Chapter I: Intro to the Law of Real Property Flashcards
systems of law
- Federal Law
2. State Law
federal law
Laws that are uniform throughout the country.
state law
Laws that vary from state to state. Governs the law of real property.
classifications of property
- real
2. personal
real action
Led to the return of the thing itself. Was used when land was wrongfully detained by another.
personal action
Gave a money claim against the wrong doer. The thing itself was not returned.
real property
Land and property that are permanently attached to the land.
i.e. Homes, office buildings, trees
personal property
May include living (i.e. animals) and inanimate objects (i.e. television)
tangible personal property
Property that has a physical substance.
intangible personal property
Set of rights that represent control or ownership of something of value.
i.e. bonds, patents
fixture
Item of personal property that becomes real property because of its attachment to the land or a building.
- The more permanent the attachment or annexation, the more likely the court is to determine the item is a fixture.
- Something that specifically was adapted to or enhances the use of a building is likely to be a fixture
trade fixtures
Shelving, counters, and other ornamental items installed on property by a tenant to assist a tenant in the conduct of their business.
- Most states allow removal of trade fixtures during or after the term of the lease
- Tenant may have to repair any damage done by removing or adding
fixtures in court
- Courts will pay strict attention to the intention of the parties regarding the object and any written intentions are strictly enforced.
- Court generally favors the purchaser and not the seller unless the fixture was removed before the sale or reserved for the seller in the contract
fixtures when pledging real property in debt
If pledging real property for a debt fixtures are included in the pledge.
Airspace Rights in Real Property
- Public domain airspace occurs at certain, very high, elevations
- Private airspace is of high enough elevation to construct the tallest of buildings
- Can be valuable when building skyscrapers or preserving a scenic view
- Most states allow ownership to preserve sunlight shining into solar panels