Elements of Real Property Flashcards
Land
The surface area of the earth, all natural things permanently attached to the earth, and everything beneath the surface to the earth’s center and above the surface extending upward to infinity
Real Estate
Land and all manmade structures permanently attached to it
Improvement
Any manmade structure or item affixed to land. This includes such things as: fences, streets, buildings, wells, sewers, sidewalks and piers.
Bundle of Rights
A set of right associated with ownership of property, including the rights to possess, use, transfer, encumber and exclude
Real Property
Real estate and the bundle of rights associated with ownership of real estate
Personal Property
All property that Is not considered real property; all property that is not land or permanently attached to land, excepting trade fixtures and emblements
Tangible
Tangible property is physical, visible, and material. Examples include: boat, car, jewelry
Intangible
Intangible property is abstract, having no physical existence in itself, other than as evidence of one’s ownership interest. Example include: stock certificate, contact, and patent
Surface Rights
Rights to the surface area of a parcel of real estate.
Surface rights apply to the real estate contained within the surface boundaries of the parcel. This includes the ground, all natural things affixed to the ground, and all improvement. Surface rights also include water rights
Air Rights
Rights in real property as they apply to the property’s airspace, or all space above the surface within the parcel’s ;era; boundaries
Air rights apply to the space above the surface boundaries of the parcel, as delineated by imaginary vertical extended to infinity
Subsurface Rights
Rights and interest whatever is beneath the surface of one’s parcel of real property
Subsurface rights apply to land beneath the surface of the real estate parcel extending from its surface boundaries downward to the center of the earth. Notable subsurface rights are the rights to extract and gas deposits and subsurface water from the water table
Water Rights
Rights of a property that abuts a body of water to own or use the water.
Water rights basically concern the rights to own and use water found in lakes, streams, rivers, and oceans. In addition, they determine where parcel boundaries can be fixed with respect to adjoining bodies of water
Littoral Rights
A set of water rights defined by state law relating to properties abutting navigable bodies of water such as lakes and bays. Generally, a property owner enjoys usage rights but owns land only to the high water mark.
Littoral rights concern properties abutting bodies of water that are not moving, such as lakes and seas. Owners of propertys abutting navigable, non-moving body of water enjoy the littoral right of use, but do not own the water nor the land beneath the water. Ownership extends to the high-water mark of the body of water
Riparian Rights
Water rights of a property the abuts a watercourse (stream, river).
Riparian rights concern properties abutting moving water such as streams and rivers. If a property abuts a stream or river, the owner’s riparian rights are determined by wether the water is navigable or not navigable. If the property abuts a non-navigable stream to the stream’s midpoint. If the waterway is question is navigable, the waterway is considered to be a public easement. In such a case, the owner’s property extends to the water’s edge as opposed to the midpoint of the waterway. The state owns the land beneath the water
Fixture
An item permanently attached to land so as to be defined as real property
A personal property item that has been converted to real property by attachment to real estate is called a fixture. Typical examples are chandeliers, toilets, water pumps, septic tanks, and window shutters
