Lay of the Land Flashcards
LAND
Earth’s surface to center of the earth
upward to infinity including permanently attached natural objects.
Real Estate
Everything in the definition of land plus all things permanently attached to it
Naturally or artificially
Artificial attachments are called
Improvements
Improvements include
fencing, buildings and walkways
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 aly 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 others
Control
The right to dispose of (by sale, lien, easement, lease etc) any interest in the property
Disposition
Everything that is not real property
Personal Property
Everything that is not real property
Personal Property
