Unit 2: RealProperty And The Law Flashcards

1
Q

What is defined as the earths surface extending downward to the center of the earth & upward to infinity?

A

Land

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2
Q

What are the three characteristics of land?

A

Immobility
Indestructibility
Uniqueness

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3
Q

Nonhomogeneity is also known as…

A

Uniqueness

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4
Q

Real estate is defined as?

A

Land plus all human made improvements to the land that are permanently attached

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5
Q

Real property is defined as?

A

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

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6
Q

Bundle of legal rights are…

A

The rights of:
Possession
Control
Enjoyment
Exclusion
Disposition

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7
Q

A right or privilege associated with the property, although not necessarily a physical part of it.
“Runs with the land”

A

Appurtenance

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8
Q

What is Personal Property ?

A

All the property that can be owned and that does not fit the definition of “real property”

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9
Q

Chattels and perosnalty are also known as…

A

Personal Property

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10
Q

An item of real property can become personal property by way of…

A

Severance

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11
Q

Personal property that has been so attached to land or a building that by law it becomes part of real property is…

A

A fixture

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12
Q

What does the acronym MARIA stand for?

A

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

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13
Q

What is a trade fixture?

A

An article owned by a tenant attached to a rented space or building, and used in conducting a business

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14
Q

Mineral rights is also known as…

A

Subsurface rights

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15
Q

What are subsurface rights?

A

The rights to the natural resources below the earths surface

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16
Q

What are air rights?

A

The rights to use the space above the earth may be sold or leased independently, provided the rights have not been limited by law

17
Q

Common law rights granted to owners of land along the course of a river, stream, or similar flowing body of water is called?

A

Riparian rights

18
Q

What are Littoral rights?

A

Owners whose land borders commercially navigable lakes, seas, and oceans

19
Q

________ increases in the land resulting from the deposit of soil by the waters action

A

Accretion

20
Q

What is erosion?

A

The gradual & sometimes imperceptible wearing away of the land by natural forces such as wind, rain, and flowing water

21
Q

The sudden removal of soil by an act of nature is?

A

Avulsion

22
Q

In States where water is scarce, ownership of use of water are often determined by the doctrine of

A

Prior appropriation

23
Q

What are the 4 economic characteristics of real estate?

A

Scarcity
Improvements
Permanence of investment
Area preference or situs

24
Q

Area Preference is also known as…

A

Situs

25
Q

Area preference is commonly referred to as….

A

“Location, location, location”