Property, Estates And Ownership Flashcards
What are the Bundle of Rights?
The right to
Use
Possess
Transfer
Encumber
Enjoy
UPTEE
Is water real property?
If it’s on the surface, flowing in a stream or underground, it’s real property.
If it’s taken and bottled, it’s personal property.
Correlative-rights doctrine
Owner may take only a reasonable share of underground waters (not to exclude adjoining owners).
Riparian rights
Property owners bordering a stream or river have reasonable use of flowing water.
Littoral owners
Owners of land bordering a lake.
Air rights
The rights of an owner of real property to the airspace above.
Can air rights be sold, leased or encumbered separately from the land?
Yes
Subsurface rights
The rights to natural resources below the surface
Are minerals real property
Yes unless they are fugitive substances (non-solid, migratory minerals like oil and gas
Which isn’t real property?
Trees
Shrubs
Flowers
Emblements
Emblements
Annual crops grown by a tenant on someone else’s land
What are the 5 tests to determine a fixture?
MARIA
Method of attachment - permanently attached
Adaptation - made especially for the property
Relationship of the parties
Intention - apparent in writing or by actions
Agreement of the parties
Are trade fixtures personal or real property?
Personal
Are annual crops (fructus industriales/emblements ) real or personal property?
Annual crops produced by human labor are personal property, even before harvested.
Appurtenance
Anything used with the land for its benefit
Appurtenance means “belonging to”
What are the 2 most common appurtenances to real property?
1)Easements
2)Stock rights in a mutual water company
