Ch 2 Real Property And The Law

Front 1

Traditionally, ownership rights of real property are described as...

Back 1

Bundle of Legal Rights

Front 2

Annually cultivated cops such as fruit, vegetables, in grain are known as...

Back 2

Emblements

Front 3

Personal property that has been so affixed to land or a building that, by law, it becomes part of the real property.

Back 3

Fixture

Front 4

the term nonhomogeneity refers to...

Back 4

Uniqueness

Front 5

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

Back 5

land

Front 6

real property naturally attached to the land, such as trees & crops not needing cultivation, perennial crops, orchards & vineyards

Back 6

fructus naturales

Front 7

right to use the surface of the earth

Back 7

surface rights

Front 8

rights to natural resources lying below earth's surface

Back 8

subsurface rights

Front 9

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

Back 9

air rights

Front 10

common-law rights held by owners of land adjacent to rivers, lakes, or oceans and includes restrictions on those rights and land ownership

Back 10

water rights

Front 11

land at, above & below the earth's surface, plus all things permanently attached to it whether natural or artificial

Back 11

real estate

Front 12

*streets, utilities, sewers & other additions that make it suitable for building

Back 12

improvements

Front 13

the interests, benefits, and rights that are automatically included in the ownership or land & real estate

Back 13

real property

Front 14

what does real property include

Back 14

surface, subsurface, and airspace, any improvements, and the legal rights of ownership that attach to ownership of a parcel of real estate

Front 15

concept of land ownership that includes ownership of all legal rights to the land

Back 15

bundle of legal rights

Front 16

list the bundle of legal rights

Back 16

right of possession
right to control the property
right of enjoyment
right of exclusion
right of disposition

Front 17

refers to ownership of real property, not to a printed document

Back 17

title

Front 18

document by which the owner transfer title to the real property

Back 18

deed

Front 19

right, privilege or improvement belonging to, and passing with, the land ie...parking space in multitenant unit, an easement or water rights

Back 19

appurtenance

Front 20

*sometimes called chattels or personalty

Back 20

personal property

Front 21

When is a manufactured home considered personal property

Back 21

not permanently affixed to the land

Front 22

*annual plantings or crops of grains, vegetables & fruit

Back 22

emblements

Front 23

*also called fructus industriales

Back 23

emblements

Front 24

an item of real property can become personal property ie..apple becomes personal property once it is picked from a tree

Back 24

severance (removal)

Front 25

ie...cement, stones, and sand (personal property) mixed together to make a sidewalk (real property)

Back 25

annexation

Front 26

an item of personal property that has been converted to real property by being permanently affixed to land or to building (realty)

Back 26

fixture

Front 27

heating systems, elevator equipment, radiators, kitchen cabinets, light fixtures, and plumbing are examples of...

Back 27

fixtures

Front 28

an article owned by a tenant and attached to a rented space or building or used in conducting a business removable by tenant before lease expires

Back 28

trade fixture (or chattel fixture)

Front 29

acquiring 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

Back 29

accession

Front 30

what is difference between trade fixtures and other fixtures

Back 30

*fixtures belong to the owner of the real estate;trade fixtures are owned and installed by a tenant for the tenant's use

Front 31

what are the 4 economic characteristics of real estate that affect its value as a product in the market place

Back 31

scarcity
improvements
permanence of investment
location or area or preference

Front 32

what economic characteristic of real estate is defined as - considerable amount of land remains unused or uninhabited, the supply in a given location or of a particular quality is generally considered finite

Back 32

scarcity

Front 33

what economic characteristic of real estate is defined as - building an improvement on one parcel of land can affect the land's value and use as well as that of neighboring tracts and whole communities

Back 33

improvements

Front 34

refers to people's preferences for one area over another, based on a factors such as history, reputation, convenience, & scenic beauty

Back 34

location or area preference (or situs)

Front 35

what are the 3 physical characteristics of real estate

Back 35

immobility
indestructibility
uniqueness

Front 36

one of the 3 characteristics of real estate is described as the geographical location of any given parcel of land can never be changed; it is fixed

Back 36

immobility

Front 37

one of the 3 characteristics of real estate is described as permanence of land, coupled with the long-term nature of improvements, tends to stabilize investments to real property

Back 37

indestructibility

Front 38

what are the laws affecting real estate

Back 38

contract law
general property law
agency law
real estate license law
federal regulations
federal, state and local tax laws
zoning and land-use laws
federal, state & local environmental regulations

Front 39

How does the court determine the Legal tests of a fixture?

Back 39

Method of Annexation
Adaptation to real estate
Agreement