Ch 2: Real Property And The Law Flashcard

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Annexation

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Change personal property to real property, such as mixing sand, stone and cement, and making a sidewalk

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Annexation

Change personal property to real property, such as mixing sand, stone and cement, and making a sidewalk

Improvement

Man-made attachment to the land, such as a building, streets, utilities

Appurtenance

Right, privilege or improvement belong to, and passing with the land

Personal Property

Movable objects, not real property, sometimes called chattels, such as cars, cash, stock

Bundle of Legal Rights

Ownership of all legal rights: control, possession, use, disposition, enjoyment

Physical Characteristics of Real Estate (3)

Immobility, Indestructibility, Uniqueness (non homogeneity)

Economic Characteristics of Real Estate (4)

Scarcity, improvements, permanence of investment, area preference (location)

Real Property

Interests, benefits and rights inherent in real estate ownership

Emblements

Annual, harvestable crops such as corn, wheat; personal property

Severance

Changing of real to personal property, such as cutting down a tree, removing stained glass window

Fixture

Item that was once personal property and is now permanently affixed and is real property, such as a chandelier or ceiling fan

Trade Fixture

Personal property: Business items permanently attached by tenant. May be removed up to last day of lease. If left, landlord acquires by process of accession

Accession

Aquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams

Air Rights

The right to use open space above a property, usually allowing the surface to be used for another purpose

Situs

Also known as "Area Preference"--the personal preferance of people for one area over another, not necessarily based on objective facts and knowledge

Chattel

a movable article of property; tangible property other than land, buildings, etc.

Heterogeneity

The characteristic of land which identifies each parcel as being unique and unlike any other parcel

Land

the earth's surface extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature; trees and water

Nonhomogeneneity

Also know as heterogeneity and uniqueness

Real Estate

Land; a portion of the earth's surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached to it, whether naturally or artificially

Subsurface Rights

Ownership right in a parcel of real estate to the the water, minerals, gas, oil and so forth that lie beneath the surface of the property.

Water Rights

Common law rights held by owners of land adjacent to rivers, lakes or oceans and includes restriction on those rights and land ownership.

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Chapter 2: Real Property and the Law

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