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SC Real Estate > Elements of Real Property > Flashcards

Elements of Real Property Flashcards

1
Q

The earth’s surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects

A

Land

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2
Q

Land, plus all things permanently attached to it naturally or artificially

A

Real Estate

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3
Q

Real estate, plus the interests, benefits, and rights automatically included with real estate ownership

A

Real Property

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4
Q

What does the acronym MARIA stand for

A 
Method of annexation
Adaptability of item to land's use
Relationship of the parties
Intention in placing item on land
Agreement of the parties
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5
Q

Personal property is attached to real property, making it a fixture

A

Annexation

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6
Q

Commercial tenants may remove their trade fixtures under these 3 conditions

A

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

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7
Q

What are emblements

A

Cultivated crops

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8
Q

Two actions that impact these plant classifications are

A

Severance and Annexation

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9
Q

What are two primary categories of real estate characteristics?

A

Economic and Physical

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10
Q

Ownership rights included with ownership in real property

A

Possession and enjoyment, control, exclusion, and disposition

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11
Q

2 Surface rights
2 Subsurface rights
Air rights

A

Land and Water
Gas and Mineral
The space above (height established by law)

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12
Q

Can you sell one of your bundle of rights?

A

Yes. This explains how their can be multiple “owners”

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13
Q

Are granted to landowners whose land abuts a river or stream.

A

Riparian

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14
Q

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.)

A

Littoral

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15
Q

The process in which water carries rock, sand, and soil and causes land build-up

A

Accretion

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16
Q

New deposits of land that are the result of accretion (common at the mouth of large rivers)

A

Alluvion

17
Q

The increase of land or property due to natural or man-made causes

A

Accession

18
Q

Gradual loss of land due to natural force

A

Erosion

19
Q

Rapid loss of land

A

Avulsion

20
Q

Gradual receding of water, which uncovers new land

A

Reliction

21
Q

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

A

Doctrine of Appropriation

22
Q

The inherent or automatic ownership rights that are the natural consequences of property ownership

A

Appurtenance

23
Q

Everything that’s not real property

A

Personal Property

24
Q

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

A

Fixture

25
Q

Legal tests to determine real property vs. personal property

A

Method of annexation, intentions of the annexing party, agreement of the parties, and adaptability

26
Q

Economic characteristics of land

A

Scarcity, improvements, permanence of investment, and situs (location)

27
Q

An item that was real property becomes personal property through detaching it from the land

A

Severance

28
Q

Immobility, indestructibility, and uniqueness (non-homogeneity)

A

Physical characteristics of land

29
Q

A method of identifying a property in written words that allows for an unambiguous interpretation of a property’s boundaries and location

A

Legal description

30
Q

A survey system using points of reference and directional indicators to identify and locate a property for legal purposes

A

Metes and bounds

31
Q

A natural or man-made permanent landmark that serves as a point of reference in a metes and bounds description

A

Monument

32
Q

A survey system that describes land in reference to principal meridians and baselines.

A

Rectangular government survey system

33
Q

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

A

Plat map

34
Q

A square that is six miles by six miles (36 square miles) and makes up the principal unit of the rectangular government survey system

A

Township

35
Q

In a government survey system, a township is divided into 36 portions, so each portion is 1/36th of a township

A

Section

36
Q

Describes the points of measurement from which vertical height (or depth) is measured,

A

Datum

37
Q

Serve as permanent reference points, often brass markers

A

Benchmarks

38
Q

Artificial attachments to land that include things such as fencing, buildings, and walkways

A

Improvements

39
Q

Sticks in the bundle of rights

A

Air, water, mineral, profit, mortgage, fixtures, crops, possession and enjoyment, exclusion, and disposition

SC Real Estate (9 decks)

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