Unit 2 - Real Property and The Law Flashcards
Land
the earths surface extending downward to the center of the earth and upward to space
What Are The Physical Characteristics of Land?
immobility
uniqueness ( nonhomogeneity )
indestructibility
Real Estate
is defined as land plus all human-made improvements to the land that are permanently attached to it
What Are The Bundle of Rights?
The concept of land ownership that includes ownership of all legal rights to the land
- Right of Possession
- Right of Control
- Right of Exclusion
- Right of Enjoyment
- Right of Disposition
Title
refers to the ownership of the property
Deed
Is the document in which the title of the property is transferred by the owner
Appurtenances
a right or privilege associated with the property
What the characteristics that affect the economic value of the property?
- Scarcity
- Improvements
- Permanence of Investment
- Area Preference
Surface Right
Ownership rights in a parcel of real estate that are limited to the surface of the property
- does not include air rights or subsurface rights
Air Rights
the right to use the open space above a property
- usually allowing the surface to be used for another purpose
Water Rights
common law rights held by owners of land adjacent to rivers, lakes, or oceans
- includes restrictions on those rights and land ownership
Riparian Rights
an owner’s rights in land that borders on or includes a stream, river, or lake
*these rights include access to and use of the water.
Littoral Rights
a landowners claim to use water in large navigable lakes, seas and oceans adjacent to her property
Accretion
the increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.
Prior Appropriation
a concept in which water ownership is controlled by the state rather than by the landowner adjacent to the water
- to secure water rights, a landowner must demonstrate to a state agency that the owner’s plans are for beneficial use
Personal Property
movable items ( also known as chattels )
- is not real property
Manufactured Housing
dwellings that are built off site and trucked to a building lot where they are installed or assembled
Emblements
that are produced annually through labor and industry
*also called fructus industriales
Severance
changing an item of real estate to personal property by detaching it from the land
Annexation
process of converting personal property into real property
Fixtures
an item of personal property that has been converted to real property by being permanently affixed to the realty.
Trade Fixtures
an article installed by a tenant under the terms of a lease that is removable by the tenant before the lease expires
Accession
Acquiring title to additions or improvements to real property as a result of the annexation of fixtures
- trade fixtures that are not removed become the real property of the landlord
What are the specific areas of law that are important in the real estate profession?
- Contract Law
- Agency Law
- General Property Law
- Specific State Real Estate License Law
What plays a role in real estate transactions?
- Federal Laws and Regulations
- Federal, State and Local Tax Laws
- State and Local Land-Use
- Zoning Laws
Contract Laws
governs the agreement between parties in a real estate transaction, brokerage, or agency relationship
Agency Laws
lays out regulations or requirements for the representation of clients
Federal Tax Laws
deductions of interest paid on home mortgages
Environmental Law
regulations regarding hazardous substances and their dispositions
Zoning Law
govern the use of land
Real Estate License Law
is to protect the public from fraud, dishonesty, and incompetence in real estate transactions
True or False
All 50 states have passed laws that require real estate brokers and the their sales associates to be licensed.
True
True or False
only attorneys are trained and licensed to prepare documents defining or transferring rights in property and to give advice on matters of law
True
Definition of Avulsion
the sudden removal or tearing away of land by an act of nature
Definition of Erosion
the gradual wearing away of land by natural forces, such as rain
Definition of Accretion
water rights
increase of land resulting from the deposit of soil by the waters action
Definition of Water Rights
are common-law (historical) or statutory rights
held by owners of land adjacent to rivers, lakes, or oceans; restrictions on the rights of land ownership.
According to law, a trade fixture is usually treated as
A) a license.
B) personalty.
C) an easement.
D) realty
B. Personalty
What describes the act by which real property can be converted into personal property?
Severance
Parking spaces in multiunit buildings, water rights, and similar things of value that convey with property are classified as?
A) covenants.
B) emblements.
C) appurtenances.
D) chattels
C. Appurtenances
Laws that govern the ownership and use of water as well as the adjacent land vary among the states, but all are closely linked to
climatic and topographical conditions
Real Propert
the interests, benefits, and rights inherent in
real estate ownership
