Chapter 2: Nature and Description of Real Estate Flashcards

1
Q

What are the 5 Bundle of Rights

A

Right to:

  1. Possession
  2. Use
  3. Enjoy
  4. Control
  5. Disposition
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2
Q

A factor used to distinguish personal and real property.

A

Mobility vs. Immobility.

  • Real Estate: Immobile
  • Personal: Mobile
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3
Q

How is ownership of personal property transferred?

A

Bill of sale

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4
Q

How is ownership of real property transferred?

A

Deed

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5
Q

What is realty?

A

tangible objects such as land, buildings, and trees

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6
Q

What is real property?

A

the rights associated with ownership

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7
Q

What is real estate?

A

the objects and the rights associated with ownership

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8
Q

What does land consist of?

A

everything beneath the surface to the earth’s core and all airspace above it.

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9
Q

Improvements with intent to be permanent are considered to be (real estate or personal)

A

real estate

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10
Q

What is a fixture?

A

An item of personal property attached to the land or to a building that’s on the land.

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11
Q

What are the 4 tests of a fixture?

A
  1. Manner of attachment (Intent)
  2. Adaptation (Customizations)
  3. Existence of an agreement
  4. Relationship of the parties
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12
Q

Fructus Naturales

A
  1. Natural vegetation on the land and perennial plants

2. Considered real estate

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13
Q

Fructus Industriales (Emblements)

A
  1. Annual cultivated cash crops

2. Considered personal property,

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14
Q

What is an appurtenance?

A
  1. Anything attached to & conveys with title to real prop.
  2. Ex. Improvement, right, privilege
  3. Common examples are easements and water rights
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15
Q

Riparian Right

A

Right to use water on land that borders a river or stream

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16
Q

Littoral Rights

A

Right to use water on land bordering a large amount of water such as a lake, sea, or bay.

17
Q

Doctrine of Prior Appropriation

A

Right to use water is controlled by the state and not the land owner

18
Q

Ownership levels for Riparian

A
  1. High mark on navigable rivers

2. Middle of watercourse on non-navigable rivers

19
Q

Metes and bounds

A
  1. Metes: Measurements, distances, directions, bearings
  2. Bounds: monuments or landmarks
  3. Used for official land descriptions
20
Q

Point of beginning

A

Metes and bounds land description begins and ends with this point.

21
Q

Informal reference

A

Street address

22
Q

Property by severance

A

How a fixture is removed from a property