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Unit#2
Real Property and the Law
| Question | Answer |
|---|---|
| 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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