Unit 2: Real Property and the Law Flashcards
Does “land” include naturally attached objects such as trees, as well as bodies of water found on it or under it?
Yes
What is “land” defined as?
Land is defined as the earth’s surface to the center of the earth and the airspace above the land, including trees and water
What is “real estate” defined as?
Real Estate is defined as land plus permanent human-made additions.
What is “Real Property” defined as?
Real Property is defined as real estate plus bundle of legal rights.
The interests, benefits, and rights that are automatically included in the ownership of real estate.
What are the 3 physical characteristics of land?
Immobility
Indestructibility
Uniqueness
What is another word for “uniqueness”?
Nonhomogeneity
Traditionally, ownership rights of real property are described as…?
The bundle of legal rights.
What are the 5 rights that the bundle of legal rights include?
Right of Possession
Right to Control the Property (within framework of the law)
Right of Enjoyment
Right of Exclusion
Right of Disposition
What are the two meanings of the word “title” as it relates to real property (real estate)?
1) The right of ownership of the property, including the owner’s bundle of legal rights
2) Evidence of that ownership by a deed
“Title” refers to the ownership of the property
T/F The document by which the owner transfers title to the property is called…deed?
True
What is an “appurtenance”?
An appurtenance is a right, privilege, or improvement belonging to, and passing with, the land/property; “runs with the land” or connected to the property.
What are 2 examples of an “appurtenance”?
Parking spaces in multi-unit buildings
Water rights to a source not on the property
Personal property is sometimes called what?
“Personalty”
What are the two main differences between Real property and personal property?
Personal property is movable while real property is not.
Personal property is transferred by a bill of sale, real roperty is transferred by deed
Items of personal property are also known as….what?
Chattels
What are “emblements” as it relates to real estate?
Emblements are annually cultivated crops like fruit, vegetables, and grains
What is another word for “emblements”?
Fructus Industriales
The act of separating personal property from the land is known as….what?
Severance
The process of converting personal property into real property is known as…what?
Example: a landowner buys cement, stones, and sand and mixes them intro concrete to construct a sidewalk across the land, the landowner has converted that personal property into real property (sidewalk)
annexation
What are the 5 legal tests of a fixture?
Method of attachment
Adaptability of item to land’s use
Relationship of Parties
Intention in placing item on the land
Agreement of the parties
What is a “Trade Fixture”?
A trade fixture is an article installed by a tenant under the terms of a lease that is removable by the tenant before the lease expires
What are “riparian rights”
These are an owner’s rights in land that borders on or includes a stream, river, or lake. They include access to and use of the water.
What are “littoral rights”?
These are a landowner’s claim to use water in large navigable lakes and oceans adjacent to their property. Also is the ownership rights to land bordering these bodies of water up to the high watermark
What is “accretion”?
Accretion is the addition of land by the deposit of sand or soil washed up naturally from a body of water.
What is “reliction”?
Reliction is the increase of a landowner’s property by the receding of an adjacent body of water
What is “erosion”?
Erosion is the gradual wearing away of the land by natural forces - wind, rain, etc
What is the opposite of erosion?
Avulsion
What is “avulsion”
Avulsion is the sudden removal of soil by an act of nature
What is “prior appropriation”?
This is a concept of water ownership in which the landowners right to use available water is based on a government administered permit system
What are the 4 economic characteristics of real estate?
Scarcity
Improvements
Permanence of Investment
Area Preference (Situs)
What are the 5 laws that affect real estate?
Contract Law
General Property Law
Agency Law
Real Estate License Law
Federal/State/Local Law
