Unit 2: RealProperty And The Law Flashcards
What is defined as the earths surface extending downward to the center of the earth & upward to infinity?
Land
What are the three characteristics of land?
Immobility
Indestructibility
Uniqueness
Nonhomogeneity is also known as…
Uniqueness
Real estate is defined as?
Land plus all human made improvements to the land that are permanently attached
Real property is defined as?
The interests, benefits, and rights that are automatically included in the ownership of real estate
Bundle of legal rights are…
The rights of:
Possession
Control
Enjoyment
Exclusion
Disposition
A right or privilege associated with the property, although not necessarily a physical part of it.
“Runs with the land”
Appurtenance
What is Personal Property ?
All the property that can be owned and that does not fit the definition of “real property”
Chattels and perosnalty are also known as…
Personal Property
An item of real property can become personal property by way of…
Severance
Personal property that has been so attached to land or a building that by law it becomes part of real property is…
A fixture
What does the acronym MARIA stand for?
Method of attachment
Adaptability of the item for the lands ordinary use
Relationship of the parties
*Intention of the person in placing the item on the land
Agreement of the parties
What is a trade fixture?
An article owned by a tenant attached to a rented space or building, and used in conducting a business
Mineral rights is also known as…
Subsurface rights
What are subsurface rights?
The rights to the natural resources below the earths surface
What are air rights?
The rights to use the space above the earth may be sold or leased independently, provided the rights have not been limited by law
Common law rights granted to owners of land along the course of a river, stream, or similar flowing body of water is called?
Riparian rights
What are Littoral rights?
Owners whose land borders commercially navigable lakes, seas, and oceans
________ increases in the land resulting from the deposit of soil by the waters action
Accretion
What is erosion?
The gradual & sometimes imperceptible wearing away of the land by natural forces such as wind, rain, and flowing water
The sudden removal of soil by an act of nature is?
Avulsion
In States where water is scarce, ownership of use of water are often determined by the doctrine of
Prior appropriation
What are the 4 economic characteristics of real estate?
Scarcity
Improvements
Permanence of investment
Area preference or situs
Area Preference is also known as…
Situs
Area preference is commonly referred to as….
“Location, location, location”
