Nature of Property Flashcards
Accretion
The gradual addition to dry land by natural forces, as when the tide deposits water-borne sediment on shoreline property.
Actual Annexation
The process of physically attaching personal property to land, causing it to be a fixture.
Air Rights
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.
Annexation
The process of attaching personal property to land so the law views it as part of the real property.
Appropriative Rights
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.
Appurtenances
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
Attachments
Things connected to the land, whether natural or man-made; generally considered to be real property.
Avulsion
The erosion of land through natural causes, such as flooding, which may remove soil or cause the collapse of riverbanks.
Bill of Sale
A document used to transfer title to personal property from one person to another.
Chattel
Personal property that is tangible. Goods or other items of property, moveable or immovable, which are not real property.
Constructive Annexation
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)
Demand
The need or desire for a specific good or service by others
Doctrine of Emblements
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).
Emblements
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.
Erosion
A gradual loss of soil due to the action of wind or water.
Fixture
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.
Immobility
A physical characteristic of real estate, referring to the fact that it cannot move from one place to another.
Improvements
Man-made attachments that are artificially attached to the land, for example, buildings, pipelines, pavements, sewers, roads, driveways, and fences.
Indestructibility
A physical characteristic of real property referring to the concept that it can’t be destroyed.
Land
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).
Leasehold Improvement
A fixture attached to real property by a landlord for the use of a tenant.
Littoral Rights
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
Personal Property
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.
Real Estate
Land and anything permanently affixed to the land. In some states the term “real estate” is interchangeable with “real property.”
Real Property
Land and everything attached to it or appurtenant to it, including the bundle of rights.
Reliction
When a body of water gradually recedes, exposing land that was previously under water.
Riparian Rights
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.
Rule of Capture
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.
Scarcity
- 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.
Severance
The process of detaching fixtures from the land and so reverting them back to personal property.
Situs
A place where something exists; an area with preferred features, giving it value to the property.
Trade Fixture
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
Transferability
The ability to freely buy, sell, encumber or dispose of property in any way that the owner sees fit.
Uniqueness
A characteristic of real property: each piece of land, each building, and each house is a different piece of real estate.
Utility
The ability of a good or service to satisfy human wants, needs, or desir
D-U-S-T - value characteristics of Real Property
- 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
Physical Characteristics of Real Property
- 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
