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Chapter 2: Real Property and the Law
Terms in this set (39)
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.
land at, above, and below the earth's surface, plus all things permanently attached to it, whether natural or artificial
The interests, benefits, and rights that are automatically included in the ownership of land and real estate.
Legal rights associated with Real Property
Possession, control, enjoyment, exclusion, disposition
Real Property: Posession
To possess the property
Real Property: Control
To control the property within the framework of the law.
Real Property: Enjoyment
Enjoy the property in a legal manner
Real Property: Exclusion
Keep others from entering the property
Real Property: Disposition
To sell, will, transfer, or otherwise dispose of or encumber the property
the rights to use the surface of the earth
the rights to the natural resources below the earth's surface
The rights to use the air above the land.
Special common-law right held by owners of land adjacent to bodies of water
Water right associated with rivers
rights of a landowner adjacent to a lake
Remember "L" - Littoral/Lake
Land builds up somewhere because water carries it down stream
The opposite of accretion for the fact that part of the land is being lost due to water carrying it away
The sudden loss of land due to an act of nature. Earthquake, mudslide, comet landing, etc.
movable items such as automobiles
Dwellings constructed off site and trucked to a building lot, where they are installed or assembled.
Personal property can be changed in to real property (building a fence)
The process by which personal property, such as trade fixture, becomes real property of the landlord
Real Property can become personal property (cutting down a tree)
Personal property that has been affixed to the land or building that, by law, becomes part of the real Property. Determining the fixture to be (real Property) or personal property is a question of: intent, method of annexation, adaptation to real estate, agreement
A special category of fixture includes property used in the course of business. It is attached by a tenant to a rented space or building, and is used in the course of business and is personal property UNLESS it is left on the property after the lease expires, and then becomes real property of the landlord through accession
Economic Characteristics of Real Property
Characteristics that make your property worth money: scarcity (it's rare), improvements, permanence of investment, situs (location)
Location location location
Characteristics that make your property worth money: Immobility, uniqueness, indestructibility
Judge is involved. Legal system the law is created and /or refined by judges : a decision on the case currently pending depends on decisions in previous cases and affects the law to be applied in future cases
In books! Written law set down by a legislature or other governing authority, such as the executive branch of the government in response to a perceived need to clarify the functioning of government, improve civil order, answer a public need, to codify existing law, or for an individual or company to obtain special treatment (contrast of common law)
General property law
Governed at state level
Between two living individuals
Real estate license law
State by state level
Deals mostly with civil rights and environmental situations
Stays with the land (driveway, house, etc.)
The most important economic characteristic of real property. Location, location, location. Situs.
Crops in a field (personal property)
Where water is scarce, it's use could be determined by the government
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