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WY Real Eatate > Chapter 2 - Rights in Real Estate > Flashcards

Chapter 2 - Rights in Real Estate Flashcards

1
Q

Simple definition of Real Estate

A

the air, water, land, and everything affixed to the land

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2
Q

The legal concept of land encompasses

A

The surface area of the earth, everything beneath the surface of the earth, all natural things permanently attached to the earth, the air above the surface of the earth

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3
Q

Parcel or Tract

A

a portion of land delineated by boundaries

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4
Q

Unique physical characteristics of land

A

immobility, indestructibility, and heterogeneity

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5
Q

Land is ______, since no two parcels of land are exactly the same

A

non-homogeneous

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6
Q

The legal concept of real estate encompasses:

A

Land, all man-made structures that are ‘permanently’ attached to the land

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7
Q

In addition to land, real estate includes

A

man-made structures (aka improvements) such as fences, streets, buildings, wells, sewers, sidewalks, and piers

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8
Q

Bundle of rights

A

set of rights that apply to property

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9
Q

Classifications of property

A

real property and personal property

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10
Q

real property

A

is ownership of real estate and the bundle of rights associated with owning the real estate

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11
Q

Personal property

A

is ownership of anything which is not real estate and the rights associated with owning the personal property item. aka chattels or personalty

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12
Q

Since all real estate in the US is owned by some person, private organization or government entity…

A

all real estate in the country is real property

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13
Q

Tangible property

A

is physically visible and material property

All real estate, by its physical nature, is tangible property

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14
Q

Intangible

A

property is abstract, having now physical existence in itself.

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15
Q

Real Property rights

A

consist of the bundle of rights associated with owning a parcel of real estate.

Right to use, right to transfer, right to encumber, right to exclude, right to possession

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16
Q

Right to Use

A

refers to the right to use the property in certain ways, such as mining, cultivating, landscaping, razing, and building on the property.

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17
Q

Right to Transfer

A

Includes the right to sell, bequeath, lease, donate, or assign ownership interests

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18
Q

Right to Emcumber

A

the right to mortgage the property as collateral for debt

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19
Q

Right to Exclude

A

gives the property owner the legal right to keep others off the property and to prosecute trespassers

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20
Q

The bundle of real property rights also applies separately to the individual components of real estate…

A

the air, surface and subsurface

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21
Q

A ____ ____ is a common example of the transfer of a portion of one’s bundle of rights

A

ordinary lease

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22
Q

Surface Rights

A

Apply to the real estate contained within the surface boundaries of the parcel - ground, all natural things affixed to the ground, and improvements.

Water is included in surface rights

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23
Q

Air Rights

A

apply to the space above the surface boundaries of the parcel, as delineated by imaginary vertical lines extended to infinity.

24
Q

Subsurface Rights

A

Apply to the land beneath the surface of the real estate parcel extending from its surface boundaries downward to the center of the earth.

25
Q

Water Rights

A

the rights to own and use water found in lakes, streams, rivers and the ocean.

They determine where parcel boundaries can be fixed with respect to adjoining bodies of water

26
Q

What variables define an owners water rights

A

whether the state controls the water, whether the water is moving, whether is navigable

27
Q

Doctrine of Prior Appropriation

A

state-owned body of water requires a permit for the use of the water

28
Q

If a state does not operate under prior appropriation, it operates under the common law doctrines of…

A

littoral rights and riparian rights

29
Q

Littoral Rights

A

concern properties abutting bodies of water that are not moving - lakes & seas.

30
Q

Legal premise underlying the definiton of littoral rights

A

is that the lake or sea is a navigable body of water, therefore, publically owned

31
Q

If a body of water is entirely contained within the boundaries of an owner’s property…

A

it is non-navigable, and therefore the owner has unrestricted rights of usage

32
Q

Riparian Rights

A

concern properties abutting moving water such as streams and rivers

33
Q

If a property abuts a stream or river, the owner’s riparian rights are determined by..

A

Whether or not the water is navigable or not navigable

34
Q

If the property abuts a non-navigable stream…

A

the owner enjoys unrestricted use of he water and owns the land beneath the stream to the stream’s midpoint

35
Q

If the property abuts a navigable stream…

A

the waterway is considered to be a public easement, and the owner’s property extends to the water’s edge. The state owns the land beneath the water.

36
Q

One’s riparian rights to use flowing water are subject to the conditions that:

A

The usage is reasonable and does not infringe on the riparian rights of others, does not pollute the water, and does not impede or alter the course of the water flow.

37
Q

The primary criterion for distinguishing real from personal property is whether the item is …

A

permanently attached to the land or to structures attached to the land.

38
Q

Fixtures

A

A personal property item that has been converted to real property by attachment to real estate. Must be itemized and excluded in the sale contract if not included in sale.

Chandeliers, toilets, water pumps

39
Q

Real vs. personal property differentiation criteria

A

Intention - was it meant to be removed
Adaptation - uniquely adapted to property
Functionality - item is vital to the operation of the building
Relationship of parties - install fixture for a specific business
Sale or lease contract provisions - listing of an item in contract as personal property

40
Q

Trade Fixtures

A

or chattel fixtures, are items of a tenant’s personal property that the tenant has temporarily affixed to a landlord’s real property in order to conduct business. (racks for clothes, displays, freezers)

41
Q

Emblements

A

plants and crops requiring human intervention and labor. considered personal property

42
Q

Plants and crops that grow naturally without requiring anyone’s labor or machinery are

A

considered real property

43
Q

Factory-built Housing

A

consists of dwelling unites constructed off-site and transported to and assembled on a building site

44
Q

Manufactured housing

A

is factory-built housing that conforms to HUD standards

45
Q

Severance

A

The conversion of real property to personal property by detaching it from the real estate. (cutting down a tree)

46
Q

Affixing

A

Is the act of converting personal property into real property by attaching it to the real estate. (assembling a pile of brinks into a bbq pit)

47
Q

Real Property

A

land, fixtures, attachments, conversions by affixing

48
Q

Personal Property

A

trade fixtures, emblements, conversion by severance

49
Q

Government entities regulate the following aspects of real property interests:

A

the bundle of rights, legal descriptions, financing, insurance, inheritance, and taxation

50
Q

Regulation of real property interests takes form of

A

federal and state laws and regulations, county and local ordinances and codes, and court decisions in the judicial system

51
Q

Federal regulation

A

primarily concerned with broad standards of real property usage, natural disaster, land description and discrimination

52
Q

State Regulation

A

are the primary regulatory entities of the real estate business. They establish license laws and qualifications.

exert regional influence in the usage and environmental control of real estate within the state

play a role in defining how real property may be owned, transferred, encumbered, and inherited

53
Q

Local Regulation

A

County and local government regulation focuses on land use control, control of improvements, and taxation.

They have the power to zone land, take over land for public good, issue building permits, and establish the rules for development projects

54
Q

Judicial Regulation

A

exters an influence on real estate ownership and use though decisions based on case law and common law, as distinguished from statutory law

55
Q

Case Law

A

consists of decisions based on judicial precedent

56
Q

Common Law

A

is the collective body of law deriving from custom and generally accepted practice in society

WY Real Eatate (30 decks)

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