Ch1 Section 1 Intro to Real Estate Flashcards
Bundle of Rights
Right to:
Posses
Control
Enjoy
Exclude
Dispose
Real Property
Land & improvements
- certain legal rights to ownership
- transferred by deed
Real Property consists of:
- land itself (surface rights)
- airspace (air rights)
- mineral rights
- improvements of land
- fructus naturales
- water rights
- appurtenances
-easements - interest, benefits &
- ownership rights
Surface Rights
Legal rights to control occupy and is the surface area of a parcel of real estate & improvements & growing of crops
Air Rights
Legal right to control occupy & use airspace above a parcel of real
estate
- sold or leased
Subsurface Rights
Right to explore, drill, or dig below the surface for minerals and water.
Improvements
Additions made to property that are intended to enhance its value
Fixtures
Articles that were once personal property but have been affixed to real estate so as to become real property
4 Test to determine a fixture:
- Method of attachment
- Constructive annexation (adaptability)
- Agreement
- Relationships of the parties
Method of attachment:
Before planting = personal property
After planting = real property
Constructive Annexation
(Adaptability)
An object was specially adapted or made to suit a particular or unique feature of a building.
Agreement
Written agreement between parties concerning questionable items.
Relationship of the Parties
Barring any agreement to the contrary.
Fructus Naturales
Permanent plantings of flowers, tree, etc.
Littoral Land
Property that borders on the shore affected by tidal currents
