Land Flashcards
Land
Surface, all natural things attached to it, subsurface, and air above the surface
Real Estate
Land + manmade permanent attachments
Real Property
Real Estate + bundle of rights
Bundle of Rights
PUTEE = Possess, Use, Transfer, Exclue, Encumber
Physical Characteristics of Real Estate
Immobility (can’t move), indestructibility (can’t destroy), heterogeneity (the quality or state of being diverse in character or content)
Immobility
Land cannot be moved from one side to another; its location is forever fixed
Indestructibility
Land is permanent cannot be destroyed, it extends below ground and into the sky; land does not depreciate; only improvements depreciate and are insurable
Non-homogeneity
Land is non-homogeneous; no two parcels of land are exactly the same due to different locations
Legal Title
Full legal ownership of property and the bundle of rights
Equitable Title
An interest that gives a lienholder or buyer the right to acquire legal title to a property if certain contractual conditions occur
Riparian Rights (navigable)
Rivers, streams; own land to water’s edge
Riparian Rights (non-navigable)
Rivers, streams; own underlying land to midpoint of stream
Littoral Rights
Lakes, Seas; own to high water mark
Real Property
Land, fixtures, attachments
Personal Property
Chattels, trade fixtures, emblements
