Module 2 Vocab Flashcards
Definition of Air Rights:
The right to undisturbed use and control of designated air space above a specific land area within stated elevations
Something added or appended to a property that then becomes an inherent part of the property is a(n) _____.
Appurtenance
Definition of Bundle of Rights:
total range of ownership interests in real property. An owner that possesses all the interests in the ____ has the most complete form of ownership
Definition of Fixture:
an appurtenance/article that was once personal property but has since been installed or attached to the land or building in a rather permanent manner so that it is regarded in law as part of real estate
_____ is the total range of ownership interests in real property. An owner that possesses all the interests in the ____ has the most complete form of ownership
Bundle of Rights
Definition of fixture:
an appurtenance/article that was once personal property but has since been installed or attached to the land or building in a rather permanent manner so that it is regarded in law as part of real estate
Tests for this are attachment (permanence), adaptation (customization), agreement (intention)
The 5 Bundle of Rights in Real Property are:
Possession Transfer Lease Mortgage Improve
Bonus: Other rights include
- Right to enjoyment (use in a legal manner)
- Right of exclusion (keep others from entering or using the property)
- Right to do all or none of these things
Something added or appended to a property that then becomes an inherent part of the property is a(n) _____.; something that goes with the land.
Appurtenance
All _____ were once personal property but when attached to the land, they become real estate.
improvements
Definition of Appurtenance
something added or appended to a property that then becomes an inherent part of the property; Something that goes with the property when the title is transferred.
The definition of ____ is the solid surface on the earth, as distinguished from water.
land
Significant characteristics of land:
- Land is immobile and each parcel is unique in its location and composition
- Land is durable as a long-term asset, but the supply of land is finite
- Land is not only an economic concept but also a valued commodity to people
What are the 3 major divisions of land rights?
- Air
- Surface
- Subsurface
The definition of ______ is: rights pertaining to properties abutting an ocean, lake, or pond (generally interpreted as non-flowing waters) with an emphasis on the use and enjoyment of the shore (the area between high and low water levels)
littoral rights
____ is divided or undivided rights in real estate that represent less than the whole
Partial Interest (aka fractional interest)
_____ is Identifiable tangible objects that are considered by the general public as being personal
Personal Property (aka Chattel and Personalty)
_____ is land (physical raw land) and all things that are a natural part of the land such as trees and minerals. Also includes appurtenances.
real estate
___ is the interests, benefits, and rights in the ownership of real estate
real property
_____ these pertain to owner rights where their land touches water. These are typically rivers and streams that are used for commercial purposes, but these rights can also include recreational use.
riparian rights
subsurface rights are:
- Right to use and profits of the underground portion of the designated property
- Right to extract coal, mineral, oil, gas, and water
- Right to construct and maintain tunnels subways, sewers, and basements
- Solid mineral rights (Minerals are part of real estate until extracted, then they are personal property)
- oil and gas rights (Oil and gas becomes personal property once it is brought to the surface)
_____ rights include land, water, and anything attached to the land - either naturally or placed by human hands
surface
_____ May be subject to laws and customs of the area but generally were placed in or attached to rented buildings by a tenant to help carry out a trade or business of the tenant. They are personal property regardless of how they are affixed and are removable by the tenant when the lease expires unless this right has been surrendered in the lease
trade fixtures
riparian rights
these pertain to owner rights where their land touches water. These are typically rivers and streams that are used for commercial purposes, but these rights can also include recreational use.
real property
the interests, benefits, and rights in the ownership of real estate
littorial rights
rights pertaining to properties abutting an ocean, lake, or pond (generally interpreted as non-flowing waters) with an emphasis on the use and enjoyment of the shore (the area between high and low water levels)
real estate
is land (physical raw land) and all things that are a natural part of the land such as trees and minerals. Also includes appurtenances.
Annual crops and plantings such as corn, wheat, and vegetables are known as ____ and are known as personal property
emblements
Notes: Land sales typically address emblements in the purchase contract to avoid confusion regarding harvesting rights
Generally, crops planted by a tenant farmer are treated as emblements.
BUT
Perennial plantings like trees, shrubbery, and grasses that do not require annual cultivation are considered real estate
