Chapter 2 Rights In Real Estate Flashcards
The legal concept of land encompasses
The surface area of the earth enter 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 towards infinity
Land includes
All plants attached to the ground or in the ground such as trees or grass a parcel or tract of land is a portion of land delineated by boundaries
Definition of a parcel or tract
a parcel or tract of land is a portion of Lee and Dylan needed by boundaries
Three unique physical characteristics of land
Immobility indestructibility and heterogenicty
The legal concept of real estate encompasses
Land and all man-made structures that are permanently attached to the land
For example fences streets buildings well sewer sidewalks in PIERCE also known as improvements
To classifications of property
Real property and personal property
Definition of real property
Real property is ownership of real estate in the bundle of rights associated with owning the real estate
Definition of personal property
Personal property is ownership of anything which is not real estate in the rights associated with owning that personal property items of personal property are also called chattels or personality
What does the right to encumber the property mean
The right to encumber the property essentially means the right to mortgage the property for collateral that
Definition of surface rights
Surface rights applied to 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 routes also include water rights
Water rights Depend on three variables what are the three variables
Whether the state controls the water whether the water is moving or the water is navigable
Literal water rights
Latourell rights concern properties of budding bodies of water that are not moving such as lakes were sees ownership extends to the high watermark of the body of water owners do not own the land beneath the water NAV a good bodies of water are public property owned by the state
Riparian rights
For non navigable bodies of water the owner owns the the midpoint of the stream.
If navigable the owner owned to the edge of the water
Both littoral and riparian rights attach to the property.
Adaptation with respect to real versus personal property
If an item is uniquely adapt to the property or the property is custom design to accommodate the item at Mimi teams real property
Trade fixtures do they belong to the landlord or the tenant if the trade fixture is left what happens to it
Trade fixtures belong to the tenant and can be removed upon surrender of the lease show the tenant failed to remove the trade fixture it may become property of the landlord through Accession