Real Property Flashcards
Land
The surface area of the earth, everything beneath the surface extending downward to its center, all natural things permanently attached to the earth, and the air above the surface extending outward to infinity.
Parcel or Tract
A portion of land delineated by boundaries
Improvements
Man-made structures attached to the land.
Personal Property
Anything that is not real estate.
Real Property
Real estate and the bundle of rights associated with owning real estate.
Tangible Property
Property that is physical, visible, and material.
Fixtures
Personal property converted into real property by attaching it to real estate
(i.e lights, dishwasher, oven)
Trade Fixtures
Personal property items temporarily attached to real estate in order to conduct business (designed to be removed at some point).
Emblements
Plants or crops requiring human intervention for planting and harvesting (Emblements are personal property)
Conversion (in regard to property)
The act of transforming real to personal property through severance, or personal to real property through affixing.
Littoral Rights
Rights that concern properties next to bodies of water that are not moving (lakes and seas)
Riparian Rights
Rights that concern properties next to moving water (streams and rivers)
Five Bundles of Legal Rights:
-Possession
-Disposition
-Control
-Exclusion
-Enjoyment
What is a property owner’s ‘Right of Possession’?
The right to use the property in certain ways (mining, cultivating, landscaping, razing, and building on the property).
What is a property owner’s ‘Right of Disposition’ ?
the right to sell, lease, donate, or assign ownership interests
What is a property owner’s ‘Right to Control’ ?
the right to use the property in any way that is not illegal.
What is a property owner’s ‘Right of Exclusion’?
the right to limit who may enter the property (with the exception of easements or a warrant)
What is a property owner’s ‘Right of Enjoyment’ ?
The right to enjoy their property within the bounds of the law
Surface Rights
Rights to the ground, all natural things affixed to the ground, and all improvements (within the surface boundaries of a parcel of real estate)
Severance
Converting real property to personal property by detaching it from the real estate.
Affixing (aka Attaching)
The act of converting personal property to real property by attaching it to the real estate.
What are the three physical characteristics of land?
Immobility
Indestructibility
Non-homogeneous
Who does not have to have a special license to sell a manufactured home?
Real estate brokers
What right applies to extracting mineral and gas deposits and subsurface water from the water table?
Subsurface rights
