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Van Education Real Estate Law And Practice > Unit 1 - Real Property Ownership > Flashcards

Unit 1 - Real Property Ownership Flashcards

1
Q

Accession

A

The right to own things that become a part of something already owned.

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2
Q

Air Rights

A

The rights to the space above the surface.

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3
Q

Annexation

A

The process of uniting one thing to another so that it becomes a fixture and considered real property.

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4
Q

Appurtenance

A

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.

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5
Q

Area Preference

A

Define

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6
Q

Bundle of Legal Rights

A 
Right of possession. 
Right of control. 
Right of exclusion. 
Right of enjoyment. 
Right of dispose.
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7
Q

Right of Possesion

A

Whomever hold the title to the property owns the property.

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8
Q

Right of Control

A

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.

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9
Q

Right of Exclusion

A

The owner may keep others off the property.

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10
Q

Right of Enjoyment

A

The owner may enjoy use of the property in accordance with local ordinances.

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10
Q

Right to Dispose

A

The owner may sell, lease, or use as collateral for a loan or will the property.

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11
Q

Chattel

A

Personal property, moveable, transferrable by bill of sale.

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12
Q

Emblements

A

Annual crops cultivated and grown for the purpose of sale are considered personal property and may be harvested after a sale or lease.

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12
Q

Fixture

A

A permanently attached moveable improvement which transfers with the property.

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14
Q

Intent

A

Intention of the seller and buyer must be expressed.

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15
Q

Land

A

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.

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16
Q

Real Estate

A

Defined as land and all things permanently attached to it whether natural or man made.

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16
Q

Attachment

A

Method of Annexation. If removal would cause damage, the item is considered permanently attached.

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17
Q

Real Property

A

Rights to use land and the appurtenances attached to the land.

Bundle of Rights you acquire when purchasing real estate.

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18
Q

Adaptation

A

An item made to size for a specific purpose like blinds or storm doors.

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19
Q

Severance

A

The act of removing real property that was attached to the land causing the real property to become personal property.

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19
Q

Agreements

A

Any written agreement that states is or is not a fixture.

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20
Q

Situs

A

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.

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22
Q

Subsurface

A

Rights to the material below the surface that includes mineral and water rights.

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24
Q

Surface Rights

A

Ownership rights in the land not including the air above or minerals below.

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25
Q

Improvements

A

Any artificial thing that has been added to the land.

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26
Q

Trade Fixture

A

Define

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27
Q

Water Rights

A

Define

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28
Q

Personal Property

A

All moveable items are considered Personal Property and are transferred by bill of sale IF part of the transaction.

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29
Q

Appurtenant Easment

A

Define

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30
Q

Avulsion

A

Define

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31
Q

Condemnation

A

Define

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32
Q

Deed Restrictions

A

DDefine

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33
Q

Easement

A

Define

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34
Q

Eminent Domain

A

Define

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35
Q

Encroachment

36
Q

Encumbrance

37
Q

Erosion

38
Q

Escheat

39
Q

Estate in Land

40
Q

Fee Simple

41
Q

Freehold Estate

42
Q

Homestead

43
Q

Leasehold Estate

44
Q

License

45
Q

Lien

46
Q

Life Estate

47
Q

Littoral Rights

48
Q

Police Power

49
Q

Prior Appropriation

50
Q

Remainder Interest

51
Q

Reversionary Interest

52
Q

Riparian Rights

53
Q

Taxation

54
Q

Common Elements

55
Q

Community Property

56
Q

Condominium Cooerative

57
Q

Co-Ownership

58
Q

Corporation

59
Q

General Partnership

60
Q

Joint Tenancy

61
Q

Joint Venture

62
Q

Limited Liability Company

63
Q

Partition

64
Q

Right of Survivorship

65
Q

Severalty

66
Q

Syndicate

67
Q

Time Share

68
Q

Townhouse

69
Q

Trust

70
Q

Baseline

71
Q

Benchmark

72
Q

Correction Lines

73
Q

Datum

74
Q

Government Checks

75
Q

Government Lots

76
Q

Legal Description

77
Q

Lot and Block System

78
Q

Metes and Bound Description

79
Q

Monuments

80
Q

Plat Map

81
Q

Point of Beginning

82
Q

Principal Meridians Ranges

83
Q

Rectangular Survey System

84
Q

Sections

85
Q

Townships

A

36-1 Mile sections (640 acres)

86
Q

Township Lines

87
Q

Township Tiers

Van Education Real Estate Law And Practice (1 decks)

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