Unit 2 Real Property & the Law

Question 1

What is land?

Answer 1

The earths surface extending downward to the center of the earth and upward to infinity, including natural objects.

Question 2

What is real estate?

Answer 2

Land plus all things permanently attached to it.

Question 3

What is an improvement?

Answer 3

Any artificial thing attached to the land.

Question 4

What is real property?

Answer 4

The interests, benefits, and rights that are automatically included in the ownership of land and real estate.

Question 5

What are the bundle of legal rights?

Answer 5

Disposition - (buy, sell, transfer)
Exclusion - (to keep others from using)
Enjoyment - (to use property in legal manager)
Possession 
Control - (within the framework of law)

DEEP-C

Question 6

What is title?

Answer 6

1-The right to or ownership of the land with the bundle of legal rights.
2-Evidence of that ownership by a deed.
(Ownership of real property)

Question 7

What is an appurtenances?

Answer 7

A promise, its a right or privilege connected to the property. (Runs with the land)

Question 8

What are the types of rights in real estate?

Answer 8

1-Subsurface
2-Air
3-Water

Question 9

What is personal property?

Answer 9

Sometimes known as personalty, anything not in the definition of Real Property.

Question 10

What is a manufactured housing?

Answer 10

A home built offsite and trucked to a building lot, where they are assembled.

Question 11

What is a chattel?

Answer 11

Personal Property/Personalty

Question 12

What are fixtures?

Answer 12

Personal property that has been affixed to land or a building that by law it becomes real property.

Question 13

What are plants?

Answer 13

2 Classes
1-Perennial that do not require annual cultivation known as fructus naturales. (real)
2-Annuals crops that are cultivated known as emblements fructus industriales. (personal)

Question 14

What are emblements?

Answer 14

Crops that are cultivated annually. Personal Property.

Question 15

What are trade fixtures?

Answer 15

A fixture used in the course of a business that is owned by the tenant. (chattel fixture) Can become real property if it isn’t removed at the end of a lease.

Question 16

How is personal property conveyed?

Answer 16

A bill of sale or receipt.

Question 17

What is severance?

Answer 17

Items of real property that can become personal property.

Question 18

What are the 4 economic characteristics of real property?

Answer 18

1-Scarcity
2-Improvements
3-Permanence of investment
4-Location or area preference, or situs.

Question 19

What are the physical characteristics of land?

Answer 19

1-Immobility
2-Indestructibility
3-Uniqueness, non-homogeneity.

Question 20

How do trade fixtures differ from other fixtures?

Answer 20

They are used in the course of a business.

Question 21

What are the two characteristics of real estate?

Answer 21

Economic and Physical.

Question 22

What is accession?

Answer 22

The means by which trade fixtures become the real property of the landlord.

Question 23

What are the legal tests of a fixture?

Answer 23

Method of annexation 
Adaptability of item to land's use
Relationship of parties 
Intention in placing item on the land
Agreement of the parties

M-A-R-I-A

Question 24

What are water rights?

Answer 24

common-law or statutory rights held by owners of land adjacent to bodies of water, and are restrictions on the rights of land ownership.

Question 25

What are riparian rights?

Answer 25

common-law right to owners of land along the course of flowing body of water. Cannot alter or interrupt flow of water.

Question 26

What are littoral rights?

Answer 26

Owners of land that borders commercially navigable waterways, enjoy unrestricted use and own the land adjacent up to the average high water mark.

Question 27

What is accretion, erosion, and avlusion?

Answer 27

1-Accretion - increase in the land result from deposit of soil by water
2-Erosion the gradual removal of land by natural forces
3-sudden removal of soil by an act of nature

Question 28

What is prior appropriation?

Answer 28

Right of water usage determined by the state rather than owner.

Question 29

What is severance and annexation?

Answer 29

1-severance - act of real property becoming personal property
2-annexation - personal property becoming real property.