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Real Estate > Chapter 2 Rights in Real Estate > Flashcards

Chapter 2 Rights in Real Estate Flashcards

1
Q

What is Real Estate? (6)

A 
Land
Water
Air
Attachments
Rights
Interests
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2
Q

What is the Legal Concept of Real Estate? (2)

A
  • land

- all man-made structures that are “permanently” attached to the land

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3
Q

What is Land? (4)

A
  • the surface area of the earth
  • everything beneath the surface of the earth extending downward to its center
  • all natural things permanently attached to the earth
  • the air above the surface of the earth extending outward to infinity.
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4
Q

What are the Physical Characteristics of Land? (3)

A

Immobile
Indestructible
Heterogeneity (different)

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5
Q

What is Property?

A

Something owned by Someone and

a set of rights to the item enjoyed by the owner. (Bundle of Rights)

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6
Q

What is a Bundle of rights (small r)? (3)

A 
Air Rights
Surface Rights  (Subdivision, Timber, Riparian, Agriculture, Water)
Subsurface rights (Mineral, Ground Water)p
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7
Q

What is a Bundle of Rights (Capital R)? (5)

A 
Possess
Use
Transfer
Encumber
Exclude
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8
Q

Two classifications of Property?

A

Real

Personal

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9
Q

What is Personal Property?

A

Ownership of anything which is not real estate, and the rights associated with owning the personal property item. Items of personal property are also called chattels or personalty.
Portable
Destructible
Sometimes Homogeneous

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10
Q

What is Real Property?

A

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

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11
Q

What is Tangible property?

A

Real Property and some Personal Property such as Boat, Cat and Jewelry
physical
visible
material

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12
Q

What is Intangible property?

A

Only personal property such as Stock Certs,
Contracts
Patents
abstract
having no physical existence in itself, other than as evidence of one’s ownership interest

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13
Q

What are Real property rights?

A

Consist of the bundle of rights associated with owning a parcel of real estate

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14
Q

Right to use a property is …. (2)

A

-the right to use it in certain ways, such as
mining, cultivating, landscaping, razing, and building on the property
-is subject to the limitations of local zoning and the legality of the use. One’s right to use may not infringe on the rights of others to use and enjoy their property. For example, an owner may be restricted from constructing a large pond on her 20 Principles of Real Estate Practice property if in fact the pond would pose flooding and drainage hazards to the next door neighbor.

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15
Q

The right to transfer interests in the property… includes

A
  • The right to sell, bequeath, lease, donate, or assign ownership interests. An owner may transfer certain individual rights to the property without transferring total ownership.
  • Also, one may transfer ownership while retaining individual interests. For example, a person may sell mineral rights without selling the right of possession.
  • On the other hand, the owner may convey all rights to the property except the mineral rights.
  • While all rights are transferrable, the owner can only transfer what the owner in fact possesses. A property seller, for example, cannot sell water rights if there are no water rights attached to the property.
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16
Q

The right to encumber the property essentially means…

A
  • The right to mortgage the property as collateral for debt.
  • There may be restrictions to this right, such as a spouse’s right to limit the degree to which a homestead may be mortgaged.
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17
Q

The right to exclude gives the property owner the legal right to…

A

keep others off the property and to prosecute trespassers.

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18
Q

The bundle of real property rights also applies separately to which individual components of real estate: (5)

A
  • the air
  • the surface
  • the subsurface
  • Natural Attachment
  • Man-Made Attachment
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19
Q

What are surface rights?

A
  • Apply to the real estate contained within the surface boundaries of the parcel. This includes the ground, all natural things affixed to the ground, and all improvements.
  • Surface rights also include water rights.
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20
Q

What are air rights?

A
  • Apply to the space above the surface boundaries of the parcel, as delineated by imaginary vertical lines extended to infinity.
  • Since the advent of aviation, air rights have been curtailed to allow aircraft to fly over one’s property, provided the overflights do not interfere with the owner’s use and enjoyment of the property.
  • The issue of violation of air rights for the benefit of air transportation is an ongoing battle between airlines, airports, and nearby property owners.
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21
Q

What are Subsurface rights?

A
  • Apply to land beneath the surface of the real estate parcel extending from its surface boundaries downward to the center of the earth.
  • Rights to extract mineral
  • Rights to extract gas deposits
  • Rights to extract Subsurface water from the water table
22
Q

What are water rights?

A

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

23
Q

Types of Right to Use

A
  • Mining
  • Cultivation
  • Landscape
  • Razing
  • -Building
24
Q

limiting Right to Use

A

Zoning
Law
Deed

25
Q

Right to Transfer

A 
Sell
Bequeath
Lease
Donate
Assign
26
Q

Right to Encumber

A

Mortgages
Homestead
Limited by law: Type of Deed/Relationship of Partner

27
Q

Right to Exclude

A

Forbid Entry

Prosecute trespassers

28
Q

Partial Transfer of Rights (Lease)

A 
Whole Property
One Component (such as lease)
29
Q

Doctrine of Prior Appropriation Water Rights:

A
  • State Owns Water
  • Permit Required
  • Available Water
  • Reasonable and Beneficial Use
30
Q

Littoral Rights

A
  • Concern properties abutting bodies of water that are not moving, such as lakes and seas.
  • Navigable
  • Water owned by State
  • Property owners don’t own water
  • Ownership extends to the high-water mark of the body of water.
31
Q

Riparian Rights

A
  • Concert properties abutting moving water such as streams and rivers
  • navigable = Waters Edge
  • not navigable = Midpoint of stream
32
Q

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 other owners downstream
  • the usage does not pollute the water
  • the usage does not impede or alter the course of the water flow.
33
Q

Accretion

A

The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes.

34
Q

Avulsion

A

The immediate and noticeable addition to land caused by its removal from the property of another, by a sudden change in a water bed or in the course of a stream.

35
Q

Reliction

A

gradual change of water line on real property which gives the owner more dry land.

36
Q

What is a fixture?

A
  • Former personal property
  • Attached to real property
  • Without losing identity
  • A personal property item that has been converted to real property by attachment to real estate is called a fixture
37
Q

Examples of Fixtures:

A
  • chandeliers
  • toliets
  • shutters
38
Q

Fixture Differentiation criteria:

A
  • Intention
  • Adaptation
  • Functionality
  • Relationship of parties
  • Sale of lease contract provisions
39
Q

What is a Trade Fixtures (Business/Chattel Fixtures)?

A
  • Tenant
  • Temporarily affixed
  • Remain as personal property
  • Abandonment leads to accession
40
Q

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

A

Real Property

41
Q

Emblements are:

A

Plants and crops requiring human intervention and labor

Farmer/tenant owns the personal property and can’t be taken by land lord

42
Q

The right of taking necessary wood for the use or furniture of a house or farm, from off another’s estate

A

Estover

43
Q

Conversion?

A

The changing of the classification of an item of property as real or personal

44
Q

Severance

A

conversion of real property to personal property by detaching it from the real estate.

  • such as by cutting down a tree
  • detaching a door from a shed
45
Q

Affixing, or attachment

A

The act of converting personal property to real property by attaching it to the real estate

  • by assembling a pile of bricks into a barbecue pit,
  • constructing a boat dock from wood planks.
46
Q

Real Property

A
  • Immovable
  • Unique
  • Indestructible
47
Q

Personal Property

A
  • Portable
  • Duplicates
  • Limited Life
48
Q

Government entities regulate the following aspects of real property interests:

A
  • the bundle of rights: possession, usage, transfer, encumbering and exclusion
  • legal descriptions
  • financing
  • insurance
  • inheritance
  • taxation
49
Q

What level of government is primarily concerned
with broad standards of real property usage, natural disaster, land description, and
discrimination.

A

Federal

50
Q

What level of government are the primary regulatory entities of the real estate business. This level also establish real estate license laws and qualifications. In addition, this level of governments have established real estate commissions to administer license laws and oversee activities of licensees.

A

State

51
Q

What level of government levies real estate taxes; controls specific usage?

A

Local

52
Q

What level of government applies case law and common law to disputes

A

Judicial

Real Estate (4 decks)

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