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40 Cards in this Set

  • Front
  • Back
ANNEXATION
An addition to property by uniting or joining something to it. tests to determine whether attached property becomes real property
APPURTENANCE
those which have been added or appended to a property which become part of it
such as RIGHT, PRIVILEGE, OR IMPROVEMENT(permanent or man made)
AIR RIGHTS
right of owner of property to the space above his property
BUNDLE OF RIGHTS
concept of ownership including
1.POSSESSION
2.USE
3.DISPOSITION
4.CONTROL
5. QUIET ENJOYMENT
CHATTELS
personal property
CHATTELS REAL
estate in land of less than freehold(estate for years) which descends under the rules of personal property
CONSTRUCTIVE ANNEXATION
such as custom fitted storm windows uninstalled, remote for garage door,, key to front door
CONTROL
one's privilige to have freedom to build, renovate, remodel,maintain, disassemble, remove or destroy such thing
DISPOSITION
to pass into control of someone else, to alienate, relinquish, part with or get rid of
EMBLEMENTS
annual crops that don't become part of the real estate
TESTS OF FIXTURES
determine whether or not personal has become real property 1. agreement 2. annexation 3. adaptation and 4.intention
IMPROVEMENT
the improvements to surrounding parcels as well as to the subject property will have impact on value(
LAND
land is immobile, cannot be moved
LITTORAL RIGHTS
LAKES AND OCEANS-
HIGH WATER MARK IS PROPERTY LINE-literal rights give owner right to use of the water
MINERAL RIGHTS
right to subsurface land and profits
TESTS FOR FIXTURES
1.AGREEMENT- 2. ANNEXATION-(method of attachment)nails, screws bolts 3.ADAPTATION (how the item is being used)
4. INTENTION-was it intended to be made permanent
PERSONAL PROPERTY
everything owned that is not real property (furniture)
PERSONALTY
personal property is sometimes referred to as personalty
POSSESSION
possessing or occupying property
PRIOR APPROPRIATION DOCTRINE
in the 8 most arid western states, riparian rights have been replaced with this. water rights are determined by priority of beneficial use
QUIET ENJOYMENT
ON FREEHOLD ESTATES-enjoy freedom from troubles challenges of title
ON NONFREEHOLD ESTATES-gives lessee assurance that there's no disturbance of title
REAL ESTATE
the land, plus any easements, rights of way, buildings and other improvements.
REAL PROPERTY
property that is fixed, immovable, indestructible and unique in character
REALTY
Land or improvements thereon-
same as real property.
RIPARIAN RIGHTS
rivers or streams-
NAVIGABLE-ownership stops at water edge
NON-NAVIGABLE-ownership goes to middle of the stream
TRADE FIXTURES
items of personal property that the tenant may use in the trade or business and are attached to the real estate being leased
USE
to use property means to hold, occupy or enjoy
WATER RIGHTS
people's right to use water by their property
RIPARIAN- land or stream
LITTORAL- lakes and oceans
ECONOMIC CHARACTERISTICS OF REAL ESTATE
1. SCARCITY
2. IMPROVEMENTS
3. LONG TERM INVESTMENT
4. SITIS (AREA PREFERENCE)
PHYSICAL CHARACTERISTICS OF REAL ESTATE
1. IMMOVABLE
2. INDESTRUCTIBLE
3. UNIQUE( NONE ARE ALIKE)
LEGAL DESCRIPTIONS OF REAL ESTATE
SURVEYORS USE
1. metes and bounds(POB AND MONUMENT)
2. plat system (lot and block system)
METES AND BOUNDS
surveyor starts at POB, goes due north and clockwise,
Monument-is the point of beginning
PLAT SYSTEM
(lot and block)tract of land is divided into streets, lots, and blocks
BENCHMARKS AND TOPOGRAPHICAL LINES ARE USED BY SURVEYORS HOW?
use fixed objects that the U.S. Geological Survey has set up to indicate the elevation above sea level at that location. The surveyor would use this as a POB
BEING IMMOVABLE, INDESTRUCTIBLE AND UNIQUE ARE ALL _________CHARACTERISTICS OF LAND
PHYSICAL
SCARCITY, IMPROVEMENTS, LONG TERM INVESTMENT AND SITIS ARE ALL_________CHARACTERISTICS OF REAL ESTATE
ECONOMIC
SITUS
LOCATION, LOCATION, LOCATION
APPURTENANCE
rights ,privileges and improvements that belong to and pass with the transfer of real property but not necessarily a part of the actual property
LAND PLUS APPURTENANCE EQUALS______PROPERTY
REAL
FREEHOLD MEANS______
OWNERSHIP