Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
13 Cards in this Set
- Front
- Back
|
Real property |
Land anything affixed to land (attachments) and anything incidental or appurtenant to land such as easements (appurtenances). |
|
|
Personal property |
Anything tangible that is not real property. Also referred to as chattels or personality. Its main characteristics are movability and not it is not affixed to real property. Example patio furniture, tools, potted plants. A tree on the property is a fixture in the real property, sever the tree from the property and it becomes personal property. Turn the tree into Lumber and build a fence on the property, it becomes a fixture through attachment. Personal property ownership is transferred by a bill of sale. |
|
|
Appurtenance |
A right incidental to the land that is transferred with it. example easements |
|
|
Annexation |
The process or act of attaching or adding personal property to real property, so that it becomes part of the real property. Annexation maybe actual or constructive. |
|
|
Severance |
The separation of fixtures or other attachments from real property, so that the items become personal property. |
|
|
Emblements |
Crops, such as wheat, produced annually through the labor of the cultivator. |
|
|
Trade fixtures |
Personal property attached to real property by a tenant for used in a trade or business. The tenant is allowed to remove trade fixtures when the tanancy ends. |
|
|
Riparian rights |
The water rights of a land owner whose land borders on a stream or other surface water. Riparian rights allow only reasonable use of the water. |
|
|
Littoral land |
Land bordered by a stationary body of water, such as a lake or pond. |
|
|
Appropriative rights |
Water rights established by obtaining a government permit, and not based on ownership of land beside a body of water. |
|
|
Lateral support |
The support that a piece of land receives from the surrounding land |
|
|
Subjacent support |
The support that a piece of land receives from the underlying Earth |
|
|
Area preference |
The effect that preference for a particular location can have on the value of a piece of land |
