Chapter 2 Real Property and the law Flashcards
An item of real property can become personal property by?
Severance
the process to change personal property into real property
Annexation
Personal property that has been so affixed to the land or a building that, by law becomes real property.
Fixture
Legal test of a fixture, In determining intent.
Method of attachment.
adaptation to real estate
agreement
An article owned by a tenant and attached to a rented space or building or used in conducting a business is a?
Trade Fixture
Trade Fixtures that were not removed by a tenant becomes real property of the landlord by way of?
accession
What is land?
Defined as the earth surface extending downwards to the center of the earth and upwards to infinity
What is real estate
Is defined as land at, above or below the earth surface
What is Improvement
artificial addition to land such as a building or a fence.
Describe Appurtenance
is anything tangible or intangible, associated with the property although not a direct part of it.
The right to use the surfaces of the earth
surface rights
Right to the natural resources laying below the earth surface
Subsurface rights
What are 3 physical charactristics of land
Immobility, indestructiblity and uniqueness
What are 4 economic characteristics of real property
Scarcity, Improvements, permeance of investments and location(situs.)
What is uniqueness
No two parcels of land are ever exactly the same
