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30 Cards in this Set
- Front
- Back
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Define: land |
Earth's surface to the center of the earth and the airspace above the land, including trees and water |
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Define: Real Estate |
Land plus man made additions that are permanently attached |
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Define: improvement |
any artificial thing attached on or below ground: building, fence, water pipe, fire hydrant |
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Define: Real Property |
interests and benefits that are automatically included in the ownership of the real estate
same as real estate in many states: meaning physical property and rights of ownership
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Define: Bundle of Rights |
Ownership rights to real property
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List bundle of rights: |
Right of: possession control (usage) enjoyment exclusion disposition (to sell,will, transfer) |
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Define: Title |
1) right to or ownership or the property (ex bundle of rights
2) evidence of that ownership by a deed
3) Not a printed document |
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Define: Deed |
Document by which the owners transfer title to the property |
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Define:Appurtenance |
something transferred (to new owner) with or "runs with" the land.
ex: parking spaces, easements, water rights |
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Define: Riparian Water Rights |
Belong to owners of land along banks of water
non-navigable water: own water to center of waterway navigable: owned to the waters edge |
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Define: Littoral Water Rights |
Belong to owners of land that borders commercially navigable lake, sea or ocean.
unrestricted usage but own waters adjacent to the water only up to the average high water mark |
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Define: Accretion |
increases in the land resulting from the deposit of soil by the water's action |
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Define: Avulsion |
Sudden removal of soil by an act of nature |
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Define: Prior Appropriation |
Right to use any water with the exception of domestic use and controlled by the state |
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Define: Personal Property |
AKA: Personalty
All the property that can be owned and doesn't fit the definition of real property. AKA: Chattels movable (chairs,tables, bank acts) |
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Define: Severance |
Act of Real property becomes personal property by separating it from the land
tree cut down/ picking apple from tree |
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Define: Annexation of property |
personal property becomes real property
ex: wood for a deck becomes a deck |
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Define: Fructus Naturales |
Trees and plants do not require annual planting
Real Property |
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Define: Emblements |
Fructus Industriales annuals (crops growing less than one year) fruit veg, grain
Personal property |
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Define: Fixtures |
Item that was once personal property but is not considered real property b.c it was been attached to the land |
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What are 3 PHYSICAL characteristics of land? |
Immobility Indestructibility Uniqueness |
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Area Preference or Situs |
preference for a location |
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4 ECONOMIC characteristics of Real Estate that affect its VALUE |
Scarcity Improvement Permanence of Investment Area preference/ Situs |
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Trade fixtures are considered |
Personalty or Personal Property |
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Subsurface rights |
includes rights to minerals and other substances under the earth’s surface. Such rights may be sold or leased to others in the same ways as surface rights and independent of surface ownership. |
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Surface rights |
limited to the surface of the earth, may be sold or leased to others |
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Air rights |
may also be sold or leased independent of surface ownership.Solar or sun rights have become an ownership issue in recent years primarily because of solar energy applications that require direct access to sunlight. |
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Water rights |
held by owners of land adjacent to rivers, lake, or oceans |
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5 Legal tests of fixture |
The method of annexation, The adaptation to real estate, The existence of an agreement, Intention, Relationship of the parites |
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Trade Fixture |
Business or lease only, an article owned by a tenant and attached to rented space or a building for use in operating a business |
