Elements of Real Property Flashcards
The earth’s surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects
Land
Land, plus all things permanently attached to it naturally or artificially
Real Estate
Real estate, plus the interests, benefits, and rights automatically included with real estate ownership
Real Property
What does the acronym MARIA stand for
Method of annexation Adaptability of item to land's use Relationship of the parties Intention in placing item on land Agreement of the parties
Personal property is attached to real property, making it a fixture
Annexation
Commercial tenants may remove their trade fixtures under these 3 conditions
The fixtures are:
Essential for the tenant’s business operations
Detachable without damaging the property (or repairable)
Moved out within a certain period of time
What are emblements
Cultivated crops
Two actions that impact these plant classifications are
Severance and Annexation
What are two primary categories of real estate characteristics?
Economic and Physical
Ownership rights included with ownership in real property
Possession and enjoyment, control, exclusion, and disposition
2 Surface rights
2 Subsurface rights
Air rights
Land and Water
Gas and Mineral
The space above (height established by law)
Can you sell one of your bundle of rights?
Yes. This explains how their can be multiple “owners”
Are granted to landowners whose land abuts a river or stream.
Riparian
Are granted to landowners whose land borders closed bodies of water, such as lakes and oceans. (An easy way to remember this is that both littoral and lake begin with L.)
Littoral
The process in which water carries rock, sand, and soil and causes land build-up
Accretion
New deposits of land that are the result of accretion (common at the mouth of large rivers)
Alluvion
The increase of land or property due to natural or man-made causes
Accession
Gradual loss of land due to natural force
Erosion
Rapid loss of land
Avulsion
Gradual receding of water, which uncovers new land
Reliction
Legal doctrine that grants water rights to the first individual or entity to take water from a source for beneficial use. Based on need or use rather than adjacency
Doctrine of Appropriation
The inherent or automatic ownership rights that are the natural consequences of property ownership
Appurtenance
Everything that’s not real property
Personal Property
Anything permanently attached to the land or to permanent structures on the land) are part of real property, and are included with a sale of real property unless the parties negotiate differently
Fixture
Legal tests to determine real property vs. personal property
Method of annexation, intentions of the annexing party, agreement of the parties, and adaptability
Economic characteristics of land
Scarcity, improvements, permanence of investment, and situs (location)
An item that was real property becomes personal property through detaching it from the land
Severance
Immobility, indestructibility, and uniqueness (non-homogeneity)
Physical characteristics of land
A method of identifying a property in written words that allows for an unambiguous interpretation of a property’s boundaries and location
Legal description
A survey system using points of reference and directional indicators to identify and locate a property for legal purposes
Metes and bounds
A natural or man-made permanent landmark that serves as a point of reference in a metes and bounds description
Monument
A survey system that describes land in reference to principal meridians and baselines.
Rectangular government survey system
A map that shows the location of a piece of property in context to its adjoining lots, roads, and landmarks. It includes lot, street, and block identifiers
Plat map
A square that is six miles by six miles (36 square miles) and makes up the principal unit of the rectangular government survey system
Township
In a government survey system, a township is divided into 36 portions, so each portion is 1/36th of a township
Section
Describes the points of measurement from which vertical height (or depth) is measured,
Datum
Serve as permanent reference points, often brass markers
Benchmarks
Artificial attachments to land that include things such as fencing, buildings, and walkways
Improvements
Sticks in the bundle of rights
Air, water, mineral, profit, mortgage, fixtures, crops, possession and enjoyment, exclusion, and disposition
