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Real Estate Broker21

21st modern real estate edition flash cards

TermDefinition
Land surface, all natural things attached to it, subsurface, and air above the surface
Real Estate land + manmade permanent attachments
Real Property real estate + bundle of rights
Physical Characteristics of Real Estate Immobility; indestructibility; heterogeneity.
Immobility Land cannot be moved from one site to another; its location is forever fixed
Indestructibility -Land is permanent and cannot be destroyed since by definition it extends below ground and into the sky -Since land is permanent, it does not depreciate -Only improvements depreciate and are insurable
Non-homogeneity Land is non-homogeneous; no two parcels of land are exactly the same since they have a different location
Bundle of Rights made up of "PUTEE": P ossess U se T ransfer E xclude E ncumber
Legal Title Full legal ownership of property and the bundle of rights as they apply to it. Contrasts with equitable title.
Equitable Title An interest that gives a lienholder or buyer the right to acquire legal title to a property if certain contractual conditions occur
Characteristics of Property property is either real or personal property is either tangible or intangible
Airspace air rights
Surface (Earth) surface rights
Subsurface subsurface or mineral rights
Doctrine of Prior Appropriation -State controls water usage -State grants usage permits
Riparian Rights (Rivers and Streams) -applies to rivers and streams -if waterway is navigable: owners own land to water’s edge -if waterway is not navigable: owners own land to midpoint of waterway
Littoral Rights (Lakes and Seas) -applies to seas and lakes -abutting property owners own to high water mark -state owns underlying land
Real Property -land -fixtures -attachments
Personal Property -chattels -trade fixtures -emblements
Differentation criteria for real and personal property item is real or personal property depending on why, how item is attached to the real estate. Depends on the owners' intention; adaptation; functionality; relationship of parties; contract provisions
Trade Fixtures personal property items temporarily attached to real estate in order to conduct business
Emblements plants or crops that are considered personal property despite being attached to land
Conversion -real to personal property referred to as severance   -personal to real property referred to as affixing
Created by: lmitchell0630
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