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Law of Contracts > Law and Real Property > Flashcards

Law and Real Property Flashcards

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1
Q

What are the main areas of real property regulation?

A 
Bundle of Rights
Legal Description
Financing
Insurance
Inheritance
Taxation
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2
Q

What type of regulations does the federal government control?

A

Federal government regulations control the broad standards of real property usage, natural disaster, land description, and discrimination.

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3
Q

What types of regulations do local governments mainly address?

A

Local government regulations focus on land use control, control of improvements, and taxation. Notably, county and local governments are responsible for levying real property taxes.

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4
Q

How does judicial regulation differ from federal, state, and local regulations?

A

Judicial regulations use case and common law rulings to influence regulations. On the other hand, federal, state, and local regulations are created through statutory law.

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5
Q

What does the legal concept of land encompass?

A

the surface area of the earth
everything beneath the surface of the earth extending downward to its center
all natural things permanently attached to the earth
the air above the surface of the earth extending outward to infinity

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6
Q

What are the five important rights associated with owning a parcel of real estate?

A 
Right to possession
Right to use
Right to transfer
Right to encumber
Right to exclude
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7
Q

Land can be laterally divided into what classifications of rights?

A

Surface rights
Subsurface rights
Air rights

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8
Q

How are air rights delineated?

A

By imaginary vertical lines extended to infinity

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9
Q

Describe the two classifications of property.

A

Real property is ownership of real estate and the bundle of rights associated with owning the real estate.
Personal property is ownership of anything that is not real estate, and the rights associated with owning the personal property item.

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10
Q

What is the definition of a fixture?

A

A personal property item that has been converted to real property by attachment to real estate.

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11
Q

How is a trade fixture different from a fixture?

A

A trade fixture has been temporarily affixed to a landlord’s real property in order to conduct business and may be detached and removed before, or upon surrender, of the leased premises.

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12
Q

Growing plants may be either real or personal property. How are they differentiated?

A

Plants and crops that grow naturally, without requiring anyone’s labor or machinery, are considered real property.
Plants and crops requiring human intervention and labor are called emblements which, despite their attachment to land, are considered personal property

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13
Q

What are the two general characteristics of real property?

A

Physical and economic characteristics

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14
Q

What are the three physical characteristics of real property?

A

Immobility
Indestructibility
Heterogeneity

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15
Q

What are four economic characteristics of real property?

A

Scarcity
Improvements
Permanence of investment
Area preference

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16
Q

What does permanence of investment mean?

A

Resources and capital used to build an improvement represent a large, fixed capital investment that is typically gives stable returns.

17
Q

Although the Constitution guarantees private ownership of real estate

A

laws and regulations at every level of government qualify and limit individual real property ownership, and the bundle of rights associated with it.

18
Q

Regulatory areas for real property include

A

the bundle of rights, legal descriptions, financing, insurance, inheritance, and taxation.

19
Q

The bundle of rights associated with land ownership are

A

the right to possession, right to use, right to transfer, right to encumber, and right to exclude.

20
Q

Regulation of Real Property Interests

A

Federal Regulation
State Regulation
Local Regulation
Judicial Regulation

21
Q

Federal Regulation

A

grants overall rights of ownership; controls broad usage standards, discrimination

22
Q

State Regulation

A

governs the real estate business; sets regional usage standards

23
Q

Local Regulation

A

levies real estate taxes; controls specific usage

24
Q

Judicial Regulation

A

applies case law and common law to disputes

25
Q

The legal concept of land encompasses:

A

The surface area of the earth
Everything beneath the surface of the earth extending downward to its center
All naturalthings permanently attached to the earth
The air above the surface of the earth extending outward to infinity

26
Q

The legal concept of real estate encompasses:

A

Land
All man-made structures that are “permanently” attached to the land
Land can be laterally severed into surface rights, subsurface rights, and air rights. Real property can also have water rights.

27
Q

Our legal system recognizes two classifications of property

A

Real and Personal Property

28
Q

Real Property

A

is ownership of real estate and the bundle of rights associated with owning the real estate

29
Q

Personal Property

A

is ownership of anything that is not real estate, and the rights associated with owning the personal property item. Items of personal property are also called chattels or personalty.

30
Q

An item may be real or personal property depending on

A

the “attachment” criterion and other circumstances.

31
Q

Fixtures

A

real property converted from personal property by attachment to real estate

32
Q

Diffrentiation Criteria

A

intention; adaptation; functionality; relationship of parties; contract provisions

33
Q

Trade Fixtures

A

personal property items temporarily attached to real estate in order to conduct business; to be removed at some point

34
Q

Emblements

A

plants or crops considered personal property since human intervention is necessary for planting, harvesting

35
Q

Conversion

A

transforming real to personal property through severance, or personal to real property through affixing.

36
Q

Real property has two general types of characteristics

A

Physical and Economic

37
Q

Physical Characteristic

A

include immobility, indestructibility, and heterogeneity. These characteristics essentially describe how land cannot be moved or destroyed, and that each real property is unique.

38
Q

Economic Characteristics

A

are scarcity, improvements, permanence of investment, and area preference. These economic considerations address overall supply of real property, surrounding land, infrastructure investment considerations, and the old saying “location, location, location”.

39
Q

Area preference

A

is the most important economic characteristic of real property.

Law of Contracts (25 decks)

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