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Ch 1

TermDefinition
Real Property The interests, benefits, and right inherent in real estate ownership.
Bundle of Legal Rights Possession, Control, Enjoyment, Exclusion, Disposition
Deed The document by which the owner transfers title to the real property.
Title Ownership of real property.
Appurtenance A right, privilege, or improvement belonging to , and passing with, the land.
Surface rights The rights to use the surface of the earth.
Subsurface rights The rights to the natural resources lying below the earth's surface.
Air rights The rights to use the space above the earth.
Personal Property Items, called chattels, that do not fit into the definition of real property; movable objects. Also known as Personalty. Personalty property, unlike real property, is movable.
Chattels Tangibles such as chairs, tables, clothing, money, bonds, bank accounts.
Emblements "fructus industriales". Growing crops, such as grapes and corn, which are produced annually through labor and industry; Generally considered personal property.
Fructus Naturales Trees, perennial bushes, and grasses that do not require annual cultivation. Considered real estate.
Severance Changing an item of real estate to personal property by etaching it from the land; for example, cutting down a tree.
Annexation The process of converting personal property into real property.
Fixture An item of personal property that has been converted to real property by being permanently affixed to the realty. Plumbing, light fixtures, cabinets, etc.
Trade Fixture An article installed by a tenant under the terms of a lease and romvable by the tenant before the lease expires; Also known as a chattel fixture.
Accession Acquiring titel 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.
Four economic characteristics of land that affect its value as a product in the marketplace Scarcity, improvements, permanence of investment, and location
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. Also known as "situs".
Three physical characteristics of land Immobility, indestructibility, and uniqueness.
Nonhomogeneity A lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike, real estate is said to be nonhomogeneous. Also known as uniqueness.
Mine subsidence The process of downward land shifts due to the collapse of underground mine shafts and groundwater flows, usually resulting in sinkholes and troughs .The damage to structures may be functional, cosmetic, or structural.
Created by: AndrewCounts
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