Unit 2: Real Property And The Law

Front 1

Define Land

Back 1

The earth's surface extending downward to the Center of the Earth and upward to Infinity.

Front 2

Define Real Estate

Back 2

Land plus all human- made improvements to the land that are permanently attached to it.

Front 3

Define Improvement

Back 3

Any structure usually private owned erected on a site to enhance the value of the property

Front 4

Define Real property

Back 4

The interest, benefits, and rights that are automatically included in the ownership of Real Estate.

Front 5

Define bundle of legal Rights

Back 5

The concept of land ownership that includes ownership of all legal rights to the land possession control within the law enjoyment exclusion and disposition

Front 6

Define Appurtenance

Back 6

A right, privilege, or Improvement belonging to, and passing with the land, "runs with the land"

Front 7

What meanings does the word title have as it relates to real estate

Back 7

1. The right to or ownership of the property including the owners bundle of legal rights.

2. Evidence of ownership by a deed

Front 8

Define surface rights

Back 8

Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the space above it ( air rights) or the substances below the surface (subsurface rights).

Front 9

Define subsurface rights

Back 9

Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of the property

Front 10

Define air rights

Back 10

The right to use the open space above a property, usually allowing the surface to be used for another purpose.

Front 11

Define water rights

Back 11

Common law rights held by owners of land adjacent to rivers lakes or oceans; includes restrictions on those rights and land ownership

Front 12

Define riparian rights

Back 12

An owner's right in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water

Front 13

Define littoral rights

Back 13

A landowner's claim to use water in large navigable Lakes and oceans adjacent to the property.

The ownership rights to land bordering these bodies of water up to the high water mark

Front 14

Define accretion

Back 14

The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.

Front 15

Define erosion

Back 15

The gradual and sometimes imperceptible wearing away of the land by natural forces, such as wind, rain, and flowing water

Front 16

Define avulsion

Back 16

The sudden tearing away of land, as by a earthquake, flood, volcanic action, or the sudden change in the course of a stream.

Front 17

Define prior appropriation

Back 17

A concept of water ownership in which the landowner's right to use available water is based on a government -administered permit system

Front 18

Right of exclusion

Back 18

To keep others from entering our using property

Front 19

Right of disposition

Back 19

To sell, will, transfer, or encumber property

Front 20

Right of possession

Back 20

Owner has title to property

Front 21

Right of enjoyment

Back 21

To use the property in any legal manner

Front 22

Right to control

Back 22

To control the property within the law

Front 23

Define personal property

Back 23

movable objects. Items that do not fit into the definition of real property

Front 24

Personal property is also called______

Back 24

Chattels

Front 25

Define manufactured housing

Back 25

Dwellings that are built off site and trucked to a building lot where they are installed or assembled

Front 26

Trees, perennial shrubbery, and grasses that do not require annual cultivation are known as _______and are considered_________

Back 26

Fructus naturales, real estate

Front 27

Annually cultivated crops such as fruit, vegetables, and grain are known as ________or ______ and are generally considered_________

Back 27

Emblements

fructus industriales

personal property

Front 28

Define Severence

Back 28

Changing an item of real estate to personal property by detaching it from the land

Front 29

Define annexation

Back 29

Process of converting personal property into real property

Front 30

Real property is conveyed by________, while personal property is conveyed by a _______

Back 30

Deed

bill of sale or receipt

Front 31

Define Fixture

Back 31

Personal property that has been so attached to land or building that by law it becomes part of the real property.

Front 32

Name examples of fixtures

Back 32

Elevator equipment, radiators, kitchen cabinets, light fixtures, heating systems

Front 33

List examples of personal property

Back 33

Chairs, tables, clothing, money, bonds, bank accounts

Front 34

Define trade fixture

Back 34

An article installed by a tenant under the terms of a lease that is removable by the tenant before the lease expires.

Front 35

Define Accession

Back 35

Acquiring title to additions or Improvement to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams.

Front 36

Sand and cement mix to become a driveway is an example of

A. Accession

B.Annexation

C.Severance

Back 36

Annexation

Front 37

Apples picked from a tree become personal property is an example of

A. Accession

B.Annexation

C. Severance

Back 37

Severance

Front 38

Tenant vacates, leaving trade fixture behind is an example of

A. Accession

B.severance

C.annexation

Back 38

Accession

Front 39

Trade fixtures that are not removed become the real property of the landlord. Acquiring the property in this way is known as accession and is related to the legal principle of constructive annexation

Back 39

True

Front 40

Real property is also called chattels true or false

Back 40

False.... personal property is called chattels

Front 41

What are the four economic characteristics of land that affect its value as a product in the marketplace

Back 41

Scarcity, improvements, permanence of investment, and area preference.

Front 42

What are the physical characteristics of real property

Back 42

Immobility, indestructibility, uniqueness,

Front 43

Define Immobility

Back 43

The geographic location of any given parcel of land can never be changed. It is fixed and therefore immobile.

Front 44

Define Uniqueness

Back 44

The concept that no two parcels of property are exactly the same or in the same location.