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Chapter 3

Rights in Real Property

QuestionAnswer
What is LAND? the surface, all natural things attached to it, subsurface, and air above the surface
What is REAL ESTATE? land plus all permanently attached man-made structures
What is an IMPROVEMENT? a man-made structure permanently attached to the land
What is the BUNDLE OF RIGHTS? possession, use, transfer, exclusion and encumberance
What is REAL PROPERTY? ownership of real estate and the bundle of rights associated with owning the real estate
What is PERSONAL PROPERTY? ownership of anything which is not real estate, and the rights associated with owning the personal property item
What does TANGIBLE mean? physical, visible, and material
What does INTANGIBLE mean? abstract, having no physical existence in itself, other than as evidence of one's ownership interest
What are SURFACE RIGHTS? apply to the real estate contained within the surface boundaries of the parcel; includes the ground, all natural things affixed to the ground, and all improvements; surface rights also include water rights
What are AIR RIGHTS? apply to the space above the surface boundaries of the parcel, as delineated by imaginary vertical lines extended to infinity
What are SUBSURFACE RIGHTS? apply to land beneath the surface of the real estate parcel extending from its surface boundaries downward to the center of the earth; include the rights to extract mineral and gas deposits and subsurface water from the water table
What are LITTORAL RIGHTS? abutting property owners own land to high water mark; may use, but state owns underlying land
What are RIPARIAN RIGHTS? if navigable, abutting property owners own land to water' s edge; may use, but state owns underlying land; if not navigable, owner owns land to midpoint of waterway
What is a FIXTURE? a personal property item that has been converted to real property by attachment to real estate
What does CONVERSION mean? transforming real to personal property through severance, or personal to real property through affixing
What does SEVERANCE mean? the conversion of real property to personal property by detaching it from the real estate
What does AFFIXING mean? the act of converting personal property to real property by attaching it to the real estate
What does HETEROGENEOUS mean? diverse in character; not the same
The constitution guarantees... private ownership of real estate, however ownership is not absolute: others may exert claims against one's property
What are the unique aspects of land? immobile, indestructible and heterogeneous
Real property rights are... any of the bundle of rights, applied to airspace (air rights), surface (surface rights), and subsurface (subsurface rights)
The Doctrine of Prior Appropriation maintains that the... state controls water usage and grants usage permits
The Differentiation Criteria includes... intention; adaptation; functionality; relationship of parties; contract provisions
Trade fixtures, or chattel fixtures, are... items of a tenant's personal property that the tenant has temporarily affixed to a landlord's real property in order to conduct business
Emblements are... plants and crops requiring human intervention and labor; are personal property
Factory-built housing is... housing pre-built off-site, includes mobile homes; can be real or personal depending on attachment to the land
Federal regulation grants ___ and controls ___. overall rights of ownership; broad usage standards ad discrimination
State regulation governs ___ and sets ___. the real estate business; regional usage standards
Local regulation levies ___ and controls ___. real estate taxes; specific usages
Judicial regulation applies ___ and ___ to disputes. case law; common law
Created by: alli-bohanon
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