Ch. 32 The real estate exists Flashcards
The right to possess and property includes the right to…
- occupy
- sell or dispose
- encumber
- lease the property
Real estate
Landon anything permanently affixed or appurtenant to it
Personal property
Movable property not classified as part of real estate, such as trade fixtures.
Lien
Interest in real estate which secure payment or performance of a debt or other monetary obligation
Common interest development CID
Condominium project, cooperatives or single-family residences in a planned unit development
What are the physical components of real estate?
- The Raw land,
- anything affects the land, anything appurtenant (incidental rights in adjoining property) to the land,
- anything which cannot be removed from the land by law
Profit A prendre
The right to remove minerals from another’s real estate
What is fugacious matter?
Oil and gas (mobile/transitory)
The real estate component LAND INCLUDES:
- soil
- rocks
- other materials of the earth
- reasonable airspace above the earth
3 key rights in water:
- right to USE WATER
- right to take water by APPROPRIATION
- right to take water by PRESCRIPTIVE RIGHTS
Riparian Right
The right to use water
The rate of a real estate owner to take surface water for me running water source contiguous to their land.
Fructus naturals
Natural fixtures to a land:
Trees, shrubs, and grass
Fructus industriales
Natural items planted and cultivated for human consumption and use our fruits of labor.
This include such things as crops in standing timber.
However, in the shell crabs and standing timber sold under purchase agreement and schedule to be removed are considered personal property.
Fixture
Personal property permanently attached to real estate and conveyed with it.
Factors to determine whether an item is a picture or a removable improvement include:
MARIA
- MANNER of attachment
- AGREEMENT between parties
- RELATIONSHIP of parties
- INTENTION of the parties
- ADAPTABILITY of attachment to real estate’s use
