LP 1: Rights In Real Estate Flashcards
REAL PROPERTY
Land, anything affixed to land (attachments), and anything incidental or appurtenant to land such as easements (appurtenances)
PERSONAL PROPERTY
Anything tangible that’s not real property. Also referred to as chattels or personality.
Main characteristics: movability and lack of attachment.
EX/ furniture, tools, potted plants
APPURTENANCE
A right incidental to the land that’s transferred with it. EX/ easements
ANNEXATION
The process or act of attaching or adding personal property to real property, so that it becomes part of the real property. May be actual or constructive.
SEVERANCE
The separation of fixtures or other attachments from real property, so that the items become personal property
EMBLEMENTS
Crops produced annually through the labor of the cultivator
TRADE FIXTURES
Personal property attached to real property by a tenant for use in a trade or business. The tenant is allowed to remove trade fixtures when the tenancy ends.
RIPARIAN RIGHTS
The water rights of a landowner whose land borders on a stream or other surface water. Only allows reasonable use of the water. R = River.
LITTORAL LAND
Land bordered by a stationary body of water. L = Lake.
APPROPRIATIVE RIGHTS
Water rights established by obtaining a government permit, and not based on ownership of land besides a body of water
LATERAL SUPPORT
The support that a piece of land receives from the surrounding land
SUBJACENT SUPPORT
The support that a piece of land receives from the underlying earth
AREA PREFERENCE
The effect that preference for a particular location can have on the value of a piece of land
ACCRETION
Increase in land due to collection of soil on the shoreline of a lake, stream or the sea
ALLUVION
Increase in the area of land due to collection of soil, clay, or other material deposited by water. Added land belongs to the owner of the property to which it is added. This changes the size of a piece of land (accession) and thus its value over time.
