Nature of Property

Question 1

Accretion

Answer 1

The gradual addition to dry land by natural forces, as when the tide deposits water-borne sediment on shoreline property.

Question 2

Actual Annexation

Answer 2

The process of physically attaching personal property to land, causing it to be a fixture.

Question 3

Air Rights

Answer 3

The right to undisturbed use and control of airspace over a parcel of land (within reasonable limits for air travel); may be transferred separately from the land.

Question 4

Annexation

Answer 4

The process of attaching personal property to land so the law views it as part of the real property.

Question 5

Appropriative Rights

Answer 5

Water rights allocated by government permit according to an appropriation system. It is not necessary to own property beside the body of water in order to apply for an appropriation permit. Also called: Prior Appropriation.

Question 6

Appurtenances

Answer 6

A right that goes along with ownership of real property; usually transferred with the property, but may be sold separately. EX: Air rights, subsurface, water, appropriative

Question 7

Attachments

Answer 7

Things connected to the land, whether natural or man-made; generally considered to be real property.

Question 8

Avulsion

Answer 8

The erosion of land through natural causes, such as flooding, which may remove soil or cause the collapse of riverbanks.

Question 9

Bill of Sale

Answer 9

A document used to transfer title to personal property from one person to another.

Question 10

Chattel

Answer 10

Personal property that is tangible. Goods or other items of property, moveable or immovable, which are not real property.

Question 11

Constructive Annexation

Answer 11

Personal property associated with real property in such a way that the law treats it as a fixture, even though it is not physically attached to the real property. (keys to a house)

Question 12

Demand

Answer 12

The need or desire for a specific good or service by others

Question 13

Doctrine of Emblements

Answer 13

Rule that allows an agricultural tenant to re-enter the land to harvest crops if the lease ends, through no fault of the tenant, before the crop can be harvested (applies only to the first crop).

Question 14

Emblements

Answer 14

A crop that is planted and cultivated through someone’s labor and industry. Emblements are considered to be personal property. Also known as fructus industriales.

Question 15

Erosion

Answer 15

A gradual loss of soil due to the action of wind or water.

Question 16

Fixture

Answer 16

A man-made attachment; an item of personal property that has been attached to or closely associated with real property in such a way that it is now legally part of the real property.

Question 17

Immobility

Answer 17

A physical characteristic of real estate, referring to the fact that it cannot move from one place to another.

Question 18

Improvements

Answer 18

Man-made attachments that are artificially attached to the land, for example, buildings, pipelines, pavements, sewers, roads, driveways, and fences.

Question 19

Indestructibility

Answer 19

A physical characteristic of real property referring to the concept that it can’t be destroyed.

Question 20

Land

Answer 20

The actual surface of the earth. From a legal standpoint, also refers to everything under the ground to the center of the earth, and everything over the land into the air (within limits to allow for air traffic).

Question 21

Leasehold Improvement

Answer 21

A fixture attached to real property by a landlord for the use of a tenant.

Question 22

Littoral Rights

Answer 22

Surface water rights of landowners whose land touches a navigable, “non-flowing” body of water such as a commercial lake, sea, or ocean.
- Property owner may have unrestricted use of the waterway, but he only owns the land up to the mean high water mark of the body of water

Question 23

Personal Property

Answer 23

Tangible items that are not permanently attached to or part of real estate; any property that is not real property; movable property not affixed to land. Also called Chattel or Personalty.

Question 24

Real Estate

Answer 24

Land and anything permanently affixed to the land. In some states the term “real estate” is interchangeable with “real property.”

Question 25

Real Property

Answer 25

Land and everything attached to it or appurtenant to it, including the bundle of rights.

Question 26

Reliction

Answer 26

When a body of water gradually recedes, exposing land that was previously under water.

Question 27

Riparian Rights

Answer 27

Water rights of landowners whose land touches a natural body of flowing water such as a stream, creek, or river.

• non-navigable, the property owner owns the land under the water to the exact middle or center of the water.
• navigable the property owner owns the land up to the edge of the water and no farther.

Question 28

Rule of Capture

Answer 28

A legal principle that grants a landowner the right to all oil and gas produced by wells on his land, even if it migrated from underneath land belonging to another.

Question 29

Scarcity

Answer 29

1. A physical characteristic of real property: there is a limited supply of real estate. 2. The perceived supply of a good or service relative to the demand for the item.

Question 30

Severance

Answer 30

The process of detaching fixtures from the land and so reverting them back to personal property.

Question 31

Situs

Answer 31

A place where something exists; an area with preferred features, giving it value to the property.

Question 32

Trade Fixture

Answer 32

Item of personal property that is annexed to leased property and is necessary to a trade or business and which is removable by the tenant prior to expiration of the lease

Question 33

Transferability

Answer 33

The ability to freely buy, sell, encumber or dispose of property in any way that the owner sees fit.

Question 34

Uniqueness

Answer 34

A characteristic of real property: each piece of land, each building, and each house is a different piece of real estate.

Question 35

Utility

Answer 35

The ability of a good or service to satisfy human wants, needs, or desir

Question 36

D-U-S-T - value characteristics of Real Property

Answer 36

• Demand -need or desire for specific good or service closely tied to location or situs
• Utility - ability of good to satisfy human wants or needs
• scarcity - perceived supply of a good compared to the actual demand
• Transferability - ability to freely buy, sell, encumber or dispose of property in any way the owner sees fit

Question 37

Physical Characteristics of Real Property

Answer 37

• Immobility - can’t be moved from one place to another helps value of land in a good market, but can hurt land value in a bad market
• Indestructibility
• Uniqueness - each parcel of land and each structure is a unique piece of real estate