What is Real Estate? Flashcards
bundle of rights
- the right to use the property in any legal manner
- right of enjoyment
- right of exclusion
- right of disposition to alienation (be able to sell/give away property)
devise
giving away real property via a will
parcel
a specific tract of land that has legally defined boundaries
improvement
manufactured additions to property
real property/real estate/realty
the earth’s surface extending downward to the center of the earth and into space, including all things permanently attached to it by nature or by people, and all rights/benefits/interests in it
corporeal
tangible
buildings and tress
incorporeal
intangible
views or rights
subsurface rights
rights to natural resources lying below the earth
aka mineral rights
air rights
rights to use the air above the land
can be sold or leased independently of the land itself
littoral/littoral rights
land bordering on ocean, seas, or large lakes affected by tide currents
rights of landowners to use and access a body of water, such as a lake or ocean (decks, dock, pier, etc.)
riparian/riparian rights
land bordered by a stream or waterway
gives property owners along natural bodies of water the right to access and make reasonable use of those waters
Avulsion
water quickly submerging land or moving land to another location
accretion
an increase of land caused by the gradual depositing of solid material
alluvion
the action of the sea or a river in forming new land by deposition.
erosion
loss of property caused by water
reliction
creation of dry land by gradual withdrawal of water from the land by lowering its surface level
front foot
width of the land on the water
used to price property on the water
hereditament
anything that can be inherited
personal property
all property that does not fit the definition of real property
chattels
tangible personal property (furniture, appliances, clothing, bonds, etc.)
deed
any legal instrument in writing which passes property and that is signed, attested, delivered
bill of sale
a certificate of transfer of personal property.
emblements
growing crops annually through labor and industry
personal property of the tenant
fixture
an article that was once personal property but has been so attached to land/a building that is now considered to be part of the real estate
trade fixture
an article owned by a tenant and attached to a rented space for use in conducting a business
