Level 2: Real Property Flashcards
ownership of land in which the
land is owned free and clear; it is the opposition of
the feudal system
Allodial System
a form of ownership from England’s
past in which royalty owned the land
Feudal System
any permanent man-made addition
to land
Improvement
ownership of the minerals, gas,
or oil beneath the surface of a piece of real estate
Subsurface Rights
ownership of the land in a parcel or
real estate but limited only to the plane
Surface Rights
the right to use the airspace above the
surface of land
Air Rights
the right to enjoy the water that borders a property
Water Rights
rights that govern lakefront or
oceanfront property and usually allow the property
owner to use the water bordering their property
Littoral Rights
rights that govern the use of
flowing water, such as rivers and streams that pass
through or border a property
Riparian Rights
any item that is not real estate,
also known as chattel or personalty
Personal Property
a part of the surface of land to the
center of the earth and upward to space, plus all improvements made by man or nature
Real Estate
land from the surface to the center
of earth and upward into space including everything
attached by man or nature as well as the bundle of
legal rights of the ownership
Real Property
an object that was once personal property,
but which has now been firmly attached to the land in
such a way that it becomes part of the estate
Fixture
personal property attached to real
property that is owned by and needed for a tenant’s
business
Trade Fixture
the use and modification of a particular
item for a specific use in a property
Adaptation
