Modern Real Estate Practice: Unit 1 Flashcards
Real property includes…
land + appurtenances that benefit the land
Appurtenances are…
attached to and run (or transfer) with the land
Land includes…
Air (above), surface (here), subsurface (below) - these can be sold separately
Improvements are…
attached to the land with the intent of being permanent
Rights are in three forms…
- Rights in land (physical things)
- Right of ownership (non-physical)
- Governmental rights
water rights (or the doctrine of prior appropriation) is controlled by…
government. It determines which user’s water right have priority
Rights to landowners along Rivers/streams is known as…
Riparian
Riparian
Littoral
Addition to land by natural causes…
Accretion
Loss of land from natural causes…
Avulsion
Mineral rights are often held…
by a third party
A vertical lease…
would allow the property owner to lease all three right (mineral, surface, and air) to different tenants
Real estate is transferred by a…
Deed
Personal property is…
movable, not permanently attached to the land, and must be included in the purchase contract to transfer with the property
Personal property is transferred by a…
bill of sale
Fixture is…
formerly personal property that has been attached to become real property. It is never land and once it becomes attached it is known as an appurtenance and automatically transfers.
Test for intent of a fixture by…
- Was the object affixed with the intent of improving the land?
- Intent is proven by Attachment (built-in = fixture; free-standing = personal property) Adaptation (specific to property: keys) and Agreement (conveyed items must be written in the contract, non-conveyed fixtures must be excluded from the contract)
Personal property must be…
included in writing (contract)
