Unit 2: Real Property and the Law Flashcards
Land
the earth’s surface extending downward to the center of the earth and upward to infinity, including things permanently attached by nature, such as trees and water.
What are the 3 physical characteristics of land?
- immobility
- indestructibility
- Uniqueness
Immobility
The geographic location of any given parcel of land can never be changed.
indestructibility
Land is durable and indestructible, even though erosion, flood, volcanic action, and fire may change its topography and value.
Uniqueness
The law holds that no two parcels of land are exactly the same; this uniqueness is also known as “nonhomogeneity.
Real estate
the land and all things permanently attached to it by either nature or people (improvements)
real property
real estate plus the interests, benefits, and rights inherent in the ownership of real estate
ownership of real property
bundle of legal rights; concept comes from old English law
The bundle of legal rights includes the rights of
- Possession
- Control
- Enjoyment
- Exclusion
- Disposition
possession
the right to occupy the premises
Control
the right to determine certain interests for others
enjoyment
possession without harassment or interference
exclusion
legally refusing to create interests for others
disposition
determining how the property will be disposed of
Title to real property
1) right to property, and (2) evidence of ownership by deed
appurtenance
right or privilege associated with the property, although not necessarily a part of it
personal property
movable; also referred to as chattels
Plants fall into one of two categories
- Real property (fructus naturales)
- personal property ( fructus industriales)
Plants: Real property
Trees, perennial shrubbery, and grasses not requiring annual cultivation
Plants: Personal property
Crops with a growing season of less than a year (annuals), known as emblements
Severance
the act of separating real property from the land turning into personal property
annexation
turning personal property into real property
fixture
an article that was once personal property but has been so affixed to land or a building that the law now recognizes it as part of the real property
egal tests of a fixture can be remembered as MARIA
i. Method of attachment
ii. Adaptation of the item to the land’s ordinary use
iii. Relationship of the parties
iv. The intention of the person in placing the item on the land
v. Agreement between the parties
Trade fixture
an article owned by a tenant and attached to rented space or a building for use in operating a business
