Real Property and The Law Flashcards
Land
Surface, all natural things, subsurface, and air above the surface
Real Estate
land + manmade permanent attachments
Real Property
real estate + bundle of rights
land
fixtures
attachments
Immobility
Land cannot be moved from one location to another, its location is forever fixed
Indestructibility
Land is permanent and cannot be destroyed since by definition it extends below ground and into the sky.
Since land is permanent, it does not depreciate
Only improvements depreciate and are insurable
Non-homogeneity
Land is non-homogeneous; no two parcels of land are exactly the same since they have a different location
What is the bundle of rights?
"PUTEE" Possession Use Transfer Exclusion Encumberable
Legal Title
Full legal ownership of property and the bundle of rights as they apply to it
Contrasts with equitable title
Equitable Title
An interest that gives a lienholder or buyer the right to acquire legal title to a property if certain contractual conditions occur
Property is…
either real or personal
tangible or intangible
Airspace
Air rights
Surface (of the earth)
surface rights
Subsurface
Subsurface or mineral rights
Doctrine of Prior Appropriation
State controls water usage
State grants usage permits
Riparian Rights
Applies to rivers and streams
If waterway is navigable: owners own land to water’s edge
If waterway is not navigable: owners own land to midpoint of waterway
Tip: River Riparian
Littoral Rights
Applies to seas and lakes
Abutting property owners to own high water mark
State owns underlying land
Tip: Lake Littoral
Personal Property
Chattels
Trade fixtures
Emblements
Trade Fixutres
Personal property items temporarily attached to real estate in order to conduct business
Emblement
Plants or crops that are considered personal property despite being attached to land
Conversion
real to personal property referred to as severance
personal to real property referred to as affixing
Factory-built housing - mobile homes and manufactured homes
units are real or personal property: real if permanently affixed to ground; otherwise personal
Differentiation Criteria
Item is real or personal property depending on why, how item is attached to the real estate. Depends on the owners’
intention; adaptation; functionality; relationship of parties; contract provisions
Federal Regualtions
grants rights of ownership
controls broad land usage standards
regulates anti-discrimination laws - ex. land grants; federal flood zones; fair housing laws; FHA; EPA
State Regulations
Governs real estate business
Set regional usage standards - ex. license laws; water rights; development regulations
Local Regulations
levies real estate taxes
controls specific usage- ex. property assessing; zoning; building permits; tax levies
Judicial Regulations
Applies case law and common law disputes
contrasts with statutory law
What are the 3 physical characteristics of real estate
Immobility
Indestructibility
Non-homogeneity
What are the regulations of real property interests
Federal Regualtion
State Regulation
Local Regulation
Judicial Regulation
