Chapter 1 Flashcards
Things owned that are not attached to the land can be moved from place to place. Also known as chattel or personalty
Personal property
Something that comes with real property water or well or an easement
Appurtenance
The process of personal property becoming real property
Annexation
Another name for personal property or personalty
Chantell
Typically, in reference to mineral water or surface rights resources that go with the property
Affixed
The ability deploy my property as collateral and exchange for a loan
Hypothecation
Something that can be severed or removed from the property
Emblements
Anything that is actually fastened to the real property
Fixture
Anything that has been built on the real property
Improvement
The way real property is described. This includes meets and bounds, rectangular survey or lot and block
Legal description
Another name for personal property
Personalty
Another term for a real property
Real estate
Land, improvements, and personal attachments also referred to as real estate
Real property
Removing a part of real property that then becomes personal property
Severance
Understanding how meet and bounds, rectangular and Lawton block are used to critical and accurately describe property
Legal descriptions
Owners of real property have certain rights. These are called what
The bundle of rights
Scarcity, improvements, location, and physical characteristics are what
Characteristics of real property
The surface of land, everything under the land in the air above the land
Real property
Another name for location
Situs
What are the bundle of rights?
PUQED
Right of:
Possession
Use
Quiet enjoyment
Exclusion
Disposition
The right to use or access another property
Easement
