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24 Cards in this Set
- Front
- Back
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- Right of disposition - Right of enjoyment - Right of exclusion - Right of possession, and - Right of control of property |
Bundle of Legal Rights |
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The right or privilege associated with real property that normally transfers along with the property to the new owner when the property is sold. |
Appurtenance |
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Extends downward to the center of the earth, includes mineral rights and other natural resources that can be transferred separately from surface rights. |
Subsurface Rights |
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Stretches upward to infinity, where ________ can be sold separately from surface rights with some limitations to enable air travel |
Air rights |
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includes things naturally attached to the land, such as trees and crops that do not need cultivation and perennial crops, orchards and vineyards. |
Fructus naturales and Fructus Industriales |
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__________ rights are common- law rights granted to owners of land along rivers, streams or similar bodies o water |
Riparian Rights |
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________ rights belong to the owners of land that borders commercially navigable lakes sea and ceans |
Littoral rights |
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The Two Types of Water rights: |
1. Riparian Rights ( land along river) 2. Littoral rights (Land bordering commercial properties of seas and Oceans) |
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- Movable items - emblements (Fructus industriales) Crops/plants - Manufactured Homes
are considered ____________ property. |
Personal Property (Chattel or personalty) |
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Personal property that has been affixed to the land or building so that by law it has become a real property |
A Fixture |
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Modular homes becomes a part of Real Estate.
True/False |
True |
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Fructus Naturales are considered ______ property. |
Real Property |
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I R M A
-Intent of annexor ( was it meant to stay or go) - Relationship of annexor (owner or tenant) - Method of annexation (not easily removable) - Adaptation to real estate (ordinarily considered a permanent addition) |
Total Circumstances Test |
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_________ Fixtures include property attached to the structure but used in the course of business |
Trade Fixtures |
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Agricultural Fixtures |
improvements made to North Carolinafarm by tenant become real property |
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UCC |
Uniform Commercial Code- Items bought on credit, remains personal property until paid in full. |
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IRMA |
- (I) Intent - (R) Relationshiop - (M)Method - (A)Adaptation to Real Estate |
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Last for an indeterminable length of time such as those existing for a lifetime or forever. They are passed from grantor to grantee via deed when the title is conveyed.
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Freehold estate |
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The highest estate recognized by law |
Fee simple |
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is a qualified estate |
Fee Simple defeasible |
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The amount of interest that a person holds in real estate is called |
an estate in land |
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- Fee Simple estate ( can pass by inheritance) - Defeasible fee estate ( Can pass by inheritance) - pur autre vie estate ( estate for the life of another) - Ordinary conventional life estate (does not pass by inheritance) |
are the Four types of Freehold estate |
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Estates of inheritance |
1. Fee Simple estate 2. Defeasible fee estate 3. Pur Autre vie estate
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_________ _______ estate is also called Measuring life and are called an estate NOT of inheritance. |
Ordinary Conventional Life Estate |
