Intro to Real Estate Flashcards
What is REAL PROPERTY?
LAND and ANY PROPERTY directly attached to it. It also includes IMPROVEMENTS made to this land and property. It also includes certain LEGAL RIGHTS OF OWNERSHIP (like, “air rights” above a building”).
What is REAL ESTATE?
The LAND and any PERMANENT, MAN-MADE IMPROVEMENTS on the land (buildings, Fences, sidewalks, etc).
Personal Property
Everything that is not REAL PROPERTY
PROPERTY is either ______ or ________ owned?
Publicly or Privately
State Capitol Building is an example of ______ owned PROPERTY?
Publicly owned
PERSONAL PROPERTY is also called ______ or ______?
Personalty or Chattel
FIXTURE
PERSONAL PROPERTY that becomes PERMANENTLY ATTACHED to a house and becomes REAL PROPERTY - and is sold with the property.
What are BUNDLE OF RIGHTS?
LEGAL RIGHTS that come with the OWNERSHIP of property.
Do OWNERSHIP RIGHTS vary?
Yes. OWNERSHIP RIGHTS are numerous and vary with the type of ownership a person has.
Can OWNERSHIP RIGHTS be sold?
Yes. Ownership Rights and pwers can be sold.
How can OWNERSHIP RIGHTS affect the value of the underlying real estate?
OWNERSHIP RIGHTS can be SOLD. And if they are SOLD, they can affect the value of the underlying real estate.
What are the Property Ownership BUNDLE OF RIGHTS (D.E.E.P. C.)?
- DISPOSITION:
Title Holder has the right to (SRT) sell, rent, or transfer ownership or USE of the property at will. However, the MORTGAGE must be paid before ownership can be transferred. - ENJOYMENT:
Title Holder has the right to ENJOY THE PROPERTY and use it in any legal manner. - EXCLUSION
Title Holder has the right to limit who MAY or MAY NOT ENTER THE PROPERTY. However, Utility Companies will have the right to enter to maintain their RIGHTS OF WAY and Utility Lines - as part of an EASEMENT. - POSSESSION
The rights given to the Title Holder of a Property. (The property is “owned” by whoever holds the title) - CONTROL
Title Holder has the right to CONTROL THE USE of the property, within the law.
What does REAL PROPERTY consist of?
LAW FAMLIE FOB
- The LAND itself (Surface Rights)
- AIRSPACE above the land (Air Rights)
- WATER RIGHTS
- FIXTURES (once personal, now permanently attached)
- APPURTENANCES
- MINERAL RIGHTS (Subsurface Rights)
- LAND IMPROVEMENTS - of and to the land. (grading, ponds, buildings, fences, etc)
- INTERESTS
- EASEMENTS
- FRUCTUS NATURALES (trees, bushes, landscaping)
- OWNERSHIP RIGHTS
- BENEFITS
APPURTENANCE
A ➡️, 👩🏻🦳, or 🔨 (A2) and (PW) (RP)
A (RPI) (A2) (PW) (RP)
A (RPI) RIGHT, PRIVILEGE or IMPROVEMENT, ATTACHED TO (A2) and PASSING WITH (PW), REAL PROPERTY (RP).
Are APPURTENANCES a part of property?
Yes. But not always. For example a right of way through a neighbor’s yard is an APPURTENANCE.
EASEMENT
🎯and⚠️) (➡️or👩🏻🦳
A SPECIFIED and LIMITED, RIGHT or PRIVILEGE to use someone’s else’s property
SURFACE RIGHTS
(⚖️📜2️⃣) (🎮), (🏠)and(UZ) 🛣 of 📦 ⛰.
The LEGAL RIGHT to CONTROL, OCCUPY and USE the SURFACE AREA of a parcel of land - INCLUDING IMPROVEMENTS (real estate) and the GROWING of CROPS.
AIR RIGHTS
⚖️📜2️⃣) (🎮), (🏠)and(UZ
The legal right to control, occupy and use airspace ABOVE A PARCEL of real estate.