Ch2: Real Property & Law Flashcards
Land
earths surface downward to center and up to infinity
-trees, rocks, water
Sub-surface rights
rights to soil and minerals
can be sold seperately
Air Space Rights
air above earth
Real Estate
land at, above and below Earths surface and all things permanently attached
-including trees, perennial shrubs, grass
Improvement
manmade-not necessarily desirable
Real Property
rights included in ownership of land and real estate
-including bundle of legal rights
Bundle of Legal Rights
- possession
- control property
- enjoyment
- exclusion
- disposition
- encumber
Riparian Rights
water rights along river/stream
-unrestricted
Littoral Rights
water rights next to navigable lakes, seas, oceans
Doctrine of Prior Appropriation
purchase of water rights based on seniority of permit
used in Co
Personal Property
Easily transportable
-annual plantings (corn) need to be put in contract to return to property to gather crop
FIxture
personal property affixed to land, making it real estate- screwed to wall
Legal test of Fixture
- Intent of installer: permanent or temporary
- Method of annexation: how permanent? will removal cause damage
- Adaptation: used as real property or personal
- Agreement: contracts
Trade Fixture
real property owned by tenant in leased property which must be removed before end of lease date otherwise ownership transfers to leaser
Immobility
cannot be moved
