Property And Water Rights Flashcards
What does Hereditaments mean?
The most all inclusive category of property. Can be both corporeal (tangible) and incorporeal (intangible)
Bundle of rights?
Right of Disposition = sale/will
Right to Use = Build on/crop
Right to Possess = Live in
Right to Encumber = Take out loan against/Have a lien
Remember DUPE
What is Real Estate (Real property/Realty)
The land and anything attached to or growing upon it.
How is title (ownership) to Real Property conveyed (transferred)?
With a deed
How is title (ownership) to Personal Property conveyed (transferred)?
By a Bill of Sale
What is Personal Property (Personalty/Chattal)?
All property that is not real property. Does not transfer ownership with sale of real property.
What are the 3 classifications of real property?
- Land
- Tenements
- Appurtenances
What are the characteristics of land?
Immobility
Indestructibility
Non homogeneous
What does Non-homogeneous/heterogeneous mean?
No two lands exactly alike
Definition of tenements?
Corporeal attachments to the land such as a building, a fence, a tree
What are fixtures?
Articles that were once personal property but now have become attached to real estate and are therefore considered to be real property
What trade fixtures?
Property used by tenant in his trade/work
How to test if an item is a fixture?
Look at what the intent was of annexor (person who attached item to house)
Look at the method of attachment
Appurtenances?
A right, privilege or improvement that passes incidental to the sale of land
Corporeal?
Tangible attachments
