Chapter 2 Flashcards
What does real property specifically refer to?
Land and anything permanently attached to it
Define a parcel or tract of land
Land that is delineated by boundaries, natural or manmade
A grocer temporarily installs special fruit and vegetable coolers in a leased grocery store in order to prevent spoilage. The coolers would be considered (blank) that are (blank) property.
Trade fixtures that are personal property
Which of the following is an example of intangible property?
Stock
The right to use real property is limited by
the right of others to use and enjoy their property
What term denotes the entitlements of a property that borders a flowing body of water?
Riparian rights
What type of asset is generally categorized as real property?
Acreage and structures
How do the legal concepts of real estate and real property differ from each other?
Real estate encompasses land and any permanent attachments, whereas real property also includes the legal rights associated with ownership
Under the doctrine of littoral rights, an owner claims ownership of all of the land underlying a lake where there are three other abutting property owners. Which of the following is true?
The owner’s claim is invalid, because the state owns the underlying land
What portion of a non-navigable water body is usually owned by the owner of a property adjacent to it?
The land adjoining the water up to its edge
What distinguishes the legal definitions of land and real estate?
Land is the natural surface of the earth, whereas real estate encompasses land and all man-made structures erected on it.
In the United States, which legal principle ensures the right of private ownership of real estate?
Doctrine of private property rights
In water law, what does the Doctrine of Prior Appropriation primarily govern?
Grants rights over surface water and groundwater
The major sources of real estate law are legislation at federal, state and local level, and
court decisions
The overriding test of whether an item is a fixture or personal property is
its definition as one or the other in a sale or lease contract
Which processes can convert an item from real to personal property and vice versa?
Severance and annexation
Severance
the act of detaching an item from real property, thereby converting it into personal property.
Annexation
attaching a personal property item to real property, transforming it into real property.
Subsurface rights
the ownership or control of resources located beneath the surface of the land, including mineral rights, water rights, and rights to underground structures
What aspect of real estate law does the federal government primarily focus on?
Protection against discrimination in housing
Fair Housing Act
prohibit discrimination based on race, color, religion, sex, national origin, familial status, and disability in housing and housing-related activities.
best definition of real estate
Land and everything permanently attached to it
three unique physical characteristics of land
Immobility, indestructibility, uniqueness
describe the 3 physical characteristics of land
Immobility refers to the fact that land cannot be moved from one location to another. Indestructibility means that land cannot be destroyed, although its improvements may deteriorate. Uniqueness signifies that no two parcels of land are exactly alike, even if they share similar characteristics such as location or size.
What is an emblement?
A plant or crop that is considered personal property
What term is used to describe items installed by a tenant in a leased property to aid in conducting their business activities, which can be removed upon lease termination?
Trade fixtures
What does the term “Doctrine of Prior Appropriation” refer to in water law?
A system of water rights allocation based on “first in time, first in right” principle
“first in time, first in right” principle
a principle in water law that grants water rights to the first users of a water source. priority is given to those who have historically used the water for beneficial purposes, such as irrigation, mining, or municipal supply. This system ensures that water is allocated efficiently and fairly, particularly in regions with limited water resources or where water rights are highly contested.
What type of property is a patent an example of?
Intangible property
According to the doctrine of littoral rights, when an owner claims ownership of all the land underlying a lake, what is typically true in relation to other abutting property owners?
Other abutting property owners have the right to use the lake up to the high-water mark.
doctrine of littoral rights
under the doctrine of littoral rights, owners of land adjacent to a lake or large body of water have the right to use the water for recreational purposes such as boating, fishing, and swimming up to the high-water mark
The primary distinction between the legal concepts of land and real estate is that
land does not include man-made structures
What significant factor contributes to the development of real estate law alongside legislation?
Legal precedents established through judicial decisions
What part of a non-navigable waterway does the owner of an abutting property own?
To the middle of the waterway.
What is the main difference between the legal concepts of real estate and real property?
Real estate encompasses land and natural resources
Example of affixing
Nailing a sign to a fence or
bolting equipment to the floor
of a building would be
examples of affixing.
air
rights
legal
rights a property owner has to
the airspace above their land.
This can include the right to
build structures that extend
into the airspace or the right
to prevent others from
obstructing the airspace.
bundle
of
rights
set of legal rights
associated with owning real
property. These rights include
the right to possess, use,
transfer, exclude others, and
enjoy the property.
conversion
the act of changing real
property into personal
property or vice versa. It can
also refer to unlawfully
depriving someone of their
property rights.
fixture
tem of
personal property that has
become permanently
attached to real property in a
way that it is considered part
of the real estate.
improvement
any man-
made addition or alteration
to land that enhances its
value or utility. This can
include buildings, fences,
roads, or landscaping.
assets
that cannot be touched or
felt but still hold value
intangible
the earth’s
surface, including everything
permanently attached to it,
such as soil, rocks, minerals,
and natural resources
land
littoral
rights
the
legal rights of property
owners whose land borders a
lake, ocean, or other
navigable body of water.
These rights typically include
access to and use of the
water body.
movable items that are not
permanently attached to land
or buildings.
personal
property
real
property
encompasses
both land and improvements
permanently attached to it.
It also includes the bundle of
rights associated with owning
the land.
riparian
rights
legal rights of property
owners whose land borders a
river, stream, or other flowing
body of water. These rights
typically include access to
and use of the water for
domestic, agricultural, or
recreational purposes.
surface
rights
refer to the
legal rights a property owner
has to the surface of the
land, including the right to
build structures, plant crops,
or excavate.
physical
items that can be touched or
felt, such as land, buildings,
or personal possessions.
tangible
water
rights
legal
rights a property owner has to
access and use water
located on or beneath their
land, such as rivers, lakes,
or groundwater.
air rights
Legal rights a property owner has to the airspace above their land
bundle of rights
A set of legal rights associated with owning real property. These rights include the right to possess, use, transfer, exclude others, and enjoy the property.
fixture
An item of personal property that has become permanently attached to real property in a way that it is considered part of the real estate.
land
The earth’s surface, including everything permanently attached to it, such as soil, rocks, minerals, and natural resources. It’s the physical space upon which real estate is built.
littoral rights
The legal rights of property owners whose land borders a lake, ocean, or other navigable body of water.
personal property
Also known as chattel, refers to movable items that are not permanently attached to land or buildings. These items can include furniture, vehicles, and clothing.
real estate
Land and any improvements made to it, including buildings, structures, and natural resources like water bodies. It also includes the rights associated with owning or using land.
real property
A broader term that encompasses both land and improvements permanently attached to it. It also includes the bundle of rights associated with owning the land
riparian rights
The legal rights of property owners whose land borders a river, stream, or other flowing body of water. These rights typically include access to and use of the water for domestic, agricultural, or recreational purposes.
surface rights
The legal rights a property owner has to the surface of the land, including the right to build structures, plant crops, or excavate.
