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Unit#2

Real Property and the Law

QuestionAnswer
Accession 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.
Air Rights The right to use the open space above a property, usually allowing the surface to be used for another purpose
Annexation Process of converting personal property into real property.
Appurtenance A right, privilege, or improvement belonging to, and passing with, the land; "runs with the land."
Area preference People's desire for one area over another, based on a number of factors such as history, reputation, convenience, scenic beauty, and location.
Agent One who acts or has the power to act for another. A fiduciary relationship is created under the law of agency when a property owner, as the principal, executes a listing agreement
Agency The relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions.
Bundle of rights The concept of land ownership that includes ownership of all legal rights to the land—possession, control within the law, enjoyment, exclusion, and disposition. (CDEEP)
Emblements Growing crops, such as corn, that are produced annually through labor and industry; also called fructus industrials
Fixture An item of personal property that has been converted to real property by being permanently affixed to the realty
Improvement (1) Any structure, usually privately owned, erected on a site to enhance the value of the property (e.g., building a fence or a driveway). (2) A publicly owned structure added to or benefiting land (e.g., a curb, sidewalk, street, or sewer).
Land 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 and water.
Manufactured housing Dwellings that are built off-site and trucked to a building lot where they are installed or assembled.
Nonhomogeneity A lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike, real estate is said to be nonhomogeneous.
Personal Property Items, called chattels, that do not fit into the definition of real property; movable objects
Chattels Personal Property (i.e Crops or movable objects)
Real Property The interests, benefits, and rights inherent in real estate ownership.
Severance Changing an item of real estate to personal property by detaching it from the land (e.g., cutting down a tree).
Situs The personal preference of people for one area over another, not necessarily based on objective facts and knowledge.
Subsurface rights 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.
Surface rights Rights to use, improve and sell the surface of the land
Trade Fixture An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.
Water rights Common law rights held by owners of land adjacent to rivers, lakes, or oceans; includes restrictions on those rights and land ownership.
Riparian rights Are awarded to land owners whose property is located along a river or stream. Rights to the middle of the water.
Littoral rights Are awarded to land owners whose property is located along a lake or ocean. Rights to the high tide mark.
M.A.R.I.A- How to determine real or personal property Method, Adaptability, Relationship, Intention, Agreement
Emblements Annual crops- personal property AKA Fructus industralies or fructus naturals
Fiduciary A person placed in a position of trust and confidence
Created by: jozie723
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