Real Estate Unit 2

Front 1

Land

Back 1

is defined as the earth's surface extending downward to the center of the earth and upward to infinity.

Front 2

subsurface

Back 2

the minerals and substances that lie far below the earth's surface

Front 3

airspace

Back 3

the air above the earth, all the way into space.

Front 4

Real Estate

Back 4

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

Front 5

improvement

Back 5

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 6

Real property

Back 6

Is defined as the interests, benefits, and rights that are automatically included in the ownership of real estate. Real property is fixed like land and buildings

Front 7

bundle of legal rights

Back 7

Ownership rights of real property

Front 8

What are the 5 list of bundle legal rights

Back 8

1.right of possession,

2.right to control the property within the framework of the law,

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

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

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

Hint 8

Right of?

Front 9

The word title, as it relates to real property (real estate), has two meanings:

Back 9

(1) the right to or ownership of the property, including the owner's bundle of legal rights; and (2) evidence of that ownership by a deed. Title refers to ownership of the property, not to a printed document.

Front 10

appurtenance

Back 10

occurs when the attachment becomes part of the real property

Front 11

surface rights

Back 11

Ownership rights in a parcel of real estate that are limited to the surface of the earth.

Front 12

subsurface rights

Back 12

The rights to the natural resources below the earth's surface.

Front 13

Air Rights

Back 13

are the property interest in the "space" above the earth's surface

Front 14

Water rights

Back 14

Consist of Riparian and littoral rights

Front 15

riparian rights

Back 15

Are rights awarded to landowners whose property is located along flowing bodies of a river, stream or creek. Have to deal with water that is moving in a direction

Front 16

Littoral rights

Back 16

pertain to landowners whose land border large, navigable lakes and oceans. Concerned with the use and enjoyment of the shore. Water does not have a direction

Front 17

accretion—

Back 17

increases in the land from the deposit of soil by the water's action.

Front 18

Erosion

Back 18

Is the gradual and sometimes imperceptible wearing away of the land by natural forces, such as wind, rain, and flowing water.

Front 19

Avulsion

Back 19

is the sudden removal of soil by an act of nature. It is an event that causes the loss of land in a much less subtle manner than erosion. An earthquake or a mudslide, for instance, can cause an individual's landholding to become much smaller very quickly.

Front 20

doctrine of prior appropriation

Back 20

1.Determines water use in states where water is scarce

2.Right to use water is determined by the state not the land owner adjacent to the water

Front 21

Personal property

Back 21

Property that can be owned that doesn't fit the definition of real property. Personal property is movable

Front 22

Chattels

Back 22

Items of personal property such as chairs tables clothing money bonds and bank accounts

Front 23

Factory built housing

Back 23

Is defined as dwellings that are not constructed at the site but are built off-site and trucked to a building lot where they are installed or assembled.

Front 24

Factory built housing includes

Back 24

modular

panelized

precut

mobile homes.

Front 25

Manufactured housing

Back 25

Is that which is built specifically to the standards of the Department of Housing and Urban Development (HUD), although the term mobile home is still commonly used.

Front 26

Emblements

Back 26

Annually cultivated crops such as fruit, vegetables, and grain. Are considered personal property

Front 27

Severance

Back 27

An item of real property can become personal property, which is the act of separating it from the land. Example an owner cutting down a tree on his property

Front 28

Annexation

Back 28

Is when you change personal property into real property. Example you buy (cement stones and sand) personal property and build a sidewalk (real property)

Front 29

fixture

Back 29

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

Front 30

5 basic test to determine if an item is a fixture

Back 30

1.Method of annexation: How permanent is the method of attachment? Can the item be removed without causing damage to the surrounding property, or can any damage caused by the removal be easily repaired?

2.Adaptability of the item for the land's ordinary use: Is the item being used as real property or personal property? For example, a refrigerator is usually considered personal property. However, if a refrigerator has been adapted to match the kitchen cabinetry, it may be considered a fixture.

3.Relationship of the parties: In general, a court will favor a tenant over a landlord, and a buyer over a seller.

4.Intention of the person in placing the item on the land: This should be the most important consideration, but the actions of the tenant may not be consistent with the tenant's earlier intention. If an installation is intended to be temporary, it should not be attached in a way that appears to be permanent.

5.Agreement of the parties: Have the parties agreed on whether the item is real or personal property in the provisions of an offer to purchase or lease?

Front 31

Trade fixture

Back 31

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

Front 32

accession

Back 32

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

Front 33

Four Economic Characteristics of land that affect its value

Back 33

scarcity

improvements

permanence of investment

area preference.

Front 34

3 physical Characteristics of land

Back 34

Immobility

Indestructibility

Uniqueness / nonhomogeneity

Front 35

Zoning agency

Back 35

Regulations on use of land

Front 36

Environmental laws

Back 36

Disposition of hazardous material found on a property

Front 37

Federal tax laws

Back 37

Deduction of interest paid on a home

Front 38

Contract law

Back 38

Agreement to transfer ownership of real Estate

Front 39

Real Estate license law

Back 39

Requirements to become a real Estate professional

Front 40

Agency law

Back 40

Representation of clients

Front 41

Reliction

Back 41

Gradual change of waterline on real property which gives the owner more dry land

Front 42

fructus naturales

Back 42

Trees, perennial shrubbery, and grasses that do not require annual cultivation. These are known as real property