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24 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Real Estate |
Land with improvements. Above and below earth's surface & permanent things attached to it; natural or artificial. |
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Real Property |
Real estate + bundle of legal rights. Interest, benefits and rights that are automatically included with ownership |
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Riparian |
River water rights |
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Land |
Natural, Nothing man made (real property) |
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Bundle of legal rights |
Possession control enjoyment exclusion disposition |
D E P E C |
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Littoral |
Lakes, to the high water mark (also includes oceans...own to high water mark) |
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Accretion |
Land builds up somewhere because water carried it |
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Erosion |
Land is being lost due to water carrying it away |
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Avulsion |
Sudden loss of land due to act of nature (earthquake, etc) |
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Severence |
Real property becomes personal property |
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Annexation |
Personal property becomes real property (ie: building a fence) |
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Fixtures |
Personal property affixed to land or building becomes real property |
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4 factors to determine Fixtures |
Intent, Method of annexation, Adaption to Real Estate, Agreement |
IMAA |
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Trade Fixtures |
Attached by tenant to rental space and used in course of business is personal property unless left after lease expires then is real property. |
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Accession |
When personal property (ie: trade fixtures) left after lease expires becoming real property of the landlord |
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Air rights |
The right to use the ooen space above a property |
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Appurtenance |
Stays with the land (driveway, house, etc) |
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Area Preference |
Location (most important economic characteristic of Real property) Aka: Situs |
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Situs |
Fancy term for location |
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Difference between Real Estate and Real property |
Real property includes the bundle of legal rights. |
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Improvements |
Man does to land |
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Prior appropriation |
Where water is scarce, use could be determined by government |
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Subsurface rights |
Ownership rights beneath the surface of the property |
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Surface rights |
Ownership limited to the surface of the property |
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