Rights in Real Estate Flashcards
What is property
The land itself
What is real estate
Air, water, land and anything affixed to the land
What are improvements
Things that are attached to land both manmade and natural (like trees)
Two types of water rights
Littoral and riparian. Public access is littoral (litter = littoral)
What is personal property
Things you can take with you
Littoral rights
abutting property owners own land to high water mark; state owns underlying land
Riparian rights
if navigable, abutting property owners own land to water’s edge; state owns underlying land; if not navigable, owner owns land to midpoint of waterway
what are fixtures
real property converted from personal property by attachment
What are trade fixtures
personal property temporarily attached to real estate to conduct business; to be removed at some point
Emblements
plants or crops considered personal property since human intervention necessary for planting, harvesting
Conversion
transforming real to personal property through severance, or personal to real property through affixing
Bundle of rights
possess, use, transfer, encumber, exclude
Water rights: Doctrine of appropriation
State owns all bodies of water, property owners must obtain a permit
Severance
Conversion of real property to personal property by detaching it.
Real property
Land, fixtures, attachments, conversion by affixing
