Real Property Flashcards
5 concepts of the legal concept of land?
The surface area of the earth
Everything beneath the surface of the earth extending downward to its center
All natural things permanently attached to the earth or in the ground
The air above the surface of the earth extending outward to infinity
Minerals and water on or below the earth’s surface
What defines a portion or tract of land?
a portion of land delineated by boundaries
What are the physical characteristics of land?
Immobility, Indestructibility and Heterogeneityv
The Five Economic characteristics of land?
- Demand
- Utility
- Scarcity
- Transferability
- Situs
What does the legal concept of land include?
Land and All man-made structures that are permanently attached to the land –improvements
the 4 legal property classifications?
real, personal, tangible, and intangible
What are the 4 rights in the bundle of rights?
Possession
Transfer
Encumber
Exclude
What individual components of land do the bundle of rights apply to?
Air - Surface - and Sub-Surface
What is The Doctrine of Prior Appropriation?
It requires that property owners obtain permits for use of water.
What do Littoral Rights entail?
properties that border bodies of water that are not moving
What do Riparian Rights entail?
properties that border moving water such as streams and rivers
The 5 ways that water causes gain or loss to a property
AccretionErosionAvulsionRelictionAlluvion
What is the primary way of determining between real and personal property?
Whether or not the item is permanently attached to the property and/or structures attached to the land.
What is a fixture?
Personal property that has been converted to real property by attachment
What can override the test of movability in determining whether an item is a fixture or not?
Original Intent.
Items that are unique to the property can ___..
be deemed real property whether the item is easily removable or not
If an item is vital to the operation of the building, it may be deemed a …
a fixture, even though perhaps easily removable
What are Trade fixtures, or chattel fixtures
a tenant’s personal property that the tenant has temporarily affixed to a landlord’s real property in order to conduct business
Crops that grow naturally without machinery or labor are considered what type of property?
Real Property
Plants and crops requiring human intervention and labor are called
Emblements
What is severance?
Conversion of real property to personal property by detaching it from the real estate
What is affixing or attachment?
Conversion of personal property to real property by attaching it to the real estate
What system is U.S. property under?
The allodial system
What aspects of real property are regulated
Bundle of rights, legal descriptions, financing, insurance, inheritance, taxation, usage
Explain the extent of federal regulations
grants overall rights of ownership; controls broad usage standards, discrimination
Explain the extent of State regulations
governs the real estate business; sets regional usage standards
Explain the extent of local regulations
levies real estate taxes; controls specific usage
Explain the extent of judicial regulations
applies case law and common law to disputes
