Unit 1 - Real Property Ownership Flashcards
Accession
The right to own things that become a part of something already owned.
Air Rights
The rights to the space above the surface.
Annexation
The process of uniting one thing to another so that it becomes a fixture and considered real property.
Appurtenance
An item attached to the land and made part of the land including privileges the my lie outside of the land but attached to the land like water or the right to cross another’s land.
Area Preference
Define
Bundle of Legal Rights
Right of possession. Right of control. Right of exclusion. Right of enjoyment. Right of dispose.
Right of Possesion
Whomever hold the title to the property owns the property.
Right of Control
The owner controls the use of the property within the zoning laws. The owner can place deed restrictions on use of the land that may not be changed by future owners.
Right of Exclusion
The owner may keep others off the property.
Right of Enjoyment
The owner may enjoy use of the property in accordance with local ordinances.
Right to Dispose
The owner may sell, lease, or use as collateral for a loan or will the property.
Chattel
Personal property, moveable, transferrable by bill of sale.
Emblements
Annual crops cultivated and grown for the purpose of sale are considered personal property and may be harvested after a sale or lease.
Fixture
A permanently attached moveable improvement which transfers with the property.
Intent
Intention of the seller and buyer must be expressed.
Land
A legal term that includes the surface of the earth (soil, plants and water), the air space and the subsoil below if not already sold separately (mineral rights) to the center of the earth.
Real Estate
Defined as land and all things permanently attached to it whether natural or man made.
Attachment
Method of Annexation. If removal would cause damage, the item is considered permanently attached.
Real Property
Rights to use land and the appurtenances attached to the land.
Bundle of Rights you acquire when purchasing real estate.
Adaptation
An item made to size for a specific purpose like blinds or storm doors.
Severance
The act of removing real property that was attached to the land causing the real property to become personal property.
Agreements
Any written agreement that states is or is not a fixture.
Situs
The economic attributes of a location, including the relationship between the property and surrounding properties. Situs is the aspect of location that contributes to a property’s market value.
Subsurface
Rights to the material below the surface that includes mineral and water rights.
