Vocabulary Unit 2 Flashcards
The words land, real estate, and real property
are often used interchangeably.
Land
is defined as the earth’s surface extending downward to the center of the earth and upward to infinity.
Real estate
is defined as land plus all human-made improvements to the land that are permanently attached (annexed) to it.
improvement
to land can be any artificial thing attached on or below ground, such as a building, fence, water line or sewer pipe, as well as growing things that are made part of the landscaping.
Real property
is defined as the interests, benefits, and rights that are automatically included in the ownership of real estate
appurtenance
something that is transferred with or “runs with” the land) is a right or privilege associated with the property, although not necessarily a physical part of it.
surface rights
Ownership rights in a parcel of real estate that are limited to the surface of the earth are called
subsurface rights
The rights to the natural resources below the earth’s surface are called
Water rights
are common-law (historical) or statutory rights held by owners of land adjacent to rivers, lakes, or oceans and are restrictions on the rights of land ownership
riparian rights
Common-law rights granted to owners of land along the course of a river, stream, or similar flowing body of water are called
littoral right
of owners whose land borders commercially navigable lakes, seas, and oceans
accretion
increases in the land resulting from the deposit of soil by the water’s action.
Erosion
s the gradual and sometimes imperceptible wearing away of the land by natural forces, such as wind, rain, and flowing water.
Avulsion
is the sudden removal of soil by an act of nature. It is an event that causes the loss of land in a much less subtle manner than erosion
prior appropriation
In states where water is scarce, ownership and use of water are often determined by the doctrine of
Personal property
sometimes called personalty, is all the property that can be owned and that does not fit the definition of real property.
Chattel
An important distinction between the two is that personal property is movable. Items of personal property, also called
Manufactured housing
is that which is built specifically to the standards of the Department of Housing and Urban Development (HUD), although the term mobile home is still commonly used.
emblements
Trees and crops generally fall into one of two classes: (1) Trees, perennial shrubbery, and grasses that do not require annual cultivation are known as fructus naturales. These items are considered real estate. (2) Annually cultivated crops such as fruit, vegetables, and grain are known as
severance
which is the act of separating it from the land. For example, a growing tree is part of the land until the owner cuts it down, literally severing it from the property. Similarly, an apple becomes personal property once it is picked from a tree.
Annexation
It is also possible to change personal property into real property through the process known as
fixture
is personal property that has been so attached to land or a building that, by law, it becomes part of the real property
trade fixture
A special category of fixtures includes property used in the course of business. An article owned by a tenant, attached to a rented space or building, and used in conducting a business is
accession
The tenant is responsible for any damage caused by the removal of a trade fixture. Trade fixtures that are not removed become the real property of the landlord.
situs
Place
area preference
is commonly referred to as “location, location, location.” This economic characteristic refers not only to geography but also to the preference for a specific area.
nonhomogeneity
Uniqueness, which is also known as
