Unit 2 Real Property & the Law Flashcards Preview

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Flashcards in Unit 2 Real Property & the Law Deck (29)
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1
Q

What is land?

A

The earths surface extending downward to the center of the earth and upward to infinity, including natural objects.

2
Q

What is real estate?

A

Land plus all things permanently attached to it.

3
Q

What is an improvement?

A

Any artificial thing attached to the land.

4
Q

What is real property?

A

The interests, benefits, and rights that are automatically included in the ownership of land and real estate.

5
Q

What are the bundle of legal rights?

A
Disposition - (buy, sell, transfer)
Exclusion - (to keep others from using)
Enjoyment - (to use property in legal manager)
Possession 
Control - (within the framework of law)

DEEP-C

6
Q

What is title?

A

1-The right to or ownership of the land with the bundle of legal rights.
2-Evidence of that ownership by a deed.
(Ownership of real property)

7
Q

What is an appurtenances?

A

A promise, its a right or privilege connected to the property. (Runs with the land)

8
Q

What are the types of rights in real estate?

A

1-Subsurface
2-Air
3-Water

9
Q

What is personal property?

A

Sometimes known as personalty, anything not in the definition of Real Property.

10
Q

What is a manufactured housing?

A

A home built offsite and trucked to a building lot, where they are assembled.

11
Q

What is a chattel?

A

Personal Property/Personalty

12
Q

What are fixtures?

A

Personal property that has been affixed to land or a building that by law it becomes real property.

13
Q

What are plants?

A

2 Classes
1-Perennial that do not require annual cultivation known as fructus naturales. (real)
2-Annuals crops that are cultivated known as emblements fructus industriales. (personal)

14
Q

What are emblements?

A

Crops that are cultivated annually. Personal Property.

15
Q

What are trade fixtures?

A

A fixture used in the course of a business that is owned by the tenant. (chattel fixture) Can become real property if it isn’t removed at the end of a lease.

16
Q

How is personal property conveyed?

A

A bill of sale or receipt.

17
Q

What is severance?

A

Items of real property that can become personal property.

18
Q

What are the 4 economic characteristics of real property?

A

1-Scarcity
2-Improvements
3-Permanence of investment
4-Location or area preference, or situs.

19
Q

What are the physical characteristics of land?

A

1-Immobility
2-Indestructibility
3-Uniqueness, non-homogeneity.

20
Q

How do trade fixtures differ from other fixtures?

A

They are used in the course of a business.

21
Q

What are the two characteristics of real estate?

A

Economic and Physical.

22
Q

What is accession?

A

The means by which trade fixtures become the real property of the landlord.

23
Q

What are the legal tests of a fixture?

A
Method of annexation 
Adaptability of item to land's use
Relationship of parties 
Intention in placing item on the land
Agreement of the parties

M-A-R-I-A

24
Q

What are water rights?

A

common-law or statutory rights held by owners of land adjacent to bodies of water, and are restrictions on the rights of land ownership.

25
Q

What are riparian rights?

A

common-law right to owners of land along the course of flowing body of water. Cannot alter or interrupt flow of water.

26
Q

What are littoral rights?

A

Owners of land that borders commercially navigable waterways, enjoy unrestricted use and own the land adjacent up to the average high water mark.

27
Q

What is accretion, erosion, and avlusion?

A

1-Accretion - increase in the land result from deposit of soil by water
2-Erosion the gradual removal of land by natural forces
3-sudden removal of soil by an act of nature

28
Q

What is prior appropriation?

A

Right of water usage determined by the state rather than owner.

29
Q

What is severance and annexation?

A

1-severance - act of real property becoming personal property
2-annexation - personal property becoming real property.