Unit 2 - Real Property and the Law Flashcards
What is Accession
Trade fixtures not removed become the real property of the landlord. AKA - Constructive Annexation
What is a Trade Fixture
Article owned by tenant, attached to rental space or building, and is used in conducting business. AKA - Chattel Fixture
What are Legal test of fixture
MARIA
Method of Annexation, Adaptability of item to land use, Relationship of Parties, Intention of placing item on land, Agreement of parties. *most important is Intention
What is a fixture
Personal property that has been so attached to land or a building that, by law, it becomes part of the real property
What are emblements
Annually cultivated crops (corn, beand, etc.)
What is Fructus Industriales
Plants or crops that requre annual cultivation (personal property)
What is Fructus Naturales
Plants that do not requre annual cultivating (trees/shrubs) on real estate
What are chattels
Items of personal property (chairs, tables, clothing, etc)
What is Severance
Converting real property to personal property
What is Annexation
Converting personal property to real property
What is Personalty
Personal property - important distinction is it is movable
What are 4 economic characteristics of real estate
SIPA
Scarcity, Improvements, Permanence of Investment, Area Preferance (Location *Most important)
What is Avulsion
Sudden removal of soil by act of nature (earthquake, mud slide)
What is Erosion
Wearing away of land by natural forces (Losing land)
What is Accretion
Increase in the land, resulting from deposit of soil by waters action
What is a flood plain
Area of land surrounding a river that can potentially get wet
What is flood water
River floods over bank to flood plain
What is Littoral Rights
Rights granted along lake, sea, or ocean. Property goes to high water mark on edge of water
What are Riparian Rights
Rights granted along a river. Non-navigable is middle to water. Navigable is to waters edge
What are Water Rights
Common law or statutory rights held by owners of land adjacent to rivers, lakes, oceans
What are 3 Rights associated with land
Surface, Sub-surface, and Air
What is an Appurtenance
Right or priviliege associated with the property although not necessarily a part of it. (Person owns condo, but has access to pool, garage, etc)
What are the Bundle of legal rights of ownership of real property. DEEPC
Disposition, Exclusion, Enjoyment, Possession, Control
What is an Improvement
Artificial thing attached on or below ground, such as a building, fence, water line, and growing things a part of landscaping
