UNIT 1: Real Property & the Law Flashcards
Accession
Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams
Air Rights
The right to use the open space above a property, generally allowing the surface to be used for another purpose
Annexation
The process of converting personal property into real property
Appurtenance
A right, privilege, or improvement associated with land.
-Runs with the land
Area Preference
People’s desire for one area over another, based on a number of factors such as history, reputation, convenience, scenic beauty, and location.
Bundle of Legal Rights
The concept of land ownershiop that includes ownership of all legal rights to the land:
- Possession
- Control
- Enjoyment
- Exclusion
- Disposal
Chattel
Personal Property
Emblement
Growing crops, such as grapes and corn, which are produced annually through labor and industry; also called fructus naturales
Considered personal property
Factory-built Housing
Dwellings that are built off site and trucked to a building lot where they are installed or assembled
Fixture
An item of personal property that has been convertyed to real property by being permanently affixed to the realty.
- Attachment
- Adaptation
- Agreement
Improvement
(1) Any structure, usually privately owned, erected on a site to enhance the value of the property–e.g. building a fence or driveway (2) A publicly owned structure added to or benefiting land, such as a curb, sidewalk, street, or sewer.
Land
The earth’s surface, extending downwared to the center of the earth and upward infitely into space, including permanent natural objects such as water or trees
Manufactured Housing
Dwellings built to HUD specifications that are at least 320 SF and on a permanent chasis
Mine Subsidence
The process of downward land shifts due to the collapse of underground mine shafts and groundwater flows, usually resulting in sinkholes and troughs. Damage to structures may be functional, cosmetic, or structural
Nonhomogeneity
A lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike, real estate is said to nonhomogeneous.
Personal Property
Items, called chattels, that do no fit into the definition of real property; moveable objects.
Real Estate
Land; a portion of the earths surface extending downward to the center of the earth and upward infitely into space, including all things permanently attached to it, both natural and artificial.
Real Property
The interests, benefits, and rights inherent in real estate ownership.
Basically real estate + legal rights associated with it.
Severance
Changing an item of real estate to personal property by detaching it from the land; e.g. cutting down a tree
Situs
The personal preference of people for one area over another, not necessarily based on objective facts and knowledge.
Subsurface Rights
Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of the property.
Surface Rights
Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above it (air rights) or the minerals below the surface (subsurface rights).
Trade Fixture
An article installed by a tenant under the terms of a lease and removeable by the tenant before the lease expires (see expanded definition).
Water Rights
Common law rights held by owners of land adjacent to rivers, lakes, or oceans; includes restrictions on those rights and land ownership.
