on or includes a stream, river or lake. These rights include access to and use of the water.
Situs
The location of land for legal purposes; the jurisdiction in which land is located.
