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20 Cards in this Set
- Front
- Back
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DEFINITION OF LAND |
Surface of earth, everything above and below |
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DEFINITION OF REAL ESTATE |
- Any improvement of land- artificial or natural |
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DEFINITION OF REAL PROPERTY |
Real estate PLUS Bundle of Rights - Benefits and rights that are automatically included in ownership of unimproved land and real estate |
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DEFINITION OF BUNDLE OF LEGAL RIGHTS (LIVERY OF SEISEN) |
- right of possession - control of property - enjoyment - exclusion (keep others off) - right of disposition (to sell, will, transfer ownership |
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TITLE V DEED |
Title = proof of ownership (verbal) Document = Deed (written) |
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APPURTENANCE |
- A right or privilege that runs with the land when it is sold. - easements, water rights, parking space |
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ALLODIAL SOCIETY |
Modern society where a deed is needed |
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RIPARIAN RIGHTS |
- small bodies of water - own land under water, but not water - non-navigable - right to use water, but can't block it |
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LITTORAL RIGHTS |
- Large bodies of water -lakes, oceans - Navigable - Own land only up to high water mark |
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DEFINE ACCRETION, EROSION, AVULSION, RELICTION |
- Accretion - adds land - Erosion - slowly lose land - Avulsion - sudden loss of land - Reliction - your lake dries up, you gain land to water's edge |
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DEFINE PRIOR APPROPRIATION |
- Water rights, such as crop irrigation - Runs with land (bundle of rights) |
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PERSONAL PROPERTY |
- Chattel - Movable - Bill of sale, not deed |
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DEFINE EMBLEMENTS |
- Cultivated crops - Considered personal property - Annuals |
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SEVERANCE & ANNEXATION |
- Remove a shed, chop down tree = severance - Built a patio fixed to ground = annexation |
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FIXTURE |
- Becomes so attached that it is now part of the land. Is now real property - Legal test is what was the intention when it was put there |
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HOW DOES TRADE PROPERTY BECOME REAL PROPERTY |
- Accession: it's left there after the lease is up |
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ECONOMIC CHARACTERISTICS OF REAL PROPERTY |
- Scarcity - Improvements - Adding sewer, etc. - SITUS: Area preference |
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PHYSICAL CHARACTERISTICS OF REAL PROPERTY |
- Immobility - Indestructibility - Uniqueness |
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LAWS AFFECTING REAL ESTATE |
- Contract law - Agency Law - Property Law - Government laws |
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A TRADE FIXTURE IS TREATED AS A |
License |
