Ch. 2 Real Property and the Law Flashcards
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
increases in the land resulting from the deposit of soil by the water’s action
Air Rights
The right to use the open space above the property, usually allowing the surface to be used for another purpose
Annexation
Personal property changed go real property
Appurtenance
connected to the property, A right, privilege, or improvement belonging to, and passing with, the land; ‘Runs with the land.’
Area preferance
Peoples desire for one area over another, based on a number of factors such as history, reputation, convenience, scenic beauty, and location
Avulsion
the sudden removal of soil by an act of nature such as earthquake or mudslide
Bundle of Legal Rights
Ownership rights of the property, Right of Possession, Right to control the property within the framework of the law, Right of enjoyment, Right of exclusion (to keep others from entering or using the property), Right of disposition (to sell, will, transfer, or otherwise dispose of or encumber the property)
Chattel
personal property
Emblements
annually cultivated crops such as fruit, vegetables, and grains, ‘fructus industriales’
Erosion
wearing away of the land by natural forces, such as wind, rain, and flowing water
Fixture
personal property that has been attached to land or a bldg that by law it becomes part of the real property/ MARIA legal test of a fixture Method of Annexation-Adaptability of the Item for the land’s ordinary use-Relationship of the parties-Intention of the person in placing the item on the land-Agreement of the parties
Improvement
Any structure, usually privately owned, erected on a site to enhance the value of the property (bldg, fence, or driveway) (Publicly owned would consist of a curb, sidewalk, street, or sewer)
Land
the earth’s surface extending downward to the center of the earth and upward to infinity
Littoral Rights
owners who’s land borders commercially navigable lakes, seas, and oceans. Owners enjoy unrestricted use of available waters but own the land adjacent to the water only up to the average high-water mark
Manufactured housing
built specifically to the standards of HUD, factory built houses that are not built on site, built off site and trucked to a bldg lot where they are installed and assembled
nonhomogeneity
uniqueness, the concept that no two parcels of property are exactly the same or in the same location
personal property
Items called ‘chattels’ that do not fit the definition of real property; movable objects
prior appropriation
(Doctrine of Prior Appropriation)- controlled by the state rather than by the landowner/a concept of water ownership in which the landowner’s right to use available water is based on a government-administered permit system
real estate
land plus all human-made improvements to the land that are permanently attached to it
real property
interest, benefits, and rights that are automatically included in the ownership of real estate
Riparian Rights
Common-law rights granted to owners of land along the course of a river, stream or similar flowing body of water
Severance
act of separating, real property can become personal property by severance
Situs
‘place’, area preference, location, location, location
Subsurface 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
Surface rights
Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the space above it or the substances below the surface
Trade fixtures
An article installed by a tenant under the terms of a lease that is removable by the tenant before the lease expires
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.
Title
relates to real property, 1) the right to or ownership of the property, including the owners bundle of legal rights; and 2) evidence of that ownership by a deed.
Personal Property
sometimes called personalty, is all the property that can be owned that does not fit the definition of real property. Personal property is movable, Chattels includes chairs, tables, money bonds, and bank accounts
Characteristics of Real Property
Economic (Scarcity, Improvements, Permanence of investment & area preference) & Physical (Immobility, Indestructibility, Uniqueness)