Concepts Of Property Vocab Flashcards
Affixed
Typically in reference to mineral, water, or surface rights, resources that go with the property are affixed
Annexation
The process of personal property becoming real property. With reference to subsurface rights, annexation is adding water or mineral rights to the property. Legal tests include method of annexation, adaptability, relationship of the parties
Appurtenance
Something that comes with real property. Water or a well, or an easement could be an appurtenance
Bundle of rights
Right of possession, Right of use, Right of Quiet enjoyment, Right of exclusion, Right of disposition
Chattel
Another name for personal property, or personalty
Emblements
Something that can be severed or removed from the property
Fixture
Anything that is actually fastened to the real property. Fixtures become part of the real property
Hypothecation
The ability to pledge my property as collateral in exchange for a loan
Improvement
Anything that has been built on the real property
Legal Description
The way real property is described. Includes metes and bounds, rectangular survey (or government survey), and lot and block (or subdivision method)
Personal property
Anything that is not attached or made part of the structure itself. Also called chattel or personalty.
Personalty
Another name for personal property
Real estate
Another term for real property
Real property
Land, improvements, and permanent attachments. Also referred to as real estate.
Severance
Removing a part of real property that then becomes personal property
