Unit 2 Real Property and the Law Flashcards
Earth’s surface extending downward to the center of the earth and upward to infinity. Includes subsurface and the airspace.
Land
The 3 characteristics of land
Immobility
Indestructibility
Uniqueness
Interests, benefits, and rights that are automatically included in the ownership of real estate
Real Property
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
Bundle of (legal) rights
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
Title
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”
Appurtenance
Ownership rights in a parcel of real estate that are limited to the surface of the earth are called
Surface Rights
Rights to natural resources below the earth’s surface are called
Subsurface Rights
The rights to use the space above the earth may be sold or leased independently, provided the rights have not been limited by law
Air Rights
RIghts held by owners of land adjacent to rivers, lakes or oceans and are restrictions on the rights of land ownership
Water Rights
Common-law rights granted to owners of land along the course of a river, stream or similar FLOWING body of water
Riparian Rights
Owning land adjacent to navigable water
Littoral Rights
A result from the deposit of soil by the water’s action.
“Increases the amount of land”
Accretion
Wearing away of the land by natural forces. Slow process.
erosion
Sudden removal of soil by an act of nature. Quick process.
Avulsion
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
Prior Appropriation
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
The United Nations Convention on the law of the Sea, signed in 1982
The four economic characteristics of real property that affect its value as a product in the marketplace
Scarcity, improvements, permanence of investment, and area preference
Economic characteristic of value. Relates to supply in a given location
Scarcity
Economic characteristic of value. Relates to building on a parcel of land
Improvements
Economic characteristic of value. Relates to the capital and labor to build an improvement representing a large fixed investment
Permanence of investment
Economic characteristic of value. Relates to “location, location, location”
Area Preference
Property that is owned that is not fixed into an improvement. Moveable.
Personal Property
Items of personal property, such as tangibles like chairs, tables, clothing, money, bonds and bank accounts
Chattels
Dwellings built off-site and trucked to a building where they are installed or assembled
Factory-built housing
More appropriate term for mobile home. Built to the standards of HUD.
Manufactured Housing
Trees, perennial shrubbery, and grasses that do not require annual cultivation are know as
fructus naturales
Annual cultivated crop such as fuit, vegetables, and grain are known as
emblements, or fructus industrials
The act of separating/turning real rpoperty into personal property
Severance
CHanging personal property into real property
Annexation
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
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
Trade fixtures that are not removed become the real property of the landlord. Acquiring the property in this way is known as….
accession
