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39 Cards in this Set

  • Front
  • Back
Traditionally, ownership rights of real property are described as...
Bundle of Legal Rights
Annually cultivated cops such as fruit, vegetables, in grain are known as...
Personal property that has been so affixed to land or a building that, by law, it becomes part of the real property.
the term nonhomogeneity refers to...
the earth's surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water
real property naturally attached to the land, such as trees & crops not needing cultivation, perennial crops, orchards & vineyards
fructus naturales
right to use the surface of the earth
surface rights
rights to natural resources lying below earth's surface
subsurface rights
right to use the open space above a property, allowing surface to be used for another purpose
air rights
common-law rights held by owners of land adjacent to rivers, lakes, or oceans and includes restrictions on those rights and land ownership
water rights
land at, above & below the earth's surface, plus all things permanently attached to it whether natural or artificial
real estate
*streets, utilities, sewers & other additions that make it suitable for building
the interests, benefits, and rights that are automatically included in the ownership or land & real estate
real property
what does real property include
surface, subsurface, and airspace, any improvements, and the legal rights of ownership that attach to ownership of a parcel of real estate
concept of land ownership that includes ownership of all legal rights to the land
bundle of legal rights
list the bundle of legal rights
right of possession
right to control the property
right of enjoyment
right of exclusion
right of disposition
refers to ownership of real property, not to a printed document
document by which the owner transfer title to the real property
right, privilege or improvement belonging to, and passing with, the land ie...parking space in multitenant unit, an easement or water rights
*sometimes called chattels or personalty
personal property
When is a manufactured home considered personal property
not permanently affixed to the land
*annual plantings or crops of grains, vegetables & fruit
*also called fructus industriales
an item of real property can become personal property ie..apple becomes personal property once it is picked from a tree
severance (removal)
ie...cement, stones, and sand (personal property) mixed together to make a sidewalk (real property)
an item of personal property that has been converted to real property by being permanently affixed to land or to building (realty)
heating systems, elevator equipment, radiators, kitchen cabinets, light fixtures, and plumbing are examples of...
an article owned by a tenant and attached to a rented space or building or used in conducting a business removable by tenant before lease expires
trade fixture (or chattel fixture)
acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams
what is difference between trade fixtures and other fixtures
*fixtures belong to the owner of the real estate;trade fixtures are owned and installed by a tenant for the tenant's use
what are the 4 economic characteristics of real estate that affect its value as a product in the market place
permanence of investment
location or area or preference
what economic characteristic of real estate is defined as - considerable amount of land remains unused or uninhabited, the supply in a given location or of a particular quality is generally considered finite
what economic characteristic of real estate is defined as - 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
refers to people's preferences for one area over another, based on a factors such as history, reputation, convenience, & scenic beauty
location or area preference (or situs)
what are the 3 physical characteristics of real estate
one of the 3 characteristics of real estate is described as the geographical location of any given parcel of land can never be changed; it is fixed
one of the 3 characteristics of real estate is described as permanence of land, coupled with the long-term nature of improvements, tends to stabilize investments to real property
what are the laws affecting real estate
contract law
general property law
agency law
real estate license law
federal regulations
federal, state and local tax laws
zoning and land-use laws
federal, state & local environmental regulations
How does the court determine the Legal tests of a fixture?
Method of Annexation
Adaptation to real estate