Real Property And The Law Flashcards
Scarcity means
Finite supply of land
Lumber left in a driveway is considered
Personal property
Document by which the owner of real estate transfers title to the property to someone else is called
A deed
How to determine whether an item is a fixture?
Whether or not it was intended to be permanent by the person who installed it.
The term Nonhomogeneity refers to
Uniqueness
A buyer purchased a parcel of land and immediately sold the mineral rights to an oil company. The buyer gave up
Subsurface rights
Land created through an increase from deposits of soil by water action is called
Accretion
An item of real property becomes personal property by
Severance
Water rights are created by
Common law or statute
Sewer lines and utilities were added alongside of two streets built. These items are called
Improvements
Land development cost and labor contribute to the economic characteristics of
Permanence of investment
Bundle of legal rights is the definition of
Real property
Growing trees, fences, and buildings are all considered
Real estate
Owners of littoral rights enjoy
Unrestricted use of available waters
Specific areas of law that are important to the real estate professional include
Law of contracts
General property law
Law of agency
Specific state real estate license law
Parking spaces in multi-unit buildings, water rights, and similar things of value that convey with property are classified as
Appurtenances
Rights or privileges associated with the property, although not necessarily part of the property
Appurtenances
Common law rights granted to owners of land along the course of a river
Riparian rights
Manufacture housing is a term used for factory-built homes as of
1976
The right to ownership of real property and the evidence of ownership provided by a written document called a deed
Title
Water use, aside from domestic use, is controlled by the state, rather than landowner adjacent to the water; to use water landowner must demonstrate a beneficial use of the water such as for irrigation of crops.
Doctrine of Prior Appropriation
Economic characteristics of land include
Scarcity
Improvements
Permanence of investment
Area preference (situs)
Legal test to determine fixture
MARIA
Method of annexation, adaptability
Relationship
Intent
Agreement
