What is Real Estate? Flashcards
Unit 5, Page 93
What rights are included in the bundle of rights?
Possession
Use (in any legal manor)
Enjoyment (quiet enjoyment)
Exclusion
Disposition or alienation
What is the bundle of rights?
The rights included with real estate property ownership.
What are the rights included with real estate property ownership referred to as?
Bundle of rights
Disposition
To sell or give away.
Which right in the bundle of rights mean a real estate property owner can sell or give away their property?
Disposition or alienation.
What is the word that describes buildings, utilities, sewers and other manufactured, permanent additions to the property?
Improvements
Other terms for real estate.
Real property, realty.
What are corporeal assets?
Tangible, physical items.
Example: buildings and trees
What are physical items on a property called?
Corporeal or tangible assets.
What are incorporeal assets?
Intangible, non-physical.
Examples: Views or rights.
What are the non-physical items on a property called?
Incorporeal or intangible.
Another term for subsurface rights?
Mineral rights
What is littoral land?
Land bordering lakes, oceans, or other large bodies of water affected by tide currents.
What is it called when land borders lakes, oceans, or other large bodies of water affected by tide currents?
Littoral
What is riparian land?
Land bordering rivers, streams and waterways.
What is it called when land borders rivers, streams and waterways?
Riparian
What determines if a waterway is navigable?
Federal survey map.
The process when a stream suddenly changes course.
Avulsion.
Increase of land cause by the gradual depositing of solid material by a waterway.
Accretion
What is the solid material called that can add to or take away from land.
Alluvion
Loss of land due to the gradual removal of solid material by a waterway.
Erosion
The creation of dry land by the gradual withdrawal of water from the land by the lowering of its surface level.
Reliction
What is it called if a piece of real estate gets separated from the property and becomes personal property? For example, a tree (real estate) gets cut down.
Severance
Tangible personal property is called what?
Chattels
What are chattels?
Tangible personal property.
What is used to transfer ownership of real estate?
Deed
What is used to transfer ownership of personal property?
Bill of sale.
What does a deed do?
Transfers ownership of real estate.
What is vegetation called that is considered personal property?
Emblements
What are the legal tests of a fixture?
“MARIA”
-Method of annexation
-Adaptation of the article to the house
-Relationship of the parties
-Intention of the parties
-Agreement of the parties
Term used to reference a specific tract of land.
Parcel
How are properties that border water often priced?
By the front foot.
How does personal property differ from real property?
Mobility
Under what conditions can a mobile home be sold as real estate?
If it is permanently attached to the land by an approved foundation.
