Real Property And The Law Flashcards
Name the two types of property.
Real property- land and everything that get attached to it.
Personal property- movable personal items.
Traditionally, ownership rights of real property are described as
Bundle of legal rights - includes right of possession, to control the property, right of enjoyment, right of exclusion, right of disposition.
What are the three physical characteristics of land?
Immobility, indestructibility, Uniqueness (non-homogeneity)
These rights are granted to owners of land along the course of a river, stream, or similar flowing body of water are called
Riparian rights
Rights of owners whose land borders commercially navigable lakes, seas, and oceans
Littoral rights
The amount of land owned may be affected by the natural action of water, an increase in the land resulting from the deposit of soil by the waters action is known as
Accretion
When an owner loses land through the action of water it is
Erosion
The sudden removal of soil by acts of nature
Avulsion
What are the economic characteristics, factors that determine real estate values
Scarcity, improvements, permanence of investment, area preference
Items of personal property are also called this
Chattels. Such as chairs, tables, clothing, money, bonds and bank accounts.
Trees, perennial shrubbery and grasses that do not require annual cultivation are known as
Fructus naturales , they are considered real estate
Annually cultivated crops such as fruits, vegetables and grain are known as
Emblements or fructus imdrustriales and considered personal property
An item of real property can become personal property by the act of separating it from the land known as
Severance
Changing personal property into real property when buying cement, stone etc and building a sidewalk, known as
Annexation
Personal property that has been attached to land or a building that by law it becomes part of the real property are
Fixtures (heating systems, radiators, kitchen cabinets, light fixtures
