Chapter 2 - Real Property Flashcards Preview

Real Estate Vocabulary > Chapter 2 - Real Property > Flashcards

Flashcards in Chapter 2 - Real Property Deck (21)
Loading flashcards...
1
Q

Acquiring 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.

A

accession

2
Q

The right to use the open space above a property, usually allowing the surface to be used for another purpose.

A

air rights

3
Q

The concept of land ownership that incudes ownership of all legal rights to the land - possession, control within the law, enjoyment, exclusion, and disposition.

A

bundle of legal rights

4
Q

Growing crops, such as corn, that are produced annually through labor and industry; also called fructus industriales

A

emblements

5
Q

An article installed by a tenant under the terms of a lease that is removable by the tenant before the lease expires.

A

trade fixture

6
Q

Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the space above it (air rights) or the substances below the surface (subsurface rights).

A

surface rights

7
Q

Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of the property.

A

subsurface rights

8
Q

Changing an item of real estate to personal property by detaching it from the land (e.g., cutting down a tree).

A

severance

9
Q

The interests, benefits, and rights inherent in real estate ownership; often used as a synonym for real estate.

A

real property

10
Q

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.

A

real estate

11
Q

Items, called chattels, that do not fit into the definition of real property; movable objects.

A

personal property

12
Q

Something that is retained by the seller (i.e., a life estate or and access easement).

A

reservation

13
Q

Fruits of industry; annual plantings or crops considered personal property.

A

fructus industriales

14
Q

Fruits of nature; trees and perennial shrubbery and grasses considered real estate.

A

fructus naturales

15
Q

An item of personal property that has been converted to real property by being permanently affixed to the realty.

A

fixture

16
Q

As used in the conveyance of real estate, the exclusion of some part of property conveyed, such as mineral rights held by previous owner; a deficiency in the grantor’s title contract with reservation.

A

exception

17
Q

Personal property; personalty

A

chattel

18
Q

The act of taking a person’s property into legal custody by writ or other judicial order to hold it available for application to that person’s debt to a creditor. 2) The process of converting personal property to real estate.

A

attachment

19
Q

Personal property

A

personalty

20
Q

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.

A

land

21
Q

1) Any structure, usually privately owned, erected on a site to enhance the value of the property (e.g., a building, fence, or driveway). 2) A publicly owned structure added to or benefiting land (e.g., a curb, sidewalk, street, or sewer).

A

improvement