Characteristics Of Property Flashcards
Real Property is described as?
Is the land, anything affixed, any appurtenant rights and any immovable objects.
What are the five characteristics of ownership? Also called the “bundle of rights”.
The rights of ownership include use, possess, enjoy, dispose and exclude others from property.
If you want to burn garbage on your property, what should you do?
Check first with local air district and neighbors might seek injunction to stop.
Flood waters on property are handled in which way?
Must NOT be diverted to others land. If diverted to other property could be liable for damages.
Property exceeds surface. What else?
The land below the earth and the airspace above is included in property.
In considering fixtures on property, what rule is used to determine if it is real or personal?
The MARIA rule considers method of attachment, adaptability of the property, relationship of the parties, intention of the persons attaching and agreement between the parties.
What is not considered in testing fixtures as real or personal?
Cost, Size, and Time
