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15 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Bundle of rights |
ownership of land with all of the legal rights of possession, control, quiet enjoyment, exclusion, transfer, and encumber |
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improvements |
any non-natural structure built on or affixed to land |
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land |
the surface of the earth, including all permanently attached natural fixtures, extending downwards to the center of the earth and upwards to infinity |
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quiet enjoyment |
the right to use your property without interference |
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real property |
real estate plus ownership rights |
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title |
the actual ownership of a real property that includes the bundle of rights in which a party may own a legal or equitable interest; not an actual document; uses a deed |
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percolation test |
shows how quickly the group absorbs or drains water, land must pass test to be considered real property |
Water |
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bundle of rights |
the rights of what you can do with your land; right of possession, to use, to transfer, of exclusion, to encumber (PUTEE) |
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Federal gov |
regulates broad issues; general land usage and disaster relief |
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state gov |
regulates real estate laws; water rights, local environment rules and mineral rights |
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local gov |
regulates real estate on a smaller scale; land use, taxation and zoning |
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land |
surface of the earth and its natural features |
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tangible property |
possessions that physically exist, such as a house or a bagel |
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intangible property |
stocks, patents, and other incorporeal things |
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conveyance |
how it changes hands from buyer to seller |
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