Chapter 2: Nature and Description of Real Estate Flashcards
What are the 5 Bundle of Rights
Right to:
- Possession
- Use
- Enjoy
- Control
- Disposition
A factor used to distinguish personal and real property.
Mobility vs. Immobility.
- Real Estate: Immobile
- Personal: Mobile
How is ownership of personal property transferred?
Bill of sale
How is ownership of real property transferred?
Deed
What is realty?
tangible objects such as land, buildings, and trees
What is real property?
the rights associated with ownership
What is real estate?
the objects and the rights associated with ownership
What does land consist of?
everything beneath the surface to the earth’s core and all airspace above it.
Improvements with intent to be permanent are considered to be (real estate or personal)
real estate
What is a fixture?
An item of personal property attached to the land or to a building that’s on the land.
What are the 4 tests of a fixture?
- Manner of attachment (Intent)
- Adaptation (Customizations)
- Existence of an agreement
- Relationship of the parties
Fructus Naturales
- Natural vegetation on the land and perennial plants
2. Considered real estate
Fructus Industriales (Emblements)
- Annual cultivated cash crops
2. Considered personal property,
What is an appurtenance?
- Anything attached to & conveys with title to real prop.
- Ex. Improvement, right, privilege
- Common examples are easements and water rights
Riparian Right
Right to use water on land that borders a river or stream