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Ch 2
Real Property and the Law
Term | Definition |
---|---|
Accession | Acquiring title to additions or improvements to real property as a result of annexation of fixtures or the accreation 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. |
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 | AKA personal property. Items that do not fit into the definition of real property; moveable objects |
Emblements | Growing crops, such as corn, that are produced annually through labor and industry; AKA fructus industriales |
Fixture | An item of personal property that has been converted to real property by being permanently affixed to the realty |
Improvement | 1. Any structure erected on a site to enhance the value of the property (building, fence, driveway) 2. A publicly owned structure added to or benefiting land (curb, sidewalk, street, 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 | AKA chattels. Items that do not fit into the definition of real property; moveable objects. |
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 |
Severance | Changing an item of real estate to person property by detaching it from the land (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 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 air above it (air rights) or the minerals below the surface (subsurface rights) |
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 |