Land, Real Property, Real Estate Flashcards
Distinguish between personal property and real property. Identify what constitutes a fixture.
Land
surface extending downward to earth and upwards to infinity; including natural and permanent attached objects
Real Estate
land definition and natural and artificially attached objects *Artificial attachments are “improvements” which includes fencing buildings and walkways
Real Property (Land, Tenements , Hereditaments)
land in everything permanently attached to it, Plus the Interest, Benefits, Rights automatically included with real estate ownership
Interest, Benefits, & Rights
Possession, Enjoyment , Exclusions , Control, & Disposition
Possession
The right to occupy property
Enjoyment
The right to use property in any legal way the owner desires
Exclusions
The right to refuse others to entry ;or use the property
Control
The right to determine how the property will be used by owner (Extends to other parties)
Disposition
The right to dispose of by (Sale, Lien, Easment, Lease)any interest in the property