Land, Real Estate, Real Property Flashcards
______ is defined as the earth’s surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects.
Land
Includes everything in the definition of land, plus all things permanently attached to it naturally or artificially.
Real Estate
Artificial attachments, such as fencing, buildings, walkways.
Improvements
Real estate plus the interests, benefits and rights automatically included with real estate ownership
Real Property
The right to occupy the property
Possession
The right to use the property in any legal way the owner desires
Enjoyment
The right to refuse others entry to, or use of, the property
Exclusion
The right to determine how the property will be used by the owner, or by others (similar to enjoyment, but extends to other parties)
Control
The right to dispose of (by sale, lien, easement, lease, etc.) any interest in the property
Disposition
What are the three tests to determine property type?
Attachment, Adaptation, Agreement
How and whether the item is attached to the property
Attachment
How the item is situated or adapted to the real property
Adaptation
If the parties have agreed that an item will stay or go. Should be in writing
Agreement
An object that is physically and permanently attached or fastened to the property.
Fixture
Crops are considered real property or personal property?
Personal Property
