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RE Exam > Property Rights > Flashcards

Property Rights Flashcards

1
Q

Real Property

A

Land, everything attached to it, and bundle of rights

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2
Q

Personal Property

A

Anything not attached to land

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3
Q

Deed

A

how real property ownership is conveyed. receipt

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4
Q

Title

A

review online, it is cut off in print out

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5
Q

Bundle of Rights (PECDE)

A

grouping of property rights that can be separately transferred

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6
Q

Possession

A

own real estate

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7
Q

Enjoyment

A

use it in any legal way

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8
Q

Control

A

control the use

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9
Q

Disposition

A

give it to someone else by sale, rental or will

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10
Q

Exclusion

A

limit access to it

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11
Q

Land and Surface Rights (surface rights)

A

extends approx. 30 feet below lands surface

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12
Q

Improvements on Land

A

anything permanently attached to land ex: house

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13
Q

Fixtures

A

individual improvements ex: window blinds

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14
Q

Air Rights

A

right to space above land (vertical interests)

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15
Q

Mineral Rights (solid)

A

solid minerals. extend to earth’s core

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16
Q

Mineral Rights (liquid)

A

oil, gas etc. extend to earth’s core. 2 types of ownership, depends on state

17
Q

Doctrine of Capture

A

land owner does not own the liquid but has right to capture

18
Q

Utilization Pooling

A

landowner does own a fraction of whatever liquid mineral rights exist under their property.

19
Q

United States vs. Causby

A

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

20
Q

Profit a’ Prendre

A

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

21
Q

Riparian Rights

A

ownership rights for bordering rivers and waterways

navigable waterway, own up to accretion line
non navigable, up to midpoint

state specific, Eastern states

22
Q

Accretion Line

A

edge of water

23
Q

Doctrine of Prior Appropriation

A

Western states. ownership of whoever used the water first

24
Q

Appurtenances

A

any property rights existing outside boundaries of property itself.

ex: easement across adjoining property for beach access or deeded parking spot in condo

25
Q

Easement

A

right of way

26
Q

Personal Property (chattel, personalty, moveable)

A

property not attached to piece of land or improvement

ex: car or table

27
Q

Bill of Sale

A

receipt. how personal property is transferred

ex: The seller is allowing the buyer to keep a house plant

28
Q

Test to determine Real or Personal

A

4 questions to determine where an item belongs and who it belongs to

29
Q

Attachment

A

is the property permanently attached to land (nailed or rooted)

30
Q

Adaptability

A

is the property custom built to fit or generically fits anywhere

31
Q

Intention

A

intent of the person who installed the property. This causes exceptions.

ex: did they want to make it permanent?

32
Q

Agreement

A

buyer and seller agree to determine an item as either personal or real. this approach trumps AAI.

33
Q

Statute of Frauds

A

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

34
Q

Trade Fixtures

A

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

35
Q

Emblements

A

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

36
Q

Annexation

A

personal now real (planting a sapling)

37
Q

Severance

A

real now personal (digging up a tree)

RE Exam (4 decks)

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