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39 Cards in this Set
- Front
- Back
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REAL ESTATE |
air, water, land & everything affixed to the land |
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PARCEL / TRACT |
portion of land |
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IMPROVEMENTS |
man-made structures attached to the land |
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CHARACTERISTICS OF LAND |
immobility indestructibility heterogeneity |
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If an item is not owned it is |
not property. |
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BUNDLE OF RIGHTS |
possess use transfer encumber exclude |
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Real property includes |
ownership of real estate bundle of rights. |
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Personal property includes |
ownership of non-real estate & those rights. |
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CHATTELS / PERSONALTY |
personal property items |
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TANGIBLE PERSONAL PROPERTY |
boat, jewelry, art |
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INTANGIBLE PERSONAL PROPERTY |
stocks, copyrights, listing agreements |
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(real property bundle of rights) USE |
mining, cultivating, landscaping (limits - zoning, legality of use) |
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(real property bundle of rights) TRANSFER |
sell, bequeath, lease, donate |
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(real property bundle of rights) ENCUMBER |
right to mortgage property as collateral for debt |
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(real property bundle of rights) EXCLUDE |
keep others off property, prosecute trespassers |
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SURFACE RIGHTS |
apply to R/E contained within surface boundaries of the parcel (includes ground, all natural things affixed to ground, all improvements, water rights) |
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AIR RIGHTS |
apply to space above surface boundaries |
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SUBSURFACE RIGHTS |
land beneath surface (ex. right to extract mineral deposits & subsurface water) |
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Water rights depend on: |
if state controls water if water is moving if water is navegable. |
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DOCTRINE OF PRIOR APPROPRIATION |
Where water is scarce govt. says landowners must apply for permits to use water. |
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LITTORAL RIGHTS |
- for navegable, non-moving bodies of water (ex. lakes & seas) - can use but ownership stops at high-water mark - navegable bodies of water are pubic property except if whole thing on one's property (then not considered navegable) |
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RIPARIAN RIGHTS |
- for properties abutting moving water (ex. streams, rivers) - depends if navegable or not - navegable - owned to water's edge - not navegable - owned to mid-point |
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restrictions on riparian rights |
- can't infringe on other's rights - can't pollute - can't impede or alter course of water flow |
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FIXTURE |
personal prop. item that has been converted to real prop. b/c attached to R/E (assumption is it's part of the real prop. unless excluded in the contract) |
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How can I tell if it's real or personal property? |
- INTENTION - Is the intention to remove it? - ADAPTATION - Is it custom-designed? - FUNCTIONALITY - Is it vital to the operation of the building? - RE'INSHIP of PARTIES - If fixture needed to conduct business, could be TRADE FIXTURE so personal property. |
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In sale or lease documents if an item is listed as personal property or fixture |
this overrides all else. |
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TRADE FIXTURES / CHATTEL FIXTURES |
- personal prop. that tenant temporarily affixed to bldg. to do business - can become LL prop. through ACCESSION if they don't remove it (goes from personal prop. to real prop.) - ex. grocer's freezers, printing press |
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EMBLEMENTS |
- plants & crops requiring human labor - are personal prop. (belong to tenants & can be taken by tenants) |
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SEVERANCE |
real prop. converted to personal prop. by detaching it from R/E (ex. cutting down tree, taking off shed door) |
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AFFIXING / ATTACHMENT |
personal prop. converted to real prop. by attaching it to R/E (ex. making BBQ pit, making dock from wood) |
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REAL PROPERTY - land - fixtures - attachments - conversions by affixing |
PERSONAL PROPERTY - trade fixtures - emblements - conversions by severance |
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Govt. entities regulate these aspects of real property interests: |
- bundle of rights (possession, use, transfer, encumber, exclude) - legal descriptions - insurance - inheritance - taxation |
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Federal govt. regulates |
- broad standards of property - natural disasters - land description - discrimination - ex. FHA, EPA, Fair Housing Act, ADA. |
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State govts. regulate |
most real estate business. - establish license law, administer licenses & oversee activities via R/E commissions - exert influence re: usage & environmental control of R/E (flood zones, waste disposal, pollution) - can levy R/E taxes but usually let local do that |
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County & local govt. can |
- zone land - take it over for public good - issue bldg. permits - levy R/E taxes. |
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Judicial regulation can influence R/E ownership through |
CASE LAW & COMMON LAW. |
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CASE LAW |
decisions based on judicial precedent. |
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COMMON LAW |
collective body of law derived from custom & generally accepted practice |
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