Real Property And The Law

Front 1

Land

Back 1

the earth's surface extending downward to the center of the earth and upward into space, including permanent natural objects such as trees and water

Front 2

Real Estate

Back 2

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

Front 3

Improvement

Back 3

any artificial thing attached to land (such as a building or fence)

Front 4

Real Property

Back 4

the physical land or real estate plus the interests, benefits, and rights that are associated with its ownership

Front 5

Property

Back 5

anything that can be owned

Front 6

Characteristic of Ownership of Property

Back 6

provides certain rights, interests or benefits to the owner

Front 7

Legal Rights of Ownership (Real Property)

Back 7

"bundle of rights" that attach to the physical surface of the land, that which lies above and below it and that which is permanently attached to it

Front 8

Appurtenance

Back 8

the rights, privileges and improvements that belong to the land (conveyed when ownership transfers)

Front 9

Subsurface Rights

Back 9

the rights to the natural resources lying below the earth's surface

Front 10

Surface Rights

Back 10

the rights to use the surface of the earth

Front 11

Coal Notice

Back 11

In PA the seller is required to provide notice to purchases about whether a structure on the land is entitled to support from the underlying coal. If seller can't certify the structure is support then the seller must inform the purchaser there is no protection to the structure against subsidence damage from mining operations.

Front 12

Air Rights

Back 12

the rights to use the open space or vertical plane aire above the land. (Ownership of land includes the right to all air above property unless preempted by law or already sold or leased independently of the land.)

Front 13

Caissons

Back 13

Small portions of the land's surface for the building foundation supports

Front 14

Pennsylvania Aviation Easements

Back 14

PA law permits local government authorities to obtain aviation easements (air rights) over land surrounding airports to prevent interference with takeoffs and landsings

Front 15

Personal Property

Back 15

soometimes called personalty is considered to be all property that does not fit the definition of real property. Personal property is movable

Front 16

What is personal property also referred to?

Back 16

Chatels (include tangibles such as chairs, tables, clothing and money)

Front 17

When can a mobile home be sold by a real estate agent?

Back 17

1. Mobile home is transferred in conjunction with land
2. Mobile home is permanently attached to a foundation and
3. Registraion of the molbile home is canceled by owner with PA Bureau of Motor Vehicles.

Front 18

Emblements

Back 18

annual plantings or crops of wheat, corn, vegetables, and fruit (considered personal property).

Front 19

Are perennial crops (orchards or vineyards) personal property or real property?

Back 19

Rel Property and they convey with the land.

Front 20

Severance

Back 20

the change of an item of real estate to personal property (growing tree is real estate until owner cuts it down, severing if from the real estate)

Front 21

Annexation

Back 21

originally personal property converted into real property as they become a permanent improvement on the land (cement, stones and sand when mixed into concrete constructs into a sidewalk)

Front 22

Fixture

Back 22

An article that was once personal property but has been affixed to the land or a building in such a way that the law contrues it to be part of the real estate (kitchen cabinets, plumbing fixtures)

Front 23

Legal Tests of a Fixture

Back 23

1. Intent
2. Method of annexation
3. Adaption to real estate
4. Agreement

Front 24

Trade Fixtures

Back 24

Article that is attached to a rented space or building fur use in conducting a business, but is the personal property of the tenant

Front 25

Chattel Fixtures

Back 25

also known as Trade Fixtures

Front 26

2 Ways Trade Fixtures differ from Fixtures

Back 26

1. Trade fixtures are usually owned and installed by a tenant for the tenant's use
2. Trade Fixtures are removable on or before the last day of the lease

Front 27

Bundle of Rights

Back 27

(Real Property Ownership)
1. Right of Possession
2. Right to control the property within the framework of the law
3. Right of Enjoyment (to use the property in any legal manner)
4. Right of Exclusion (to keep others from using the property)
5. Right of Disposition (to sell, will or otherwise dispose of the property)

Front 28

Livery of Seisin (Seizin)

Back 28

Seller transferred property by giving the purchaser a bundle of bound sticks from a tree on the property (in old English Law)

Front 29

What are the two general categories of Real Estate

Back 29

Economic (affecting its value as an investment) and Physical (which sets is apart from other commodities)

Front 30

Economic Characteristics of Real Estate

Back 30

1. Scarcity
2. Improvements
3. Permanence of Investment
4. Area Preference

Front 31

What is the most important economic characteristic of land?

Back 31

Area Preference

Front 32

What is Situs?

Back 32

Area Preferences (not referring to a geographical location but rather to people's preference for a given area)

Front 33

Physical Characteristics of Real Estate

Back 33

1. Immobility (topography of land can be changed but never its geographic location)
2. Indestructibility (can be altered but not destroyed)
3. Uniqueness (no 2 parcels of land are ever exactly the same)

Front 34

What is the uniqueness of land also referred as?

Back 34

Heterogeneity or nonhomogeneity

Front 35

What are the 8 Real Estate Laws?

Back 35

1. General Property law
2. Environmental laws
3. Contract law
4. Agency law
5. Fair housing laws
6. Tax laws
7. Zoning & land use laws
8. Real estate license law