Property Rights Flashcards
Real Property
Land, everything attached to it, and bundle of rights
Personal Property
Anything not attached to land
Deed
how real property ownership is conveyed. receipt
Title
review online, it is cut off in print out
Bundle of Rights (PECDE)
grouping of property rights that can be separately transferred
Possession
own real estate
Enjoyment
use it in any legal way
Control
control the use
Disposition
give it to someone else by sale, rental or will
Exclusion
limit access to it
Land and Surface Rights (surface rights)
extends approx. 30 feet below lands surface
Improvements on Land
anything permanently attached to land ex: house
Fixtures
individual improvements ex: window blinds
Air Rights
right to space above land (vertical interests)
Mineral Rights (solid)
solid minerals. extend to earth’s core
Mineral Rights (liquid)
oil, gas etc. extend to earth’s core. 2 types of ownership, depends on state
Doctrine of Capture
land owner does not own the liquid but has right to capture
Utilization Pooling
landowner does own a fraction of whatever liquid mineral rights exist under their property.
United States vs. Causby
space starting between 80-500 ft above land is called navigable air space and is under jurisdiction of the Fed Aviation Authority
*think of united airlines
Profit a’ Prendre
if mineral rights are purchased separately from surface of land
owner of mineral rights automatically gains right to harvest mineral as implied easement.
mineral rights to core if don’t own
Riparian Rights
ownership rights for bordering rivers and waterways
navigable waterway, own up to accretion line
non navigable, up to midpoint
state specific, Eastern states
Accretion Line
edge of water
Doctrine of Prior Appropriation
Western states. ownership of whoever used the water first
Appurtenances
any property rights existing outside boundaries of property itself.
ex: easement across adjoining property for beach access or deeded parking spot in condo
Easement
right of way
Personal Property (chattel, personalty, moveable)
property not attached to piece of land or improvement
ex: car or table
Bill of Sale
receipt. how personal property is transferred
ex: The seller is allowing the buyer to keep a house plant
Test to determine Real or Personal
4 questions to determine where an item belongs and who it belongs to
Attachment
is the property permanently attached to land (nailed or rooted)
Adaptability
is the property custom built to fit or generically fits anywhere
Intention
intent of the person who installed the property. This causes exceptions.
ex: did they want to make it permanent?
Agreement
buyer and seller agree to determine an item as either personal or real. this approach trumps AAI.
Statute of Frauds
law requiring real estate contracts to be in writing to be legally enforceable
all items of real estate are included in sale unless specifically excluded in writing
Trade Fixtures
business property items that are permanently attached to land but treated as personal because it was only installed for that particular business. Mostly on commercial RE
Emblements
Crops planted and harvested annually/biannually. Considered personal since it was planted to be harvested
apple trees are considered real estate since they are fully harvested
ex; corn or wheat
Annexation
personal now real (planting a sapling)
Severance
real now personal (digging up a tree)
