Unit 2: Real Property And The Law

Front 1

Land has three physical characteristics:

Back 1

immobility, indestructibility, and uniqueness.

Front 2

Uniqueness, which is also known as:

Back 2

nonhomogeneity

Front 3

Real estate is defined as:

Back 3

land plus all human-made improvements to the land that are permanently attached (annexed) to it.

Front 4

Real property

Back 4

the interests, benefits, and rights that are automatically included in the ownership of real estate.

Front 5

bundle of legal rights

Back 5

ownership rights of real property

Front 6

Bundle of legal rights include:

Back 6

DEEP C

• right of possession,

• right to control the property within the framework of the law,

• right of enjoyment (to use the property in any legal manner),

•right of exclusion (to keep others from entering or using the property), and

right of disposition (to sell, will, transfer, or otherwise dispose of or encumber the property).

Front 7

Title

Back 7

Ownership, including bundle of legal rights

Front 8

Deed

Back 8

Evidence of a title transfer

Front 9

appurtenance

Back 9

a right or privilege associated with the property

(something that is transferred with or "runs with" the land)

Front 10

Real estate

Back 10

The land plus appurtenances

Front 11

Improvements

Back 11

Items attached to the land with the intent of being permanent

Front 12

Riparian

Back 12

Flowing water

(R = river)

Front 13

Litoral rights

Back 13

Standing water

(L = lake)

Front 14

Litoral rights

Back 14

Standing water

(L = lake)

Front 15

Ownership rights generally extend to the:

(Water rights)

Back 15

Average high-water mark

Front 16

Litoral rights

Back 16

Standing water

(L = lake)

Front 17

Ownership rights generally extend to the:

(Water rights)

Back 17

Average high-water mark

Front 18

Easement

Back 18

Rights to use the land for another

Front 19

Ownership rights generally extend to the:

(Water rights)

Back 19

Average high-water mark

Front 20

Easement

Back 20

Rights to use the land for another

Front 21

Accretion

Back 21

Addition to land through natural causes

Front 22

Erosion

Back 22

Gradually wearing away

Front 23

Avulsion

Back 23

Sudden loss of land

Front 24

The right to use water is controlled by ____

Back 24

The state

Front 25

Mineral rights may be leased, sold separately from the land or held by a ____ party

Back 25

Third

Front 26

four economic characteristics of real property that affect its value as a product in the marketplace are:

Back 26

scarcity, improvements, permanence of investment, and area preference

Front 27

Also known as situs ("place"), area preference is commonly referred to as:

Back 27

"location, location, location”

Front 28

Chattels

Back 28

Real property

Front 29

Chattels

Back 29

Real property

Front 30

Personal property is transferred thru a ________

Back 30

Bill of sale or receipt

Front 31

Real property is transferred thru a _______

Back 31

Deed

Front 32

fructus naturales

Back 32

Trees, perennial shrubbery, and grasses that do not require annual cultivation

Front 33

fructus industriales

Back 33

Annually cultivated crops such as fruit, vegetables, and grain

Front 34

fructus industriales

Back 34

Annually cultivated crops such as fruit, vegetables, and grain

Front 35

Another word for fructus industriales is:

Back 35

emblements

Front 36

annexation

Back 36

change personal property into real property

Front 37

fixture

Back 37

personal property that has been so attached to land or a building that, by law, it becomes part of the real property

Front 38

Legal test of a fixture

Back 38

(MARIA)

• Method of attachment

• Adaptability

• Relationship of the parties

• Intentions

• Agreement of the parties

Front 39

Trade fixtures

Back 39

An article owned by a tenant, attached to a rented space or building, and used in conducting a business

Front 40

Trade fixtures

Back 40

An article owned by a tenant, attached to a rented space or building, and used in conducting a business

Front 41

Trade fixtures also known as:

Back 41

Chattel fixture

Front 42

Accession

Back 42

Trade fixtures that are not removed become the real property of the landlord

Front 43

Severance

Back 43

• the opposite of attachment.

•taking an item that is attached to the land and removing it as personal property

Front 44

Economic characteristics of land include:

Back 44

PISS

•permanence of the investment, •improvements •scarcity •situs.

Front 45

improvement to land:

Back 45

can be any artificial thing attached on or below ground, such as a building, fence, water line or sewer pipe, as well as growing things that are made part of the landscaping

Front 46

improvement to land:

Back 46

can be any artificial thing attached on or below ground, such as a building, fence, water line or sewer pipe, as well as growing things that are made part of the landscaping

Front 47

Permanence of investment

Back 47

The capital and labor used to build an improvement represent a large fixed investment. Although even a well-built structure can be razed to make way for a newer building, improvements such as drainage, electricity, water, and sewerage remain. The return on such investments tends to be long term and relatively stable

Front 48

Scarcity

Back 48

While a considerable amount of land has not been developed, the supply in a given location that is suitable for a particular use is finite. There is also value in leaving land in its natural condition to preserve species that might otherwise be extinguished, as well as to benefit the earth's environment overall.

Front 49

Improvements

Back 49

Building an improvement on one parcel of land can affect the land's value and use, as well as that of neighboring tracts and whole communities. For example, constructing a new business center or selecting a site for toxic waste storage can dramatically change the value of land in a large area.

Front 50

Improvements

Back 50

Building an improvement on one parcel of land can affect the land's value and use, as well as that of neighboring tracts and whole communities. For example, constructing a new business center or selecting a site for toxic waste storage can dramatically change the value of land in a large area.

Front 51

Area preference

Back 51

Also known as situs ("place"), area preference is commonly referred to as "location, location, location." This economic characteristic refers not only to geography but also to the preference for a specific area. Area preference is based on several factors, such as convenience, reputation, and history. It is the unique quality of these preferences that results in the different price points for similar properties. Location is often considered the single most important economic characteristic of land.

Front 52

Improvements

Back 52

Building an improvement on one parcel of land can affect the land's value and use, as well as that of neighboring tracts and whole communities. For example, constructing a new business center or selecting a site for toxic waste storage can dramatically change the value of land in a large area.

Front 53

Area preference

Back 53

Also known as situs ("place"), area preference is commonly referred to as "location, location, location." This economic characteristic refers not only to geography but also to the preference for a specific area. Area preference is based on several factors, such as convenience, reputation, and history. It is the unique quality of these preferences that results in the different price points for similar properties. Location is often considered the single most important economic characteristic of land.

Front 54

Annually cultivated crops such as fruit, vegetables, and grain are known as:

Back 54

emblements