real estate start Flashcards
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Corporeal
actual possession of the property.
Incorporeal
rights in a property, rather than possession of land.
Freehold
an ownership in real property, an estate.
Leasehold
a possession of real estate such as leasing rather than ownership; an estate.
Interest
is a right, a claim, title or legal share in a property
appurtenances
rights, privileges, and improvements that belong to and pass with the transfer of the property. water rights, a shared drive way, easements - something attached to a property that is of lesser value than the property itself.
example of appurtenance(s)
trees, a fence, a stream, a shed, a garage, wells, septic systems, water storage tanks. Items hard-wired to the home’s electrical system, such as lights and ceiling fans, are appurtenances. Air rights, gas rights, solar rights, light and sound rights, mineral rights and surface rights.
easement
An easement gives someone else the legal right of enjoyment and is attached to a property in the same way that something physical like a well is.
easement example
a driveway easement is an appurtenance. When the property is sold, the easement goes with it. In this case, the attachment to the property is provided for the convenience of someone else, but the property owner is expected to respect it.
littoral
land that is located next to a pooled body of water. Littoral land includes land that is situated next to a lake, ocean, or sea.
riparian
relating to or situated on the banks of a river.
prior appropriation
A common law doctrine governing the use of surface water and groundwater rights.
allodial system
a legal system that allocates full property ownership rights to individuals.
bundle of rights
The right of possession
The right of control
The right of exclusion
The right of enjoyment
The right of disposition
The right of disposition
The right of disposition protects the titleholder’s right to transfer ownership, permanently or temporarily, to another party. This right is fully realized only when the property is owned outright and not mortgaged. An exclusion also applies if the property is subject to a lien.
Right of Enjoyment
The right to enjoyment asserts the titleholder’s right to participate in any activities that they find pleasurable while on the property. This assumes, once again, that those activities are lawful.
Right of Exclusion
The right of exclusion allows the titleholder to limit who may enter the property.
Right of Exclusion limits
Easements may be in place permitting access to utility lines that override this right. A warrant authorizing a search of the property trumps the right of exclusion. Additionally, an owner of a rental property may not have right of exclusion for who their tenant lets on the property depending on the terms of the lease and local laws.
Right of Control
The titleholder can use the property in any way that is not illegal.
Right of Control limits
a homeowner association (HOA) can place additional restrictions on anything from garden ornaments to pet ownership, though these rules are not laws.
Right of Possession
The right of possession simply states that the titleholder is the legal owner of the property.
Livery of Seisin
“I own it and I have the right to sell it.”
the Physical characteristics of land are:
Immobility
Indestructibility
Heterogeneity
Immobility
Physical characteristic of real estate referring to the fact that it cannot move from one place to another.
Indestructibility
land cannot be destroyed or worn out. Its appearance may be altered but it always continues to exist.
heterogeneity
every unit is unique in terms of its construction, condition, financing and mainly location. The word heterogeneous generally describes things that are made up of elements that are unalike. An appraisal term describing an area composed of buildings of varied styles or uses. Diversity.
The Five Economic characteristics of land are:
Demand
Utility
Scarcity
Transferability
Situs
what is Situs
where it is located
the situs of real estate (land) is where it is located, for legal purposes.
Water rights
Doctrine of Prior Appropriation requires that property owners obtain permits for use of water.
Littoral rights
properties that border bodies of water that are not moving
Riparian rights
properties that border moving water such as streams and rivers
Accretion
increase of land through natural causes
Erosion
land eroding or worn away by water or ice
Avulsion
the sudden tearing away of land by a river or flood
Reliction
the recession of water gradually leaving land
Alluvion
an increase of land on a river bank or shoreline by the act of water
air rights
the right to build or develop in the airspace above a property
scenic easement
may be sold so another building cannot be built to block the view. A scenic easement controls the use of adjacent land, including the airspace above the land, for the purpose of protecting a scenic view.
light and air easement
stops a building from blocking the light of another
Fructus Industriales
Those things created by the labor (industry) of man rather than by nature alone and are considered personal property. For example: a planted crop (wheat / corn) rather than an iron ore deposit.
fructus naturales
Fructus naturales are natural fruits that come from the land, plants, or animals. They are considered part of the real property.
Annexation
changes personal property to real property
Severance
changes the real property to personal property
Personal property
(chattels) is portable, readily movable from one location to another
fixture
something that once was personal property but has been installed to real property.
appurtenance
right, privilege, or improvement that belongs to and passes with the transfer of property.
Trade Fixture
personal property and can be removed by the tenant at any time before the end of the lease.
Method of Annexation
every mode by which a chattel can be joined or united to the freehold. The article must not however be laid upon the ground; it must be fastened, fixed or set into the land or into some such erection as is unquestionably a part of the realty.
Adaptability
Items adapted to a specific purpose in the home and that have become an essential piece of the home, such as floating flooring or a pool cover, are fixtures.
Intent of the parties
writing signed by the parties to a proposed real estate transaction, e.g. buyer and seller or landlord and tenant, that identifies the key terms of the transaction that the parties will later incorporate into a formal contract, such as a sales contract or lease.
Damage
an item is a fixture if its removal would damage the real property
