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Dearborne - Unit 2

Unit 2 of Dearborne Modern Real Estate

TermDefinition
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
ACCRETION The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.
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.
AVULSION The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream.
BUNDLE OF LEGAL 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.
CHATTEL Items of personal property - (i.e chairs, tables, clothing, money, bonds & bank accounts)
EMBLEMENTS Growing crops, such as corn, that are produced annually through labor and industry; also called fructus industrials
EROSION The gradual and sometimes imperceptible wearing away of the land by natural forces, such as wind, rain, and flowing water.
FIXTURE An item of personal property that has been converted to real property by being permanently affixed to the realty.
IMPROVEMENT Any structure, usually privately owned, erected on a site to enhance the value of the property; A publicly owned structure added to or benefiting land.
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.
LITTORAL RIGHTS A landowner’s claim to use water in large navigable lakes and oceans adjacent to her property. The ownership rights to and bordering these bodies of water up to the high-water mark
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 non homogeneous.
PERSONAL PROPERTY Items, called chattels that do not fit into the definition of real property; movable objects.
PRIOR APPROPRIATION A concept of water ownership in which the landowner’s right to use available water is based on a government-administered permit system.
REAL ESTATE Land; a portion of the earth’s surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached to it, whether naturally or artificially.
REAL PROPERTY The interests, benefits, and rights inherent in real estate ownership; often used as a synonym for real estate.
RIPARIAN RIGHTS An owner’s rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water.
SEVERANCE Changing an item of real estate to personal property by detaching it from the land - (i.e. cutting down a tree)
SITUS The location of land for legal purposes; the jurisdiction in which land is located.
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 Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the space above it (air rights) or the substances below the surface (subsurface rights)
TRADE FIXTURE An article installed by a tenant under the terms of a lease that is 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.
Created by: Vguarin1