Chapter 2 Real Property And The Law Flashcards
Land plus permanent human-made additions is called
Real estate
Real estate plus bundle of legal rights is
Real property
The right of possession, the right to control the property within the framework of the law, the right of enjoyment, the right of exclusion, and the right of disposition are all part of what?
Bundle of legal rights
_______ to land can be any artificial thing attached on or below ground such as a building fence waterline or sewer pipe as well as growing things that are made part of the landscaping.
An improvement
_______ is defined as the interests, benefits, and rights that automatically included in the ownership of real estate
Real property
What are the two meanings of the word “title” as it relates to real property?
1) The right to or ownership of the property including the owners bundle of legal rights.
2) Evidence of ownership by a deed.
Title refers to _______ of the property, not a printed document.
Ownership
The document by which the owner transfers title to the property is called
The deed
An _______ is a right or privilege associated with the property, although not necessarily a physical part of it.
Appurtenance (a part of)
Ownership rights in a parcel of real estate that are limited to the surface of the earth are called
Surface rights
The rights to the natural resources below the earth surfaces are called
Subsurface rights
True or false. An owner may transfer subsurface rights without transferring surface rights and vice versa.
True
The rights to use the space above the earth that may be sold or leased independently provided the rides have not been limited by law are
Air rights
Common-law or statutory rights held by owners of land adjacent to rivers, lakes, or oceans and are restrictions on the rights of land ownership are called
Water rights
Common-law rights granted to owners of land along the course of a river stream or a similar flowing body of water are called
Riparian rights
Common-law rights granted to owners whose land borders commercially navigable lakes, seas and oceans are called
Littoral rights
True or false. Riparian rights generally include the unrestricted right to use the water as long as the owners use does not interrupt or alter the flow of the water or contaminated in any way.
True
Finish this sentence . An owner of land that borders a non-navigable waterway owns the land
Under the water to the exact center of the waterway
True or false. Navigable waters are considered public highways in which the public has an easement or right to travel.
True
Finish this sentence. Land adjoining commercially navigable rivers is usually owned to
The waters edge
What is avulsion?
The sudden removal of soil by an act of nature
What is erosion?
The gradual and sometimes imperceptible wearing away of the land by natural forces, such as wind, rain and flowing water.
Sometimes called personalty, is all the property that can be owned and that does not fit the definition of real property is
Personal property
Items of personal property are also known as
Chattels
Trees perennial shrubbery and grasses that
Fructus naturales (which is considered real estate)
Annually cultivated crops such as fruit vegetables in green are known as
Fructus industriales (which are considered personal property).
An item of real property can become personal property by
Severance
The act of separating personal property from the land is known as
Severance
The process of changing personal property into real property is the process called
Annexation
If a land owner buys cement, stones, and sand and mixes them into concrete to construct the sidewalk across his land, the land owner has converted his personal property into real estate by the process of
Annexation
A _______ is personal property that has been so attached to land or a building that, by law, it becomes part of the real property. Example: heating systems, elevator equipment in high-rise buildings, radiators, kitchen cabinets, light fixtures and plumbing
Fixture
The four economic characteristics of land that affect its value as a product in the marketplace are
1) Scarcity, 2) improvements, 3) permanence of investment and 4) area preference
Area of preference is also known as
Situs
The capital and labor used to build an improvement represents what?
Permanence of investment
Something that is built on a parcel of land that can affect the land value and use as well as that of neighboring tracks and hold communities is called
An improvement
The total supply of land is referred to as
Scarcity
The three physical characteristics of land are
Immobility, indestructibility and uniqueness
_______ is also known as nonhomogeneity.
Uniqueness
What are the two characteristics of land?
Economic and physical
A characteristic of land that includes scarcity, improvements, permanence of the investment and area preference
Economic characteristics
The characteristics of land that include immobility, indestructibility and nonhomogeneity.
Physical characteristics
According to law the trade fixture is usually treated as
Personalty
Parking spaces in multiunit buildings, water rights, and similar things of value that convey with the property are classified as
Appurtenance
Refers to earths surface to the center of the earth and the airspace above the land including the trees and water
Land
