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Flashcards in Unit 2 Deck (39)
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1
Q

What is the definition of land

A

earth’s surface extending downward to the center of the earth and upward to infinity, including naturally attached objects

2
Q

What are the three physical characterisitics of land

A

immobility, indestructibility, and uniqueness.

3
Q

What is the definition of Real Estate

A

land plus all human-made improvements to the land that are permanently attached (annexed) to it.

4
Q

What is the definition of Real property

A

Real estate plus a bundle of legal rights, interests, and benefits

5
Q

What are some things that are included into the legal bundle of rights of real property

A

right of possession,
right to control the property within the framework of the law,
right of enjoyment (to use the property in any legal manner),
right of exclusion (to keep others from entering or using the property), and
right of disposition (to sell, will, transfer, or otherwise dispose of or encumber the property).

6
Q

What are the two meanings of a title in real estate

A

the right to or ownership of the property, including the owner’s bundle of legal rights; and (2) evidence of that ownership by a deed.

7
Q

What is a deed

A

the document by which the owner traansfers the title

8
Q

What is an appurtenance

A

a right or privilege associated with the property, although not necessarily a physical part of it.

9
Q

What are examples of appurtenances

A

parking spaces in multiunit buildings, easements, water rights

10
Q

What are Riparian rights

A

generally allows unrestricted use of the water
still cannot polute or disrupt water flow
For land on nonnavigable water, owner owns to middle of the water
For navigable land, owner owns to edge of water, state owns land under water

11
Q

What are littoral rights

A

rights of water use for owners on commercially navigable lakes, seas or oceans
Owner owns only up to the high-water mark

12
Q

How are littoral and riparian rights usually associated with the property

A

they are usually automatically included with the sale of the property

13
Q

What is accretion

A

increases in the land resulting from the deposit of soil by the water’s action.

14
Q

Does the owner have rights to accretionn

A

yes

15
Q

Erosion vs avulsion

A

both are the removal of land through natural processes but avulsion is much faster and severe

16
Q

What is the doctrine of appropriation

A

water rights are controlled by the state because of its scarcity

17
Q

What are the economic characteristics of real estate

A

Scarcity
Improvements
Permanence of investment
Area preference or situs

18
Q

What are some factors that influence area preferene

A

convenience, reputation, and history

19
Q

Whats another word for items of personal property

A

chattels

20
Q

What are the legal terms for plants that do not require annual cultivatio n

A

fructus naturales

21
Q

What are the legal terms for plants that do require annual cultivation

A

emblements or fructus industriales

22
Q

What is fructus naturales considered

A

real estate

23
Q

What is fructus industriales or emblements considered

A

personal property

24
Q

What is the process of converting real property to personal property

A

severance

25
Q

What is the process of converting personal property to real property

A

annexation

26
Q

What is the sale of personal property conveyed by

A

bill of sale or receipt

27
Q

What is a fixture

A

personal property that is fixed to a property in a way that makes it real property

28
Q

What are some examples of fixtures

A

Almost any item that has been added as a permanent part of a building is considered a fixture
Like heating systems, radiators, kitchen cabinets, light fixtures, and plumbing

29
Q

What is used to determine if an item is a fixture

A
5 legal tests 
Method of annexation
Adaptability of item to land’s use
Relationship of parties
Intention in placing item on the land
Agreement of the parties
30
Q

What is the acronym for the 5 legal tests of a fixture

A

MARIA

31
Q

What are some factors that affect the method of annexation

A

how permanent is the attachment? Will its removal cause damage to the surrounding property?

32
Q

What is Adaptability of the item for the land’s ordinary use refering to and give an example

A

Is the item being used as real property or personal property?

a refrigerator is usually considered personal property. However, if a refrigerator has been adapted to match the kitchen cabinetry, it may be considered a fixture.

33
Q

What is Relationship of the parties refering to

A

In general, a court will favor a tenant over a landlord, and a buyer over a seller.

34
Q

What is Intention of the person in placing the item on the land refering to

A

is the intention of installation for permanent or temporary use

35
Q

What is Agreement of the parties refering to

A

have the parties agreed on what tyep of property it is

36
Q

What are trade fixtures

A

those that are used for business

37
Q

What is a special consideration for tenants installing their own trade fixtures

A

they need to remove it on or before the last day the property is rented and the tenant is responsible for any damage caused by the removal of a trade fixture.

38
Q

What happens to trade fixtures that are not removed

A

they become the real property of the landlord

39
Q

What is the process of acquiring real property through the lack of removal of a trade fixture

A

accession