Rights Flashcards
Land
Surface, all natural things attached to it, subsurface, and air above the surface
Real Estate
Land + manmade permanent attachments
Real Property
Real Estate + bundle of rights
Immobility
Land cannot be moved from one site to another; it’s location is forever fixed
Indestructibility
- Land is permanent and cannot be destroyed since by definition it extends below ground and in to the sky
- Does not depreciate
- Only improvements depreciate and are insurable
Non-homogeneity
- Land is non-homogeneity
- No two parcels of land are exactly the same since they have different locations
Land includes?
minerals beneath the earth’s surface, water on or below the earth’s surface, and the air above the surface
Few manmade structure can?
Be permanently attached to land
The bundle of rights
“PUTEE”
Possession
Use
Transfer
Exclusion
Encumberable
Transfer rights include?
- Right to sell
- Rent
- Donate
- Assign
- Bequeath
The right to encumber property means?
The right to mortgage the property as collateral for debt with restrictions, such as a spouse’s right to limit the degree to which a homestead may be mortgaged
Legal title
- Full legal title ownership of property and the bundle of rights as they apply to it
- Contrast 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 characteristics
- Property is either real or personal
- Property is either 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 (river and streams)
- if waterway navigable: owner owns land to water’s edge
- if waterway’s not navigable: owner owns land to midpoint of waterway
littoral rights (lakes and seas)
- abutting property owners own to high water mark
- state owns underlying land
Real property includes
- land
- fixtures
- attachments
Real property includes
- chattel (or personalty)
- trade fixtures
- emblements
Item is real or personal property depending on?
Why & how item is attached to the real estate. Depends on the owners’
- intentions
- adaptation
- functionality
- relationship of parties
- contrast provision
Trade fixture
Personal property items temporarily attached to real estate in order to conduct business
Emblements
Plants or crops considered personal property despite being attached to land
Real to personal property is referred to as?
Severance
Personal to real property is referred to as?
Affixing
Factory-built housing - mobile homes and manufactured homes
- Units are real or personal property
- Real if permanently affixed to the ground; otherwise personal
Federal regulates?
- grants rights of ownership
- controls broad land usage standards
- regulates anti-discrimination laws
- examples: land grants; federal flood zones; fair housing laws; FHA; EPA
State regulates?
- governs real estate business
- sets regional usage standards
- examples: license laws; water rights; development regulation
Local regulates?
- levies real estate taxes
- controls specific usage
- examples: property assessing; zoning; building permits; tax levies
Judicial regulates?
- applies case laws and common laws to disputes
- contrasts with statutory law
