Unit 5

Question 1

When a person purchases real estate, they are buying the rights previously held by the seller, also known as, BUNDLE OF RIGHTS

Answer 1

-the right of possession

-the right to use the property in any legal manner

-the right of enjoyment

-the right of exclusion (to keep others from entering or occupying the property)

-the right of disposition or alienation (to be able to sell or give away the property)

-devise (leave by will)

Question 2

Land

Answer 2

earth, extending downward from the surface to the center of the earth, and upward to infinity, including all things permanently attached by nature

Question 3

Parcel

Answer 3

A specific tract of land which can be of any size but has legally defined boundaries

Question 4

Improvement

Answer 4

Both buildings erected on the land and streets, utilities, sewers and other manufactured additions to the property

Question 5

Real Estate

Answer 5

The earth’s surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature or by people and all rights, benefits, and interests in it

CAN BE USED INTERCHANGBLY WITH:
-Real Estate
-Real Property
-Realty

Question 6

Corporeal Assets

Answer 6

Tangible assets

Ex: buildings, trees

Question 7

Incorporeal Assets

Answer 7

Intangible assets

Ex: views, rights

Question 8

Air rights

Answer 8

-The rights to use the air above the land may be sold or leased independently of the land itself

Question 9

Littoral Rights

Answer 9

-the rights of landowners to access and use a body of water that is still, like a lake, ocean, bay, or delta

Question 10

Riparian Rights

Answer 10

the rights of landowners whose property is next to a flowing body of water, like a river or stream

Question 11

Nonnavigable Stream

Answer 11

-If a stream is identified as not navigable on a federal survey map, its bed is owned by the owner or owners of the adjoining land

-They have riparian rights that allow them to use the water

Question 12

Avulsion

Answer 12

-When the stream suddenly changes its course

-Violent, sudden, rare occurrence
Ex: earthquake

-Property line would not move but would remain where it had always been

-One owner will gain land and the other will lose land

Question 13

Accretion

Answer 13

-increase of land caused by the gradual depositing of solid material

Also known as: ALLUVION

Question 14

Erosion

Answer 14

-loss of property

Question 15

Reliction

Answer 15

-the creation of dry land by the gradual withdrawal of water from the land by the lowering of its surface level

Question 16

Front Foot

Answer 16

-Property that borders on water (river, lake, or ocean)

-the width of the land on the water

Question 17

Hereditament

Answer 17

-Anything that can be inherited

Question 18

Personal Property (also known as Personalty)

VS

Real Estate

Answer 18

Real Estate:

-FIXED AND IMMOVABLE

Personal Property:

-MOVABLE

Question 19

Chattels

Answer 19

-Also known as tangible personal property

-Ex: furniture, clothing, fridges

Question 20

Deed

Answer 20

a legal document that transfers ownership of real estate from one party to another

Question 21

Bill of Rights

Answer 21

-personal property that is transferred

Question 22

Severance

Answer 22

Example:

A tree is real estate, until the owner cuts it down. Once it is cut down, it becomes personal property and is known as severance

Question 23

Vegetation

Answer 23

Real Estate: trees, perennial bushes, and grasses that do not require cultivation

Emblements: annual crops such as wheat, corn, and garden vegetables (PERSONAL PROPERTY)

Question 24

Fixture

Answer 24

-An article that was once personal property but has been so attached to land or to a building that it is now considered to be part of the real estate

EX: Kitchen cabinets, elevator equipment. heating systems

Question 25

Trade Fixutres

Answer 25

-An article owned by a tenant and attached to a rented space for use in conducting a business

-Ex: barber chairs, store shelves

PERSONAL PROPERTY, THEY CAN REMOVE IT

Question 26

Tenant Fixtures

Answer 26

-Fixtures installed by a tenant in a residential rental property

EX: Bookcases, chandeliers

-Without prior written agreement of the landlord, they become part of the real estate and belong to the landlord

NO SPECIFIC LAWS ON THIS, JUDGE INTREPRETS IT

Question 27

Legal Tests of a Fixture

Answer 27

1. Tenant didn’t install it with an INTENTION of leaving it
2. How it is ATTACHED
3. ADAPTATION of the article to the real estate (designed just for that area)
4. Relationship of the parties
5. Agreement of the parties (what does the contract say?)