Chapter 3 Flashcards
Land
Included, but not limited to, the soil, earth, and ground, that which is
the result of nature or man-made, as well as an indefinite extent upward
into the air, and downward in a direct line from the surface to the center of
the earth.
Real Estate
Land, and generally whatever is erected upon or affixed
thereto. Improvements, such as buildings, structures, landscaping, fences,
etc, are included.
Real Property
That which is immovable. Land, things affixed to land, and
appurtenances. Real estate plus the Bundle of Rights.
Personal Property
All property that is not considered to be real property.
That which is movable (not attached to land).
Appurtenances
Something which is outside property itself but belongs to
the land and adds to its greater enjoyment such as a right-of-way or a barn
or a dwelling.
Bundle of Rights
The rights, or interests, that an individual has in a
particular piece of property. The right to dispose, the right to encumber,
the right to possess, the right to use, and the right to exclude others (the
right of quiet enjoyment).
Alienate
The capacity for a piece of property or a property right to be sold
or otherwise transferred from one party to another.
Encumbrance
Any right to or interest in the land interfering with its use or
transfer, or subjecting it to an obligation
Reversion
A future interest that is retained by the grantor after the
conveyance of an estate of a lesser quantum that he/she has.
Fixture
An item of personal property after being attached to real property.
Trade Fixtures
Removable personal property that a tenant attached to
leased land for business purposes.
The Right of Lateral Support
The right of a land owner to have the natural
physical support of the adjoining piece of land.
Water Rights
The rights of a land owner and/or land occupier to use
adjacent bodies of water in a reasonable fashion.
Riparian Rights
The rights of a land owner or land occupier to use flowing
water (such as a river) that is adjacent to the land.
Littoral Rights
The right of a property owner whose land borders on a
body of water, such as a lake, ocean or sea, to reasonable use and
enjoyment of the shore and water the property borders on.
Accession
The potential right of ownership to land which is produced,
then added or united to the owner’s land.
Accretion
The process of gradual growth or increase over a period of time
from naturally occurring events, resulting in additional layers of matter.
Erosion
The eating away of a coastline or land by the action of water, ice,
and/or wind, or wearing away of a surface by corrosion or traffic.
Metes and Bounds
A term used in describing the boundary lines of land,
seeing forth all the boundary lines together with their terminal points and
angles.
Contiguous
Lots that touch at any point (even corners).
Police Power
The right of any political body to enact laws and enforce
them, for the order, safety, health, morals and general welfare of the public.
Eminent Domain
A right of the government to acquire property for
necessary public use by condemnation; the owner must be fairly
compensated.
Condemnation
Taking private property for public use, with fair
compensation to the owner; exercising the right of eminent domain.
Escheat
The reversion of the State of property in event the owner thereof
abandons it or dies, without leaving a will and has no distributes to whom
the property may pass by lawful descent.
