rights in real estate
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what is a simple definition for real estate? | show 🗑
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show | privately by individuals, private entities or publicly by government entities.
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show | true
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What can the government and other private parties do to ones property? | show 🗑
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To understand real estate rights and interests, one must first recognize distinction between: | show 🗑
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the legal concept of land encompasses: | show 🗑
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what does land include? | show 🗑
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show | a portion of land delineated by boundaries
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what are the 3 physical characteristics of land? | show 🗑
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show | a parcel of land can't be moved from one site to another. Geographical location of land is fixed and cannot be changed.
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show | land is permanent, would have to remove a segment of the planet down to the core to destroy it.
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show | no two parcels of land are exactly the same. Ex: location
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What does the legal concept of real estate encompass? | show 🗑
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apart from land, what else does real estate include? | show 🗑
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show | improvements
Ex: fences, streets, wells, sidewalks.
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show | one's intention in attaching the item
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show | something that is owned by someone. And a set of rights to the item enjoyed by the owners. (bundle of rights)
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show | possess, encumber, use, exclude, transfer
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what rights come with owning property? | show 🗑
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What are the two classifications of property? | show 🗑
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show | ownership of real estate and the bundle of rights associated with owning the real estate
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what is personal property (chattels/personalty)? | show 🗑
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show | physical, visible, and material. (something you can touch)
real property: all types are tangible
personal property: boat, car, jewelry.
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what is intangible property? What are some examples in personal property? | show 🗑
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all real estate is tangible property. True or False | show 🗑
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show | the individual components of real estate
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what are the individual components of real estate? | show 🗑
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what is a good example of the transfer of a portion of one's bundle of rights? | show 🗑
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show | the real estate contained within the surface boundaries of the parcel.
ex: ground, natural things attached to ground, and all improvements.
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show | the space above the surface boundaries of the parcel, extends to infinity. modified to allow aircraft to fly over property.
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show | land beneath the surface of the real estate parcel. Extending from surface boundaries downward to center of earth.
ex: right to extract minerals, gas, and subsurface water.
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show | concern rights to own and use water found in bodies of water. Determines where parcel boundaries can be fixed.
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show | whether the:
-state controls the water
-water is moving
-water is navigable
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show | legal position that requires property owners to obtain permits for use of water.
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show | under the 2 common law doctrines of:
-littoral rights
-riparian rights
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what are littoral rights? | show 🗑
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what are riparian rights? | show 🗑
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show | True
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How can you identify if a property is personal or real? | show 🗑
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what is a fixture? | show 🗑
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show | Intention, adaptation, functionality, relationship of parties, and sale or lease contract provisions.
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what are trade/chattel fixtures? | show 🗑
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show | plants and crops that grow naturally without requiring labor/ machinery.
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show | plants and crops that require human intervention and labor. are considered personal property.
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show | dwelling units constructed off-site and transported to and assembled on a building site.
Ex: Mobile home and manufactured housing
Can be considered real or personal property depending on whether it is permanently affixed to the ground.
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What is conversion? | show 🗑
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show | the conversion of real property to personal property ny detaching it from the real estate.
Ex: cutting down a tree
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what is affixing/attachment? | show 🗑
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what are examples of real property? | show 🗑
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show | trade fixtures, emblements, and conversion by severance
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show | laws and regulations at every level of government qualify and limit individual real property ownership and the bundle of rights associated with it.
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What are the 6 aspects of real property interests that government entities regulate? | show 🗑
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show | broad standards of real property usage, natural disaster, land description, and discrimination.
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show | the Federal Housing Administration
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show | establishes protective usage restrictions and guidelines for dealing with hazardous materials and other environmental concerns
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what does the Federal Fair Housing Act of 1968 do? | show 🗑
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show | the State government because it establishes real estate license laws, and qualification Most importantly exert regional influence in the usage and environmental control of real estate within the state.
Ex: flood zones, waste disposal, drainage control
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what level of government focuses on land use control, control of improvements, and taxation? | show 🗑
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show | The judicial system exerts an influence on real estate ownership and use through decisions based on case law and common law
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what is case law? | show 🗑
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show | the collective body of law deriving from custom and generally accepted practice in society.
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