UNIT 1-A PROPERTY AND GOVERNMENT RIGHTS Flashcards
• Classify property as either real property or personal property. • Recall the bundle of rights that comes with ownership of real property. • Describe the four government rights in real property ownership (PETE). • Explain the concept of eminent domain. • Discuss characteristics of mobile homes in Arizona.
Accretion
The gradual addition of land by natural causes,
such as shoreline movements
Affidavit of Affixture
A document for owners of mobile/ manufactured homes recorded to certify the home is legally affixed and is real property.
Appurtenance
Something that belongs to property and passes with property. An appurtenance “runs with the land.”
Bill of Sale
An instrument in writing that transfers ownership of tangible personal property, (e.g., furniture).
Bundle of Rights
Legal rights conferred to owners of real property, including the rights of disposition, exclusion, enjoyment, possession, control
Condemnation
- The act or process of taking private property for public use, through the government’s power of eminent domain. Also called Appropriation. 2. A declaration that a structure is unfit for occupancy and must be closed or demolished.
Conversion
- The illegal use of funds being held in trust. 2. The process of changing real property to personal property or personal property to real.
Corporeal
A legal entity owned by its shareholders that
has limited liability.
Dedication
The donation of real estate to a government for
a public purpose
Deed
A written instrument transferring the grantor’s
ownership of, or interest in, real property.
Emblements
Farm crops that require annual cultivation, which may be removed by a tenant farmer if the owner sells land; considered to be personal property, and so emblements are transferred through a bill of sale. Also called Fructus Industriales
Eminent domain
The power or right of governmental bodies to take private real estate for public use upon payment of just and equitable compensation to the owner. The legal process of taking the property is called Condemnation or Appropriation.
Erosion (Avulsion)
A gradual loss of soil due to natural causes, such as
the movement of wind or water.
Escheat
The reversion of property to the state after a person dies without leaving a valid will or any heirs.
Fixture
A man-made attachment; an item of personal property that has been attached to or closely associated with real property in such a way that it is now legally part of the real property.
Grantee
A person receiving a grant of real property from the grantor.
Grantor
A person transferring title to real property.
Hereditament
Heterogeneity
A characteristic of real property; each piece
of land, each building, and each house is a unique piece of
real estate. Also called Uniqueness.
Personal Property (Chattel, Personalty)
Tangible items that are not permanently attached to or part of real estate; any property that is not real property; movable property not affixed to land. Also called Chattel or Personalty.
Police Power
The right of the government to pass legislation protecting the safety, health, and welfare of the public.
Real Property (Real Estate)
The physical land itself to the center of the earth and the sky above, and anything permanently affixed to the land, such as buildings, improvements, growing plants, and fixtures, as well as the associated rights, such as water rights or easements. Also called Realty.
Taxation
The government’s right to raise money to pay for
the cost of services and functions of the government.
Riparian Rights
Water rights of landowners whose land abuts a natural body of water such as a stream or river; no permit is required to use the water. Not recognized in Arizona.
