Chapter 2 - Real Property & The Law Flashcards
Land
Center of earth to earth’s surface and upward to infinity (including permanent natural objects such as trees and water).
Real Estate
Land at, above, and below the earth’s surface, plus all things permanently attached to it, whether natural or artificial (includes improvements)
Real Property
Land + Real Estate + interests, benefits and rights automatically included in ownership.
Bundle of Rights.
Appurtenance
Right or privilege associated with the land such as parking space.
Chattels
Personal property such as chairs, clothing, money and bank accounts.
Emblements
Annually cultivated crops such as fruit, vegetables are considered personal property.
AKA - Fructus Industriales
Severance
When real property becomes personal property.
Ex. Cutting down a tree
Annexation
When personal property becomes real property.
Ex. Concrete turned into a sidewalk
Fixtures
Personal property that has been affixed to land or a building that, by law, it becomes part of real property.
Ex. HVAC, kitchen cabinets
Trade Fixture
Article owned by a tenant and used in conducting business (or a chattel fixture).
Ex. Pizza Oven
Accession
Unremoved trade fixtures become real property of the landlord.
Economic Characteristics of Real Property
4 types:
Scarcity - rare commodity
Improvements - Shopping center or house
Permanence of Investment - large fixed investments such as drainage, sewer, water will remain forever
Area Preference / Situs - “To Place” location, location, location.
Physical Characteristics of Real Property
3 types:
Immobility - geographic location cannot be changed
Indestructibility - land is indestructible
Uniqueness / Nonhomogeneity - no two parcels of land are exactly the same
Specific Performance
“No money damage can make buyer whole”. Seller defaults selling real property a judge can make them sell it since no other alternative exists to make the buyer whole.
