Chapter 5 - What is Real Estate? Flashcards
The right to use the open space above a property, generally allowing for the surface to be used for another purpose are ___.
Air rights
Solid material (sediment) gradually deposited, by a contiguous body of water (used with accretion which is the opposite of erosion is known as ___.
Alluvion
The sudden changing of a course of a stream, is an act of ___.
Avulsion
A written instrument given to transfer title of personal property is is a ___.
Bill of sale
Real property ownership often described as the _ _ _. Name the (5)
Bundle of rights, they are the right to
Use,
Possession,
Enjoy
Exclusion
Dispose (alienation, to give away)
Movable personal property.
Chattels
These terms for Real Estate are used interchangeably with real property, and realty, and real estate. These tangible things like buildings and trees are called ___.
Corpreal
A written instrument that, when executed and delivered, conveys title to or an interest in real estate is called a ___.
Deed
A gift of real property by will; the act of leaving the real property by Will is also known as to ___.
Devise
Growing crops, such as wheat and corn, are produced annually through labor and industry. Also called Fructus industrials are considered to be the personal property of a tenant. These are known as ____.
Emblements
The gradual wearing away of land by water, wind, and general weather conditions; the diminishing of property caused by the elements is known as ___.
Erosion
An item of personal property that has been converted to real property is now considered a ___.
Fixture
Anything that can be inherited is known as a ___.
Herediment
Includes both buildings erected on the land and streets, utilities, seers, and other manufactured additions to the property. The concept that real estate includes land and all manmade ___.
Improvement/s
___ refers to the surface of the earth, including the water, and anything attached to it by nature, such as trees and bushes. It also includes the minerals and substances below the Earth’s surface, together with the airspace above the earth’s surface, up to infinity. thus the land may be defined as the earth, extending downward from the surface to the center of the earth, an upward to infinity, including anything permanently attached by nature.
Land
A landowner’s claim to use water in large navigable lakes and oceans adjacent to his or her property. The ownership rights to land bordering these bodies of water up to the mean high-water mark are ___ ___.
Littoral rights
Subsurface rights that can be sold or retained separately are ___ ___.
Mineral rights
A specific piece of real estate is also known as a ___.
Parcel
All property that is not real property is ___.
Personal property or personalty
The creation of dry land by the gradual withdrawal of water from the land by lowering its surface level is ___.
Reliction
An owner’s rights in land that borders on or includes a river, stream, or in new Jersey and tidal waters. these rights include access to and use of the water are ___ ___.
Riparian rights
Articles installed by a tenant under the terms of a lease and removable by the tenant before the lease expires, also known as a ___ ___.
Trade fixture
The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake or sea is ___.
Accretion
What are the legal tests of a fixture?
Method of attachment: Is the item permanently affixed to the wall
Adaptability: If the item becomes an integral part of the home, it cannot be removed. Flooring is an example
Relationship of the parties: If the dispute is between tenant and landlord, the tenant is likely to win. If the dispute is between the buyer and seller, the buyer is likely to prevail.
The intention of the party: When the item was installed, if you intended it to be permanent, it is a fixture. If you installed a built-in bookcase or planted rose bushes, they were intended to be permanent.
Agreement between the parties:
