Chapter One: Property Flashcards
What are the 4 rights, commonly called “bundle of legal rights” include? (PECD)
Right of possession, enjoyment, control, and disposition
Personal property is also known as
Chattels (Items that have mobility)
What is chattels real?
Items extending to the interest of the owner in real property (leases, mortgages, contracts to purchase)
How is ownership of personal property transferred?
By Bill of sale
How is real property transferred?
By deed
What does real estate consist of?
The actual land itself and things permanently attached to land by man (buildings or nature)
What does real property consist of?
Permanently attached things plus legal rights and interests that go along with ownership
Appurtenances?
Any right, interest, or improvement that automatically conveys with ownership of property (air condition, furnaces)
Tenements?
Things permanently attached to the land, physically or legally. Immovable
What are fructus naturales?
Grown naturally and not requiring annual cultivation. Is considered real property and transfer with land.
What are fructus industrialies or enblements?
Crops planted every year. Considered personal property
What is percolating water?
Underground water that doesn’t have a specific waterway [water table: the level at which percolating water is found]
What are riparian rights?
Properties that border a river or stream [owner has rights to use water for enjoyment]
[rights arent exclusive]
What are correlative rights?
Allows owners only a reasonable amount of water during short supply
What is prior appropriation?
The right to use water is secured by permit.
What are navigable waters?
Rivers and oceans used for commercial shipping and identified on government survey maps
What are Littoral rights?
Properties bordering large navigable lakes, oceans, seas and typically involve the public’s use of enjoyment
What do mineral rights consist of?
Coal, oil gas and ores. [real property if on earths surface] [personal property once minerals are removed]
What is the law of capture?
Allows landowners to have equal rights to drill for oil or gas under adjoining properties
What do air rights consist of?
restrictions based on building height limitations
What is severance?
The process by which a real property becomes personal property (ex: tree grows on land- real property, the tree turned to lumber- personal property)
Five tests to determine if an item is a fixture or not? (MARIA)
Modification, Attachment, Relationship of parties, Intentions of annexing party, Agreement
Physical characteristics of Land (IIN)
Immobility, non-homogeneity, indestructibility
4 economic characteristics of the land (LIFS)
location(preference), improvements, fixed investment, scarcity
