Unit 2 Flashcards
Land
Earths surface to the center of the earth, the air above it and the trees and water.
3 Physical Characteristic of Land
Immobility: Some aspects of land can be removed but the geographical location will never change.
Indestructibility: Geographical location will remain the same.
Uniqueness or Nonhomogeneity: No two parcels of property are exactly the same.
Real Estate
Defined as land all human-made improvements to the land that are permanently attached to it.
Transferred by a deed.
Improvements
Attached to the land with the intent of being permanent (fences, driveways, buildings)
Publicly owned= Side walk, curb, street or sewer.
Real Property
The interests, benefits and rights that are automatically included in the ownership of real estate.
Bundle of Legal Rights
INCLUDED IN THE DEFINITION OF REAL PROPERTY
Right of possession
Right to control the property within the law
Right of enjoyment (to use the property in any legal manner)
Right of exclusion (to keep others from entering/using the property)
Right of disposition (to sell, will, trade, or otherwise dispose of)
Title to Real Property
Has 2 meanings-
- the right to or ownership of property, including the owners bundle of rights
- Evidence of ownership by a deed
Title
Refers to ownership of the property, not to a printed document. The document by which the owner transfers title to the property is the deed.
Appurtenance
A right, privilege, or improvement belonging to and passing with the land.
- Not necessarily a physical part of it
- Typically include parking spaces, multiunit buildings, easements, water rights and other improvements
- Connected to the property and ownership of the appurtenance normally transfers to the new owner when the property is sold.
Riparian
Land abutting flowing water (R = River)
Littoral
Land abutting standing water (L = Lake)
Accretion
Addition to land through natural causes.
Erosion
Gradually wearing away of land by natural forces.
Avulsion
Sudden loss of land by an act of nature.
Doctrine of Prior Appropriation
The right to use water is controlled by the state rather than the land owners.
A landowner must demonstrate their plans are for beneficial use
The priority of water rights is usually determined by the oldest recorded permit date.
Mineral Rights
Subsurface rights. Transferred when a property is sold unless reserved by the seller. They may be leased or sold separately from the land. May be held by a third party.
Surface Right
Ownership rights in a parcel of real estate that are limited to the surface of the earth.
Subsurface Rights
The rights to the natural resources below the earths surface.
Air Rights
The right to use the air above the earth may be sold or leased independently, provided the rights have not been limited by the law.
Water Right
Common law rights held by ownership of land adjacent to rivers, lakes, or ocean; includes restrictions on those rights and land ownership.
Coastal Waters
The United Nations Convention on the Law of the Sea signed in 1982 is the most recent agreement affecting coastal waters.
Law of the Sea
Identifies territorial waters as those extending up to 12 nautical miles from a base line that is the mean low-water line of a coastal country.
The law also recognizes Exclusive Economic Zones that extend 200 nautical miles from the coastal baseline.
Economic Characteristics of Land
Scarcity: There is value in leaving land in its natural conditions.
Improvements: Building an improvement can help you and your neighbors land value.
Permanence of Investment: The capital and labor used to build an improvement represent a large fixed investment. (return tens to be long term and relatively stable)
Area Preference: Also known as situs (place). Commonly referred to as location. Refers to not only geography but also to the preference for a specific area.
Most important characteristic of land location
