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National RE EXAM - Property Ownership 8%
Terms in this set (8)
Includes the land and anything associated with that land. These things would include buildings, fences, trees, outbuildings and additional rights that go with the property such as water rights, air right, mineral rights and easements.
Real property is immovable, indestructible, and unique/non-homogeneous p. 56
also known as chattel, personalty...
items that are movable, not attached. An example would be furniture in your home, a fridge, a washer and dryer. Personal property is transferred from one party through another through bill of sale.
Elements of Personal Property
Personalty: items that are movable
Tangible property: you can touch - i.e. tables, building materials
Intangible property: trademarks and copyrights
Corporeal property: visible or tangible
Incorporeal property: an easement, right of way
Bailment: the loaning of personal property with the intention of it being returned
Conversion: depriving one of the return of their personal property; not returning or damaging
the interest one has in the space above their property (vertical interest).
ex. a billboard on the roof of an apartment building. The billboard company pays rent to the owner of the property for use of the space above the roof.
Subterranean rights / subsurface rights (vertical interest)
The dirty, gravel and minerals within your land. If these items are removed they become personal property i.e striking oil on your land and leasing the rights to remove the oil
the rights that run with a property that abuts water
ex. littoral rights and riparian rights
an owner of property who borders a lake, pond, or seashore. You have a right to reasonable use of this water. Your rights extend to the high water mark.
*In MA your rights will go to the mean or average low water mark.
Land that borders a body of water that flows. Rivers, streams.
You have a right to use that water for swimming, boating and fishing.
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