Chapter 2 terms Flashcards
What is real property?
Has the physical characteristics of immobility, performance, and uniqueness.
Land, house, bundle of rights, crops and fixtures
Fixture
begins as personal property and becomes real property when attached to land improvements or land
Run with the Land
Rights in a real estate deed that remain with the land regardless of ownership
Appurtenance
any right or privilege that stays with the deed regardless of ownership (or runs with the land).
Subsurface, airspace, riparian, littoral rights (also easement rights)
Bundle of Rights
The right of possession, control, exclusion, enjoyment, disposition.
Total Circumstance Test
Intention, relation of the attatcher, method, adaption
improvement
anything of value that is added to REAL property; however, does not include repairs and replacements.2 types, private and public
hereditaments
any rights capable of being inherited
specific performance
the performance of a contractual duty as ordered, where if offered damages (money) would not be a sufficient remedy. (They have to hold up their end of the bargain essentially)
land use restrictions
two types: public (zoning) , private (HOA)
DEEPC (bundle of rights)
Disposition, Enjoyment, Exclusivity, Possession, Control
Fructus naturales( fruits of the soil)
growing things that do not require attention, aka real property
Fructus Industriales( fruits of the industry[labor])
growing things that require attention and labor to flourish aka EMBLEMENTS aka personal property
(potted plants, annual crops)
Emblements
the right of the tenant to re- enter property to harvest emblements after termination of tenancy.
when do ALL licenses expire?
June 30th
