Real Estate Definations Chapter 02

Front 1

accession

Back 1

aquiring title to additions or improvements to real property as a result of the annexation of fixtures or accretion of allurial deposits anlong the banks of stream

Front 2

air rights

Back 2

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

Front 3

annexation

Back 3

Process of converting personal property into real property

Front 4

appurtenance

Back 4

The right privilege, or imporvement belonging to and passing with the land

Front 5

area preference

Back 5

(sitis) An economic characteristic referring to location location location saying as the most important characteristic of property

Front 6

bundle of legal rights

Back 6

the concept of land ownership that includes ownership of all legal rights to the land 1)possession
2)control
3)enjoyment
4)exclusion
5)disposition

Front 7

chattel

Back 7

Items that do not fit into the defination of real property; movable objects.

Front 8

emblements

Back 8

Growing crops, such as grapes and corn that are produced annually through labor and industry also called fructus industriales.

Front 9

fixture

Back 9

An item of personal property that has been converted to real property by being permanently affixed to the realty.

Front 10

heterogeneity

Back 10

The uniqueness of land.

Front 11

improvement

Back 11

(1) Any structure, usually privately owned, erected on a site to enhance the value of the property-for example, building a fence or a driveway. (2) A publicly owned structure added to or benefiting land, such as a curb, sidewalk, street, or sewer.

Front 12

land

Back 12

the earth's surface extending downward to the center of the earth & upward into space, including things permanently attached by nature

Front 13

nonhomogeneity

Back 13

A lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike, real estate is said to be nonhomogeneous

Front 14

personal property

Back 14

Items, called chattels, that do not fit into the definition of real property; movable objects.

Front 15

real estate

Back 15

land; a portion of the earth's surface extending downward to the ceter of the earth & upward into space, including all things permanently attached to it

Front 16

Real Property

Back 16

The interests, benefits, and rights inherent in eal estate ownership

Front 17

Severence

Back 17

Changing an item of real estate to personal property by detaching it from the land; for example, cutting down a tree

Front 18

Situs

Back 18

The personal preference of people for one area over another, not necessarily based on objective facts and knowledge

Front 19

Subsurface Rights

Back 19

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

Front 20

Surface Right

Back 20

Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above it (air rights) or the minerals below the surface (subsurface rights).

Front 21

Trade Fixture

Back 21

An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.

Front 22

Water Rights

Back 22

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