Chapter 2 Flashcards
Into to Real Estate Business
An article installed by a tenant under a commercial lease and removable before the lease expires.
Trade fixture
Any property that is not real property.
Personal property
Increases in the land resulting from the deposit of soil by the natural action of water.
Accretion
Ownership of all legal rights to the land: control, possession, exclusion, enjoyment, and disposition.
Bundle of legal rights
The interests, benefits, and rights automatically included in the ownership of land and real estate.
Real property
The right to use the open space above the surface of a property.
Air rights
Common law rights granted to owners of land along the course of a river, stream, or similar body of water.
Riparian rights
Ownership rights IN the water, minerals, gas, and oil that lie beneath a parcel of land
Subsurface rights
Personal property that is converted to real property by being permanently attached to the real estate.
Fixture
An structure or modification erected or imposed on a site.
Improvement
Changing an item of real estate to personal property by detaching it from the land.
Severance
Ownership rights excluding air or mineral rights.
Surface rights
Common law right of owners of land next to rivers, lakes, or oceans.
Water rights
Another name for personal property.
Chattels
Growing crops, such as corn or soybeans, that remain personal property.
Emblements