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