Chapter 2 - The Nature of Real Property Flashcards
Property
Something that can be owned or possessed.
The two types of property
Tangible property and intangible property
Tangible (or Corporeal) Property
Property that has a physical presence and can be felt or touched.
Intangible (or Incorporeal) Property
Property that is no physical and abstract (e.g., copyrights).
What is all property, whether tangible or intangible, classified as?
Real Property or Personal Property
Real Property (Realty; or Immovable Property)
Land, anything affixed or attached to the land, and anything incidental or appurtenant to the land.
Personal Property (Personalty or Chattels)
Property that is moveable; Anything that isn’t real property.
What are the three components of land?
- ) Subsurface;
- ) Surface; and
- ) Airspace.
Subsurface
Everything beneath the surface of a piece of land down to the center of the earth.
Airspace
Everything above the surface of a piece of land to the upper reaches of the sky.
The two principal components of real property
- ) Land; and
2. ) Improvements to the land.
Appurtenance
A right or interest that goes along with or pertains to a piece of land.
The appurtenances that may accompany a piece of land
- ) Air rights;
- ) Water rights;
- ) Solid material rights;
- ) Oil and gas rights; and
- ) Support rights.
Air Rights
A landowner’s right to use the airspace above her land.
Water Rights
A landowner’s potential right to use water tied to her land.
The two types of water rights
- ) Riparian Rights; and
2. ) Appropriative Rights
Riparian Rights
Water rights of a landowner with respect to water that flows through or adjacent to his property. Generally, the landowner has the right to make reasonable use of a stream’s natural flow and for domestic uses.
What determines if a stream is navigable?
Whether the size of the stream allows for its use in commerce.
Littoral Property
Property located beside a lake.
Appropriative Rights
A person’s prioritized right to use water held in trust by the government through a permit.
Solid Mineral Rights
A landowner’s ownership of all the solid minerals within the “inverted pyramid” sunder the surface of her property. These minerals are considered realty until they are extracted, after which they are considered personalty.
Oil and Gas Rights
A landowner’s right to town all of the oil or gas produced from wells on her property, even if it has migrated from neighboring land.
Support Rights
A landowner’s right tot he natural support provided by the land beside (adjacent to) and beneath (subjacent to) her property.
Attachments
Things that are affixed or attached to land.
The two types of attachments.
- ) Natural; and
2. ) Man-Made.
Natural Attachments
Plants attached to the earth by root; Fruits of nature and fruits of industry.
Doctrine of Emblements
If a farmer tenancy is for an indefinite period of time and is terminated through no fault of the tenant before the crops are ready for harvest, then the tenant has the right to re-enter the land and harvest the first crop that matures after the tenancy is terminated.
Fixture
Things that are attached to the land by people (e.g., houses, fences, etc.).
Annexation
The act of adding something on to real property, thereby making it a fixture.
The two types of annexation.
1.) Physical; and
2,) Constructive.
Physical Annexation
When an item is affixed to, embedded in, or otherwise permanently attached to the land or improvements.
Constructive Annexation
When an item is a necessary or working part of realty.
Severance
The separation of something from real property.
The primary identifier of whether something is a fixture or personal property in a purchase.
The intentions of the parties as identified in the purchase agreement and/or bill of sale.
The fixture test
Process used to identify whether an item is a fixture or personal property if not identified in a purchase agreement and/or bill of sale.
MARIA
Acronym used for the fixture tests: M - Method of attachment A - Adaptation to the realty R - Relationship of the parties I - Intention of the annexor A - Agreement in eriting
Physical characteristics of realty
Immobility, Indestructibility, and Uniqueness.
Economic characteristics of realty
Scarcity, Improvements, Permanence of Investment, and Area Preference.
Property or Legal Description
Section of a document that identifies the land.
Survey
Process where surveyors go to a site and locate the exact boundaries of a parcel of land.
The three methods used to describe land in legal documents.
- ) Metes and Bounds Method;
- ) Government Survey Method; and
- ) Recorded Map Method.
Metes and Bounds Description
Describing a parcel of land by specifying the location of its boundaries using monuments, courses and distances.
Monuments
Natural or man-made objects used as markers.
Courses or Directions
Compass readings
Distances
Measures in any convenient unit of length
Government Survey Description (Rectangular or Public Land Survey System)
Method in which land is described by reference to a grid of lines running north/south and east/west established by a survey.
Principal Meridian
The original north/south line established by a survey grid.
Base Line
The original east/west line established by a survey grid.
Lot and Block Descriptions (Recorded Map or Recorded Plat Method)
Method of land description that subdivides land into lots and blocks.
