22 terms

Ch 2: Real Property and the Law

STUDY
PLAY
Annexation
Change personal property to real property, such as mixing sand, stone and cement, and making a sidewalk
Improvement
Man-made attachment to the land, such as a building, streets, utilities
Appurtenance
Right, privilege or improvement belong to, and passing with the land
Personal Property
Movable objects, not real property, sometimes called chattels, such as cars, cash, stock
Bundle of Legal Rights
Ownership of all legal rights: control, possession, use, disposition, enjoyment
Physical Characteristics of Real Estate (3)
Immobility, Indestructibility, Uniqueness (non homogeneity)
Economic Characteristics of Real Estate (4)
Scarcity, improvements, permanence of investment, area preference (location)
Real Property
Interests, benefits and rights inherent in real estate ownership
Emblements
Annual, harvestable crops such as corn, wheat; personal property
Severance
Changing of real to personal property, such as cutting down a tree, removing stained glass window
Fixture
Item that was once personal property and is now permanently affixed and is real property, such as a chandelier or ceiling fan
Trade Fixture
Personal property: Business items permanently attached by tenant. May be removed up to last day of lease. If left, landlord acquires by process of accession
Accession
Aquiring 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
Air Rights
The right to use open space above a property, usually allowing the surface to be used for another purpose
Situs
Also known as "Area Preference"--the personal preferance of people for one area over another, not necessarily based on objective facts and knowledge
Chattel
a movable article of property; tangible property other than land, buildings, etc.
Heterogeneity
The characteristic of land which identifies each parcel as being unique and unlike any other parcel
Land
the earth's surface extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature; trees and water
Nonhomogeneneity
Also know as heterogeneity and uniqueness
Real Estate
Land; a portion of the earth's surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached to it, whether naturally or artificially
Subsurface Rights
Ownership right in a parcel of real estate to the the water, minerals, gas, oil and so forth that lie beneath the surface of the property.
Water Rights
Common law rights held by owners of land adjacent to rivers, lakes or oceans and includes restriction on those rights and land ownership.