Unit 2 Flashcards
What is the definition of land
earth’s surface extending downward to the center of the earth and upward to infinity, including naturally attached objects
What are the three physical characterisitics of land
immobility, indestructibility, and uniqueness.
What is the definition of Real Estate
land plus all human-made improvements to the land that are permanently attached (annexed) to it.
What is the definition of Real property
Real estate plus a bundle of legal rights, interests, and benefits
What are some things that are included into the legal bundle of rights of real property
right of possession,
right to control the property within the framework of the law,
right of enjoyment (to use the property in any legal manner),
right of exclusion (to keep others from entering or using the property), and
right of disposition (to sell, will, transfer, or otherwise dispose of or encumber the property).
What are the two meanings of a title in real estate
the right to or ownership of the property, including the owner’s bundle of legal rights; and (2) evidence of that ownership by a deed.
What is a deed
the document by which the owner traansfers the title
What is an appurtenance
a right or privilege associated with the property, although not necessarily a physical part of it.
What are examples of appurtenances
parking spaces in multiunit buildings, easements, water rights
What are Riparian rights
generally allows unrestricted use of the water
still cannot polute or disrupt water flow
For land on nonnavigable water, owner owns to middle of the water
For navigable land, owner owns to edge of water, state owns land under water
What are littoral rights
rights of water use for owners on commercially navigable lakes, seas or oceans
Owner owns only up to the high-water mark
How are littoral and riparian rights usually associated with the property
they are usually automatically included with the sale of the property
What is accretion
increases in the land resulting from the deposit of soil by the water’s action.
Does the owner have rights to accretionn
yes
Erosion vs avulsion
both are the removal of land through natural processes but avulsion is much faster and severe
What is the doctrine of appropriation
water rights are controlled by the state because of its scarcity
What are the economic characteristics of real estate
Scarcity
Improvements
Permanence of investment
Area preference or situs
What are some factors that influence area preferene
convenience, reputation, and history
Whats another word for items of personal property
chattels
What are the legal terms for plants that do not require annual cultivatio n
fructus naturales
What are the legal terms for plants that do require annual cultivation
emblements or fructus industriales
What is fructus naturales considered
real estate
What is fructus industriales or emblements considered
personal property
What is the process of converting real property to personal property
severance
What is the process of converting personal property to real property
annexation
What is the sale of personal property conveyed by
bill of sale or receipt
What is a fixture
personal property that is fixed to a property in a way that makes it real property
What are some examples of fixtures
Almost any item that has been added as a permanent part of a building is considered a fixture
Like heating systems, radiators, kitchen cabinets, light fixtures, and plumbing
What is used to determine if an item is a fixture
5 legal tests Method of annexation Adaptability of item to land’s use Relationship of parties Intention in placing item on the land Agreement of the parties
What is the acronym for the 5 legal tests of a fixture
MARIA
What are some factors that affect the method of annexation
how permanent is the attachment? Will its removal cause damage to the surrounding property?
What is Adaptability of the item for the land’s ordinary use refering to and give an example
Is the item being used as real property or personal property?
a refrigerator is usually considered personal property. However, if a refrigerator has been adapted to match the kitchen cabinetry, it may be considered a fixture.
What is Relationship of the parties refering to
In general, a court will favor a tenant over a landlord, and a buyer over a seller.
What is Intention of the person in placing the item on the land refering to
is the intention of installation for permanent or temporary use
What is Agreement of the parties refering to
have the parties agreed on what tyep of property it is
What are trade fixtures
those that are used for business
What is a special consideration for tenants installing their own trade fixtures
they need to remove it on or before the last day the property is rented and the tenant is responsible for any damage caused by the removal of a trade fixture.
What happens to trade fixtures that are not removed
they become the real property of the landlord
What is the process of acquiring real property through the lack of removal of a trade fixture
accession
