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12 Cards in this Set
- Front
- Back
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Land |
Defined as the earth surface extending downward to the center of the earth and upward to Infinity. Includes surface, soil, objects naturally attached to the earth's surface (boulders, plants ), minerals, substance, and air up to space |
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Real estate |
Land at, above, and below the earth's surface, plus all things permanently attached to it. Land with improvement |
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Real property |
Includes both land and real estate. It is the intrest, benefits, and rights that are automatically included in the ownership of land and real estate. Land with improvement and rights. |
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Appurtenances |
Anything associated with the property. Can include parking spaces, easement, water rights etc. |
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Surface and Subsurface rights |
Surface rights: The right to use the surface of the Earth Subsurface rights: the rights to natural resources lying below the earth's surface Owner may transfer surface rights without transferring subsurface rights |
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Air Rights |
The rights to use to use the space above the earth's surface may be sold or leased independently provided those rights have not been preempted by law. |
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Characteristics of Real Rstate |
1. Economic Characteristics Scarcity, improvements, permanence of investment and location Physical Characteristics Immobility, indestructibility, uniqueness |
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Ownership of Real Property |
Bundle of legal rights: The right of possession, right to control the property, right of enjoyment, right of exclusion(to keep from entering or using the property), right of disposition (to sell, will, transfer, or otherwise dispose of or encumber the property) |
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Personal property |
Property that is movable and not affixed to or associated with the land |
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Chattels |
Personal property, including tangibles like chairs, tables, clothing, mony, bonds, and bank accounts and tade fixtures |
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Accession |
Trade fixtures that are not removed become the real property of the landlord |
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Attachment |
Personal property that "turns into" real property does so by attachment p. 18 |
