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29 Cards in this Set
- Front
- Back
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Land |
Defined as the earths surface extending downward to the center of the earth and upward to infinity |
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Real estate |
Land plus permanent human made additions |
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Real property |
Real estate plus bundle of legal rights |
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Physical characteristics of land |
Immobility, indestructibility, uniqueness |
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Uniqueness a.k.a. |
Non-homogeneity |
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What is the bundle of legal rights |
Right of possession Right to control the property within the framework of them all Right of enjoyment Right of exclusion (keep ppl out) Right of disposition (to sell/transfer) |
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Appurtenance |
Something that is transferred with or runs with the land Ex:parking, easements, water rights |
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Surface rights |
Ownership rights in a parcel of real estate that are limited to the surface of the earth |
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Subsurface rights |
The rights to the natural resources below the earths surface |
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Air rights |
The rights to use the space above the earth |
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Water rights |
Common law or statutory rights held by owners of land adjacent to rivers lakes or oceans |
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Riparian rights |
Common law rights granted to owners of land along the course of a river stream or similar flowing body of water |
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Littoral Rights |
Rights of owners whose land borders commercially navigable Lakes, Seas, and oceans |
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Accretion |
Increases in the land resulting from the deposit of soil by the waters action |
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Erosion |
The gradual and sometimes imperceptible wearing away of the land by natural forces such as wind, rain, and flowing water |
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Avulsion |
The sudden removal of soil by an act of nature such as earthquake or a mudslide |
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doctrine of Prior appropriation |
Under this doctrine the right to use any water with the exception of limited domestic use is controlled by the state rather than by the land owner adjacent to the water |
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Area preference a.k.a. situs |
Location location location |
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Personal property A.k.a. personalty |
All the property that can be owned and that does not fit the definition of real property |
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Items of personal property a.k.a. Chattels |
Chairs, tables, clothing, money, bonds, and bank accounts |
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Emblements aka fructus industriales |
Annually cultivated crops ex: fruit, vegetable, grain |
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Severance |
The act of separating it from the land. Taking it from real property to real property |
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Annexation |
To convert something from personal property (cement,stone,sand) into real property (sidewalk) |
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Fixture |
Personal property that has been so attached to land or a building that by law it becomes part of the real property |
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Legal tests of a fixture (MARIA) |
Method of annexation Adaptability of item to lands use Relationship of parties Intention in placing item on the land Agreement of the parties |
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Trade fixture |
Property used in the course of business. attached to a rented space or building |
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Accession |
Acquiring property with trade fixtures that are not removed by the tenant that become real property |
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Laws affecting real estate |
Contract law General property law Agency law Real estate license law Federal, state, and local laws and regulations |
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Economic characteristics of land |
Scarcity Improvements Permanence of the investment Area preference (situs) |
