Ownership of Real Property Flashcards
_________ is the state or condition of holding legal claim or title to something. The indefinite “something” to which claim or title is held is generally referred to as ________.
Ownership
Property
3 Components of Real Estate
Land
Improvements
Plants, trees and crops
The surface of the earth, the soil and anything that is permanently attached to the earth’s surface, such as trees
and water. We also include in this definition the air space above and substances below the earth’s surface, in theory, to the center of the earth itself. This includes both corporeal,
or tangible, and incorporeal, or intangible things.
Land
To ________: Certain rights of ownership flow directly from the physical nature of land. The most important
of these are mineral rights, the right of lateral support, air rights, and riparian rights.
infinity
Among the physical characteristics of land are its __________ or indestructibility, its __________, its __________ and its __________.
permanence
immobility
complexity
uniqueness
By the __________ or the indestructibility of land we mean that it will always be there-it is durable.
permanence
Refers to the fact that land is fixed in location, or rigid. Its geographical location is never changed, but remains constant.
Immobility
Refers to the uniqueness of land because each parcel of land is unique to itself. Even though two pieces of land may appear the same, they can not occupy the same geographical space.
non-homogeneity
The __________ of land refers to the intricate variety of qualities, substances and characteristics that make up the earth
complexity
Five Categories of Real Property
HInt: RAICS
Residential
Agriculture
Industrial
Commercial
Special Purposes (parks, roads etc)
Economic characteristics that influence the value of land as an investment include: ________, ____________, ______ of __________ and _____.
scarcity, modification, fixity of investment and situs.
This is dependent upon human demand and the uses of the land.
Scarcity
Improvements modify or affect not only the properties they’re built on, but also other surrounding properties
Modifications
_______ of __________: Improvements on the land represent capital invested in the land.
Fixity of investment
Every parcel of land occupies a specific location. Location has value primarily in terms of its accessibility and its desirability as an object of human demand. It is location as a determinant of the
land’s economic value.
Situs
An owner’s rights to things below the surface of his property are called _______ ______.
Mineral Rights
___ ______: The rights that attach to the space above the surface of an owner’s property. These rights protect the owner against unreasonable obstruction of his property from above.
Air Rights
________ ______ that apply to land adjacent to running water. These rights allow an
owner to use and enjoy, within reasonable limits, the water that borders or runs through his property.
Riparian Rights
_________ _________, those accessible to commercial boat traffic, are publicly owned. They cannot
become the private property of anyone. Thus, for land adjacent to navigable waterways, ownership stops
at the water’s edge.
Navigable waterways
Ownership along ___-_________ __________ does not stop at the water’s edge. Here the riparian owner will often hold title to the waterway up to its midpoint, or from bank to bank if the waterway runs through the owner’s property.
non-navigable waterways
______ of rivers and streams include the land between the average low water mark and the average high water mark.
Banks
________ ______apply to ocean front property or property on some large lakes. The ownership usually extends to the point of high tide. These rights are similar to riparian rights for navigable waterways.
Littoral Rights
___________ ______ include underground water resources such as springs, geysers, and streams. These rights are similar to mineral rights.
Percolating waters
________ of _____ _____________: In states where water is scarce, ownership and use of water are often determined by this doctrine. It states that the right to use any water, with the exception of limited
domestic use, is controlled by the state rather than by the landowner adjacent to the water. To secure water rights in these states, a landowner must demonstrate that he plans a beneficial use for the water, such as crop irrigation. The landowner must obtain a permit from the state to use a specified amount of water for a specific purpose. Issuance of the permit does not grant access to the water. Access must be negotiated as an easement with the owner of the property which adjoins the water source. The water
rights may be sold by the permit holder to another.
Doctrine of Prior Appropriation
Land and ____________ are the two things that make up real property, one an element of nature and the
other an element of man. By ____________, we mean any permanent, man-made attachments or additions to the land. This include factories, houses, offices, libraries, schools, driveways, fences, sidewalks, etc. All are products of human labor and are immovable. ____________ and other
immovables can be owned by someone other than the owner of the land.
Improvements
A _______ is defined as an item of personal property which has been permanently attached to real property such that it is considered a part of the real property. Therefore, personal property can become real property. A faucet, for example, is personal property from the moment the owner buys it until the time it is installed in his house. Once installed, however, it becomes what we call a _______.
fixture
_________ _______ _______: If the buyer and seller agree on the status of any object, no other factors need be taken into account. This factor commonly used supersedes all other considerations as to what does or does not constitute a fixture. However, to be binding, the agreement must be written into the contract of sale.
Agreement between Parties
______ Of __________: The more permanently an item is attached to the property, the more likely it will be considered a fixture. For example, attachment by cement suggests permanence. Objects whose removal would cause structural damage to the property or leave it incomplete, such as water pipes, must necessarily be considered fixtures.
Method of Attachment
_________ Of The _____ Doing The _________: Did the owner intend to make the object a
permanent addition to his property, or did he regard its installation as only temporary?
Intention of the party doing the attaching
____________ Of The ________ ______: The final determinant of fixture status is by their nature have been designed to suit one property will usually be considered fixtures.
Adaptability of the attached object
_________: An item of real property may become personal property. For example, a
tree is considered real property until it is cut down by the owner, at which time it becomes personal property.
Severance
__________: Personal property may become real property. If for example, the owner buys a plant at a nursery it is personal property until such time as it is planted on the property.
Annexation
_____ ________ are defined as things attached to real property for the purpose of carrying on a business. Unlike ordinary fixtures, _____ ________ are considered personal rather than real property, regardless of any permanence implied by method of attachment. Examples would be barber chairs, dentist chairs, bowling lanes, etc.
Trade fixtures
______, _____ and _____: Real property also consists of things growing on the land. Trees, grass and other kinds of vegetation that are found on a piece of property are considered to be in one of two classes.
Plants, Trees and Crops
_______ _________: fruits of nature, are naturally growing things on the land that do not need annual cultivation. These are considered real property.
Fructus Naturales
_______ ____________: fruits of industry, or __________, are essentially farm crops, things that are grown and harvested every year. These are considered to be personal property. However, if land is sold during the growing season, and before harvest time, the unharvested crops may be considered as real property. (* In Louisiana, the crop will be considered either a movable or immovable.)
Fructus Industriales
emblements
