Rights Vocabulary 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
Bundle of Rights (PUTEE)
- Possess
- Use
- Transfer
- Exclude
- Encumber
Physical Characteristics
Immobility, indestructibility, heterogeneity
Immobility
Land cannot be moved from one site to another, its location is forever fixed
Indestructible
- Land is permanent and cannot be destroyed since by definition it extends below ground and into the sky
- Since land is permanent, it does not depreciate
- Only improvements depreciate and are issuable
Non-homogenity
Land is non-homogeneous; no two parcels of land are exactly the same since they have different location
Legal Title
Full legal ownership of property and the bundle of rights as they apply to it. Contrasts with equitable title
Equitable Title
An interest that gives a lien holder or buyer the right to acquire legal title to a property if certain contractual conditions occur
Riparian Rights (Rivers and Streams)
- Navigable: own land to water’s edge
- not navigable: own underlying land to midpoint of stream
-memory tip: R= Riparian, River
Littoral Rights (Lakes and Seas)
- Own to high water mark
- memory tip: L= Lake, Littoral
Real Property
- Land
- Fixtures
- Attachments
Personal Property
- Chattels
- Trade Fixtures
- Emblements
Differentiation Criteria
Intention; adaptation; functionality; relationship of parties; contract provisions
