Module 2 Flashcards
The earth’s surface, extending downward to the center and upward to infinity.
Land
Capable of being divided or split. When subsurface interests are sold by the surface owner to another, the subsurface estate has been severed from the surface estate.
Severable
Ownership rights in a parcel of real estate to the minerals, gas, oil and so forth that lie beneath the surface of the property.
Subsurface rights
(1) An improvement on land is any structure, usually privately owned, erected on a site to enhance the value of the property: for example, buildings, fences and driveways. (2) An improvement to land is usually a publicly-owned structure, such as a curb, sidewalk, street or sewer.
Improvement
Growing crops, such as cotton and corn, that are produced annually through labor and industry: deemed to be personal property.
Emblements
Land: A portion of the earth’s surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached thereto, whether by nature or by a person; any and every interest in land.
Real estate
The concept of land ownership that means ownership of all legal rights to the land – for example, possession, control within the law and enjoyment – rather than ownership of the land itself.
Bundle of rights
The right to use the open space above a property, generally allowing the surface to be used for another purpose.
Air rights
Chattel or personalty. Something moveable or temporary in nature. Everything that is not real property.
Personal property
The earth’s surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature or by people, as well as the interest, benefits and rights inherent in real estate ownership.
Real property
Ownership rights in a parcel of real estate that are limited to the surface of the property, and do not include the air above it (air rights) or minerals below the surface (subsurface rights).
Surface rights
The right to use wind above a property
Wind Rights
An item of personal property that has been converted to real property by being permanently installed or attached to the real property.
Fixture
Items of a temporary or movable nature
Personal property
Shrubs, trees, and landscaping
Improvement
Everything that is encompassed with land including man-made additions
Real estate
Ceiling fans, window coverings, wall-to wall carpet
Fixture
Physical real estate plus the rights an individual has in the land
Real property
__________ is defined as the surface of the earth, extending downward to the center of the earth and upward above the surface to infinity. This definition also includes natural things such as trees, crops, and water.
Land
___________ includes all that land encompasses, with the addition of all man-made additions to the land (improvements) such as roads, houses, and commercial buildings.
Real estate
_______________ is a broader term that goes beyond the physical real estate and includes the rights that a person has in the land. These rights are often referred to as the “bundle of rights.”
Real property
The _________ can develop the surface.
owner
The right to use water from a lake, ocean, or sea next to property.
Littoral Rights
Extend above the surface without limitation.
Air Rights
Theory of water law based on the idea that the first in time is the first in right.
Prior Appropriation Theory
The rights to oil, gas, and other minerals. This right begins at the center of the earth.
Subsurface Rights
The right to use water from a river or stream on or next to a property.
Riparian Rights
The right or ability to develop or improve the surface and use resources extracted from or near the surface including stone, gravel, water, and limestone.
Surface Rights
The right to use water but not own it. Water may not be contaminated, and its flow may not be interrupted.
Water Rights
Removing fixtures (by detaching them from real property or by uninstalling them) to create personal property is _____________
Severance
_____________ to the property refers to how the item fits the property
Adaptation to the property
The method refers to how the item was attached to the property.
The method of attachment
When the item was installed is often considered to be the most important test
Intention of the Parties
Annual crops produced with labor fall into a special category known as
emblements
Read each item description and indicate whether it describes real or personal property: Built-in bookshelves
Real
Read each item description and indicate whether it describes real or personal property: The stovetop
Real
Read each item description and indicate whether it describes real or personal property: Plumbing fixtures
Real
Read each item description and indicate whether it describes real or personal property: A tree that has been cut down
Personal
Read each item description and indicate whether it describes real or personal property: Potted plants
Personal
Read each item description and indicate whether it describes real or personal property: A dishwasher
Real
Read each item description and indicate whether it describes real or personal property: A couch
Personal
Read each item description and indicate whether it describes real or personal property: Vegetables in garden
Real
Read each item description and indicate whether it describes real or personal property: Kitchen utensils
Personal
Read each item description and indicate whether it describes real or personal property: A shed in the backyard
Real
Read each item description and indicate whether it describes real or personal property: A boat
Personal
Read each item description and indicate whether it describes real or personal property: The dining room chandelier
Real
Read each item description and indicate whether it describes real or personal property: Roses in the garden
Real
Read each item description and indicate whether it describes real or personal property: An attached garage
Real
A manufactured home is not a
mobile home
Manufactured homes and modular homes are built under controlled conditions in a
factory.
A manufactured home is built to a nationwide HUD-administered building code established in
1976
A Modular Home is built in a factory to local zoning codes and assembled
on-site
Rights that are associated with the ownership of real property are often referred to as the ownsers ________
Bundle of rights
Surface, subsurface and air rights are said to be __________
Severable
Air rights are commonly leased or conveyed in ________
Cell tower leases
Condominiums
Outdoor advertising
Buildings, roads, and fences are all examples of _________
Improvements
If a tenant fails to remove trade fixtures from the leased premises, the fixtures become the property of the landlord through _______
Accession
