Real Property + The Law- unit 2 Flashcards
What is a characteristic of REAL property?
It is immovable
What are 3 sub-categories of REAL property?
Land
Real estate
Real property
Land
Real estate
Real property
..are the sub-categories of what?
Real property
What is Land?
It is natural ground, nothing man made, includes air rights
What is real estate?
Land plus all things attached to it whether artificial or natural
What is real property?
The interests, benefits, and rights that are included automatically in the ownership of land and real estate
What is the difference between real estate and real property?
Real property includes the bundle of legal rights of ownership
When you own the property
What categories are in the bundle of legal rights?
Possession Control Enjoyment Exclusion And disposition
Possession, control, enjoyment, exclusion, and disposition are included in what?
Bundle of legal rights
What are 4 kinds of real property rights?
Surface rights
Subsurface rights
Air rights
Water rights
Surface, subsurface, air, and water rights are all _____ ________ rights?
Real property
Surface of the earth rights are called
Surface rights
Rights of the natural resources below ground are called?
Think mineral rights
Subsurface rights
Rights to the air above your land are called?
Air rights
Rights that are adjacent to bodies of water are called?
Water rights
Two categories of water rights are?
Riparian rights
Littoral rights
What are littoral rights?
Rights to the property by a lake/ocean to the high water mark
Rights to a property by a lake/ocean to the high water mark are?
Littoral rights
Rights to a property to a river waters edge are?
Riparian rights
What are Riparian rights?
Rights to a property by a river that gives you ownership to the waters edge if it’s navigable.
What makes a river NAVIGABLE?
If a boat can navigate in it.
What 3 things happen to land because of water movement?
Accretion
Erosion
Avulsion
Accretion
Erosion
Avulsion
What are their differences?
Accretion-accrue/build up land bc of water movement
Erosion-part of land lost due to movement of water
Avulsion-SUDDEN loss of land due to nature. Earthquake, mudslide, etc. it’s SUDDEN.
Personal property characteristic is ____________ (cow)
Moveable
Another name for mobile homes is what?
Manufactured housing
The term mobile homes was phased out in what year?
1976
What is manufactured housing?
Housing constructed off site and trucked to a building lot where they are installed or assembled.
Housing constructed off site and trucked to a building lot where they are installed or assembled is what?
Manufactured housing
Another name for crops in a field is what?
Emblements
What are emblements?
Crops in a field
What is a synonym for personal property?
Personalty
How does real property become personal property?
Severance
Severance turns ______ property into ______ property.
Real
Personal
Personal property can be turned into real property through what?
Annexation
Annexation can turn ______ property into ______ property.
Building a fence (shout this!!)
Personal
Real
What are FIXTURES?
Personal property that has been afFIXed to the land (fence)
When it becomes attached to the property/land it becomes REAL PROPERTY.
Fixtures are always considered REAL property.
Personal property that has been affixed to the land (which then makes it REAL PROPERTY) is what?
Fence, ceiling fan, custom fit stuff
Fixtures
What are the 4 determining factors of whether a fixture is personal property or real property?
Intent—I will take this with me when I go or not.
Method of annexation—
Adaptation to Real Estate—^^ are they built into property/easy to remove or what
Agreement—everyone agrees that it can go/stay
Intent, method of annexation, adaptation to real estate, and agreement are determining factors of what?
To tell whether a FIXURE is personal or real property
What is a trade fixture?
A special category of fixtures. Includes property used in a business. It’s personal property that a TENANT has attached to a rented business space. The tenant has intent to take these trade fixtures with them.
These can become REAL PROPERTY of the owner of the tenant leaves the trade fixtures in the space AFTER the lease expires. This is called accession.
A special category of fixtures. Includes property used in a business. It’s personal property that a TENANT has attached to a rented business space. The tenant has intent to take these trade fixtures with them.
These can become REAL PROPERTY of the owner of the tenant leaves the trade fixtures in the space AFTER the lease expires. This is called accession.
Trade Fixture
What are the 4 ECONOMIC characteristics of REAL property?
Which is most important (*)
•Scarcity •improvements •Permanence of investment ^^^^all impact how much $ it will bring •Situs—location location location *most important*
Scarcity
Permanence of investment
Improvements
Situs
These are all __________ characteristics of _________ property.
Economic
Real
What are the 3 PHYSICAL characteristics of REAL property?
Which are the most important (*)
Immobility*
Uniqueness*
Indestructibility
Uniqueness is also nonhomogeneity and heterogeneity
Hint: IUI
Immobility
Uniqueness (nonhomogeneity/heterogeneity)
Indestructibility
..are ___________ characteristics of _________ property
Physical
Real
Name 2 words that are synonymous to Uniqueness
Heterogeneity
Nonhomogeneity
What are two types of CONTRACT law?
Common law
Statute law
What is common law?
A contract law where decisions are made by judges.
What is statute law?
It is a contract law that is already in record books. It’s a written law set by legislature or other governing authority.
Important to note it’s written law.
What is general property law?
Law governed at state level
This is law governed at state level….
General property law
What is agency law
Law between two living individuals
Law between two living individuals is….
Agency law
Real estate license law is…
Where/who decides
Real estate Licensing law decided at a state by state level
Real estate Licensing law decided at a state by state level is…..
Real estate licensing law
Federal regulations deal mostly with…..
2 things
Civil rights and environmental situations
What are the 8 laws affecting real estate?
Contract law (2 included) General property law Agency law Real estate license law Federal regulations Fed, state, local tax laws Zoning and land use laws Fed, state, local environmental regulations
What is accession?
The process by which personal property (trade fixtures) becomes real property of the landlord.
The process by which personal property (trade fixtures) becomes real property of the landlord is what?
Accession
What is accretion?
When land builds up because water carries it from elsewhere
When land builds up because water carries it from elsewhere is what?
Accretion
What are air rights?
Rights to use open space above property
Rights to use open space above property are what?
Air rights
What is annexation?
To add to a property (building a fence)
To add to a property (building a fence) is called what?
Annexation
What is appurtenance?
Property that stays with the land and runs with the ownership of it (driveways, house, etc)
Property that stays with the land and runs with the ownership of it (driveways, house, etc) is called what?
Appurtenance
What is area preference?
Location/situs
Most important economic characteristic of real property
What is avulsion?
Land that is SUDDENLY lost due to natural cause
Land that is SUDDENLY lost due to natural cause is called what?
Avulsion
What is chattel?
Personal property (cow cattle chattel)
What are emblements?
Crops in a field
Crops in a field are called what?
Emblements
What is erosion?
Gradual loss of land from water
Gradual loss of land from water is called what?
Erosion
What is a fixture?
Personal property that becomes real property based on attachment, intent, adaptation, and agreement
Personal property that becomes real property based on attachment, intent, adaptation, and agreement is what?
A fixture
Heterogeneity and nonhomogeneity are two words for what?
Uniqueness
What is considered an improvement?
Something a man does to land
What is prior appropriation?
Where water is scarce and the government determines its use.
When water is scarce and the government determines its use is called what?
Prior appropriation
Land with improvements is called what?
Real estate