Property Flashcards
Allodial
A political economic system that allows for private ownership of real property is called an allodial system American Indian Indians had a non-allodial system, but capitalism is an allodial system
Real property
The land, and all that is attached to the land, or the subsurface to the center of the Earth in the air space to infinity
Appurtenant
Refers to things that are attached to the land or deed. A fence is at appurtenance to the land where is an easement would be considered an appurtenance to the deed
Physical characteristics of land
Immovable, indestructible,non-homogeneous
Economic characteristics of real property
Scarcity, improvements, location, residential
Lateral support
Support given to adjoining land, building a retaining wall
Corporeal Property
 That the term used to describe something which is physical or tangible, it could be real or personal property, such as a building or a car 
Severance
The process of turning real property into personal property an example would be a tree. Once it is cut down it becomes personal property.
Accession
The opposite of severance it is the process of adding to the real property by man. Examples will be hauling in dirt building a house mudslides. 
Emblements
Crops nurtured in the year of sale.
Personal property seller retains the right to remove the harvest. Unless otherwise negotiated
Personal property
Severed from real property,
Personality, chattel,
Transferred with bill of sale
Fixtures
That which is attached to real property without loosing its identity.
1. Manner it was attached
2. intent of the grantor
3.agreement of parties
4. Adaptation of the object
5.relationship of the parties
Trade fixture
That which is attached to a trade or business. These are personal property. Any damage must be repaired after removal
