Rights in Land Flashcards
Physical Characteristics of Land
immobile, indestructible, unique
Economic Characteristics of Land
scarcity, improvability (modification), situs, permanence of investment
The description of land can be broken down into 2 categories:
physical and economic
ground water
water beneath the surface of the earth which is obtained through artificial openings or artificially altered natural openings
subjacent support
the right of land to be supported from underneath and not be disturbed by excavation or construction on adjoining property
right to subjacent support
the protection of not having one’s property disturbed by losing support from below the surface
situs
personal preference for one location over another which affects the value of the property
prior appropriation
the doctrine under which ownership and consumption of water are granted to all, but the first user acquires priority over all later users; prior appropriation typically is practiced in states where water is scarce
condominium
a large property development in which individual units are bought and sold and common areas shared; individuals own the air space of one’s own unit and an undivided interest in the common area
non-homogeneous
a term that means no two parcels of land are exactly alike
right to natural drainage
provides that a property owner has the right to a natural drainage of surface waters derived from rain or snow
option
an agreement to keep open, over a specified time, an offer to sell, purchase, or lease property
waste
willful destruction of or damage to property
scarcity
a limited amount of available real estate, which influences supply and demand
police power
the right of government, such as in zoning, to exercise control over private property without owners’ consent and without compensation; the constitutional right of the state to enact laws and enforce them to protect public safety, health, morals, and general welfare
modification
the process of altering, changing, amending, adjusting, or adapting
easement appurtenant
an agreement that permits the use of another party’s land for a specific purpose that benefits one parcel of land and passes with ownership of that land
riparian right
the authority of a property owner to use water from an adjacent waterway
doctrine of prior appropriation
water rights are determined in the order of when rights were obtained
supply and demand
the principle of economics, as well as appraisal, which states that when there is an overabundance of a particular product, the price will go down; conversely, when there is a limited amount of that product, the price will go up
air space
in condominium ownership, what is actually owned by the unit owner (in addition to tenancy in common for common areas)
surface water
water on the surface of the earth (e.g., lakes, rivers, streams, and creeks), as well as spring water which flows in a normal channel over a property or off the property on which it surfaces
customer
a national term for a third party
littoral owners
those who own property adjoining lakes and oceans
client
one on whose behalf a real estate broker acts in an agency relationship
demand
the level of desire or need for an item from people with the purchasing power to acquire it
