Unit 2: Real property and the law Flashcards
accession
acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the blanks of streams.
accretion
The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.
air rights
The right to use the open space above a property, usually allowing the surface to be used for another purpose.
annexation
Process of converting personal property into real property.
appurtenance
A right, privilege, or improvements belonging to, and passing with, the land; “runs with the land.”
area preference
People’s desire for one area over another, based on a number of factors such as history, reputation, convenience scenic beauty, and location.
avulsion
The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream.
Bundle of legal rights
The concept of land ownership that includes ownership of all legal rights to the land – possession, control within the law, enjoyment, exclusion, and disposition.
constructive annexation
The combination of items into real property that are not fixed or fastened to the property.
emblements
Growing crops, such as corn, that are produced annually through labor and industry; also called fructus industriales.
erosion
The gradual and sometimes imperceptible wearing away of land by natural forces, such as wind, rain, flowing water.
fixture
An item of personal property that has been converted to real property by being permanently affixed to the realty.
improvement
(1) Any structure, usually privately owned, erected on a site to enhance the value of the property. (2) A publicly owned structure added to or benefiting land
land
The earth’s surface extending downward to the center of the earth and upward infinitely into space, including things permanently attatched by nature, such as trees.
littoral rights
(1) A landowner’s claim to use water in large navigable lakes and oceans adjacent to her property. (2) The ownership rights to land bordering these bodies of water up to the high-water mark.
manufactured housing
Dwellings that are built off site and trucked to a building lot where they are installed or assmebled.
nohomogeneity
A lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike real estate is said to be nonhomogenous.
persounalty
personal property.
personal property
Items, called chattels, that do not fit into the definition of real property; movable objects.
possession
owning or occupying a property
prior appropriation
A concept of water ownership in which the landowner’s right to use available water is based on a government-adminstered permit system
real estate
land; a portion of the earth’s surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attatched to it, whether naturally or artificially.
real estate license law
State law enacted to protect the public from fraud, dishonesty, and incompetence on the part of those they hire to represent them in the purchase and sale of real estate.
real property
The interests, benefits, and rights inherent in real estate ownership; often used as a synonym for real estate.
reliction
The increase of landowner’s property by the receding of an adjacent body of water.
recission
The practice of one party canceling or terminating a contract, which has the effect of returning the parties to their original positions before the contract was made.
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.
Severeance
changing an item of real estate to personal property by detatching it from the land
situs
The location of the land for legal purposes; the jurisdiction in which land is located.
subsurface rights
Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of the property.
surface rights
Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the space above it(air rights) or the substances below the surface (subsurface rights).
trade fixture
An article installed by a tenant under the terms of a lease that is removable by the tenant before the lease expires
Water right
Common lawrights held by owners of land adjacent to rivers, lakes, or oceans,;includes restrictions on those rights and land ownership
