Unit 2 Real Property and the Law Flashcards

1
Q

Earth’s surface extending downward to the center of the earth and upward to infinity. Includes subsurface and the airspace.

A

Land

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2
Q

The 3 characteristics of land

A

Immobility
Indestructibility
Uniqueness

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3
Q

Interests, benefits, and rights that are automatically included in the ownership of real estate

A

Real Property

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4
Q
What do these characteristics define?
-Right of possession 
-right to control the property within the framework of law
-right of enjoyment
-right of exclusion
right of disposition
A

Bundle of (legal) rights

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5
Q

This word has two meanings:

The right to ownership of the property, including the owner’s bundle of legal rights AND evidence of ownership by a deed

A

Title

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6
Q

Something that is transferred with or “runs with” the land. A right or privilege associated with the property although not necessarily a physical part of it. Typically includes parking spaces, easements, water rights and other improvements
-“The right to use something”

A

Appurtenance

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7
Q

Ownership rights in a parcel of real estate that are limited to the surface of the earth are called

A

Surface Rights

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8
Q

Rights to natural resources below the earth’s surface are called

A

Subsurface Rights

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9
Q

The rights to use the space above the earth may be sold or leased independently, provided the rights have not been limited by law

A

Air Rights

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10
Q

RIghts held by owners of land adjacent to rivers, lakes or oceans and are restrictions on the rights of land ownership

A

Water Rights

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11
Q

Common-law rights granted to owners of land along the course of a river, stream or similar FLOWING body of water

A

Riparian Rights

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12
Q

Owning land adjacent to navigable water

A

Littoral Rights

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13
Q

A result from the deposit of soil by the water’s action.

“Increases the amount of land”

A

Accretion

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14
Q

Wearing away of the land by natural forces. Slow process.

A

erosion

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15
Q

Sudden removal of soil by an act of nature. Quick process.

A

Avulsion

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16
Q

Under this dotirine, the right to use any water, with the exception of limited domestic use, is controlled by the state rather than by the landowner adjacent to the water

A

Prior Appropriation

17
Q

This most recent agreement affects coastal waters to which the United Stes is a party. Identifies territorial waters as those extending up to 12 miles from a base line that is the mean low-water line of a coastal country

A

The United Nations Convention on the law of the Sea, signed in 1982

18
Q

The four economic characteristics of real property that affect its value as a product in the marketplace

A

Scarcity, improvements, permanence of investment, and area preference

19
Q

Economic characteristic of value. Relates to supply in a given location

20
Q

Economic characteristic of value. Relates to building on a parcel of land

A

Improvements

21
Q

Economic characteristic of value. Relates to the capital and labor to build an improvement representing a large fixed investment

A

Permanence of investment

22
Q

Economic characteristic of value. Relates to “location, location, location”

A

Area Preference

23
Q

Property that is owned that is not fixed into an improvement. Moveable.

A

Personal Property

24
Q

Items of personal property, such as tangibles like chairs, tables, clothing, money, bonds and bank accounts

25
Dwellings built off-site and trucked to a building where they are installed or assembled
Factory-built housing
26
More appropriate term for mobile home. Built to the standards of HUD.
Manufactured Housing
27
Trees, perennial shrubbery, and grasses that do not require annual cultivation are know as
fructus naturales
28
Annual cultivated crop such as fuit, vegetables, and grain are known as
emblements, or fructus industrials
29
The act of separating/turning real rpoperty into personal property
Severance
30
CHanging personal property into real property
Annexation
31
Personal property that is so attached to land or a building that it becomes part of the real property. Light fixtures, kitchen cabinets, etc.
Fixture
32
An article owned by a tenant, attached to a rental space or a building, and used in conducting a business is a ... ex: hydraulic lifts
trade fixture
33
Trade fixtures that are not removed become the real property of the landlord. Acquiring the property in this way is known as....
accession