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Chapter 2
Real Property and the Law
18
Real Estate & Planning
Not Applicable
03/23/2021

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
LAND
Definition

THE EARTH'S SURFACE EXTENDING DOWNWARD TO THE CENTER OF THE EARTH AND UPWARD TO INFINITY, INCLUDING PERMANENT NATURAL OBJECTS, SUCH AS TREES AND WATER

 

THE SURFACE AND UNDERLYING SOIL (SUBSURFACE), THE AIR ALL THE WAY INTO SPACE (AIRSPACE)

 

THINGS NATURALLY ATTACHED (BOULDERS AND PLANTS),  ALSO MINERALS AND SUBSTANCES

Term
REAL ESTATE
Definition

LAND AT, ABOVE, AND BELOW THE EARTH'S SURFACE, PLUS ALL THINGS PERMANENTLY ATTACHED TO IT, WHETHER NATURAL OR ARTIFICIAL

 

NOT ONLY COMPONENTS OF THE LAND BUT ALSO ALL PERMANENT MAN-MADE IMPROVEMENTS (ARTIFICIAL THINGS ATTACHED TO THE LAND I.E. BUILDING, FENCE, OR INFRASTRUCTURES SUCH AS SEWERS) ON AND TO THE LAND

Term
REAL PROPERTY
Definition

THE INTERESTS, BENEFITS, AND RIGHTS THAT ARE AUTOMATICALLY INCLUDED IN THE OWNERSHIP OF LAND NAD REAL ESTATE

 

INCLUDE'S EARTH'S SURFACE, SUBSURFACE, AIRSPACE, & ALL THINGS PERMANENTLY ATTACHED TO IT BY NATURE OR PEOPLE, AND THE LEGAL RIGHTS INNATE TO THE OWNERSHIP OF A PARCEL OF REAL ESTATE

Term
BUNDLE OF LEGAL RIGHTS
Definition

RIGHT OF:

POSSESSION

TO CONTROL THE PROPERTY WITHIN THE FRAMEWORK OF THE LAW

ENJOYMENT (TO USE THE PROPERTY IN ANY LEGAL MANNER)

EXCLUSION (TO KEEP OTHERS FROM ENTERING OR USING THE PROPERTY)

DISPOSITION (TO SELL, WILL, TRANSFER, OR OTHERWISE DISPOSE OF OR ENCUMBER THE PROPERTY)

 

FROM OLD ENGLISH LAW

 

Term
TITLE (AS IT RELATES TO REAL PROPERTY)
Definition

1.) THE RIGHT TO OWNERSHIP OF THE LAND, INCLUDING THE OWNER'S BUNDLE OF RIGHTS

2.) EVIDENCE OF THAT OWNERSHIP BY A DEED

 

REFERS TO OWNERSHIP OF REAL PROPERTY NOT A PRINTED DOCUMENT

THE DOCUMENT BY WHICH THE OWNER TRANSFERS TITLE TO THE REAL PROPERTY IS THE DEED

 

Term
APPURTENANCE
Definition

(RUNS WITH THE LAND) A RIGHT OR PRIVILEDGE ASSOCIATED WITH THE PROPERTY, ALTHOUGH NOT NECESSARILY A PART OF IT

 

CONNECTED TO THE PROPERTY AND OWNERSHIP TRANSFERS TO THE NEW OWNER WHEN THE PROPERTY IS SOLD

 

EXAMPLES: PARKING SPACES IN MULTIUNIT BUILDINGS, EASEMENTS, WATER RIGHTS, & OTHER IMPROVEMNETS

Term
SURFACE RIGHTS, SUBSURFACE RIGHTS, AIR RIGHTS, WATER RIGHTS, MINERAL RIGHTS
Definition

SURFACE - THE USE OF THE SURFACE OF THE EARTH

SUBSURFACE - THE NATURAL RESOURCES BELOW THE EARTH'S SURFACE

 

*AN OWNER MAY TRANSFER SURFACE RIGHTS WITHOUT TRANSFERRING SUBSURFACE RIGHTS

 

AIR - THE USE OF THE SPACE ABOVE THE EARTH

 

WATER - SPECIAL COMMON-LAW RIGHTS HELD BY OWNERS OF LAND ADJACENT TO RIVERS, LAKES, OR OCEANS AND ARE RESTRICTIONS ON THE RIGHTS OF LAND OWNERSHIP

Term
PERSONAL PROPERTY
Definition

AKA PERSONALTY

 

ALL THE PROPERTY THAT CAN BE OWNED AND THAT DOES NOT FIT THE DEFINITION OF REAL PROPERTY

 

PERSONAL PROPERTY IS MOVABLE

 

ITMES ARE REFERRED TO AS CHATTELS

 

INCLUDE CHAIRS, TABLES, CLOTHING, MONEY, BONDS, AND BANK ACCOUNTS

Term
MANUFACTURED HOUSING
Definition

DWELLINGS THAT ARE NOT CONSTRUCTED AT THE SITE BUT ARE BUILT OFF-SITE AND TRUCKED TO A BUILDING LOT WHERE THEY ARE INSTALLED OR ASSEMBLED

 

INCLUDES MODULAR, PANELIZED, PRECUT, AND MOBILE HOMES

 

USUALLY CONSIDERED PERSONAL PROPERTY BUT CAN BECOME REAL PROPERTY

Term
PLANTS
Definition

1.) TREES, PERENNIAL SHRUBBERY, AND GRASSES THAT DO NOT REQUIRE ANNUAL CULTIVATION AKA FRUCTUS NATURALES - CONSIDERED REAL PROPERTY

 

2.) ANNUALLY CULTIVATED CROPS (FRUITS, VEGETABLES, GRAINS) AKA EMBLEMENTS / FRUCTUS INDUSTRIALES - CONSIDERED PERSONAL PROPERTY

Term
SEVERANCE
Definition
WHEN REAL PROPERTY BECOMES PERSONAL PROPERTY - SEPARATING IT FROM THE LAND
Term
ANNEXATION
Definition
WHEN PERSONAL PROPERTY BECOMES REAL PROPERTY - EX. WHEN AN OWNER BUILDS A SIDEWALK
Term
FIXTURES
Definition

PERSONAL PROPERTY THAT HAS BEEN SO AFFIXED TO LAND OR A BUILDING THAT, BY LAW, IT BECOMES PART OF THE REAL PROPERTY - ALMOST ANY ITEM THAT HAS BEEN ADDED AS A PERMANENT PART OF A BUILDING

 

EX. HEATING SYSTEMS, ELEVATORS, RADIATORS, KITCHEN CABINETS, LIGHT FIXTURES, AND PLUMBING

Term
LEGAL TESTS OF A FIXTURE
Definition

QUESTION OF INTENT

 

1.) METHOD OF ANNEXATION

2.) ADAPTATION TO REAL ESTATE

3.) AGREEMENT

Term
TRADE FIXTURES
Definition

PROPERTY USED IN THE COURSE OF BUSINESS

 

AKA CHATTEL FIXTURE

 

BOWLING ALLEYS, STORE SHELVES, BARROM AND RESTAURANT EQUIPMENT, CHICKEN COOPS, TOOLS SHEDS

 

MUST BE REMOVED ON OR BEFORE THE LAST DAY THE PROPERTY IS RENTED - IF NOT REMOVED, BECOME THE REAL PROPERTY OF THE LANDLORD - 'ACCESSION'

 

DIFFERENCES: FIXTURES BELONG TO THE OWNER OF THE REAL ESTATE, BUT TRADE FIXTURES ARE USUALLY OWNED AND INSTALLED BY A TENANT FOR THE TENANT'S USE

FIXTURES ARE CONSIDERED A PERMANENT PART OF A BUILDING, BUT TRADE FIXTURES ARE REMOVABLE - MAY BE ATTACHED TO A BUILDING SO THEY APPEAR TO BE FIXTURES

Term
4 ECONOMIC CHARACTERISTICS OF REAL ESTATE
Definition

1.) SCARCITY

2.) IMPROVEMENTS

3.) PERMANENCE OF INVESTMENT

4.) LOCATION OR AREA PREFERENCE ("SITUS" TO PLACE) - SINGLE MOST IMPORTANT ECONOMIC CHARACTERISTIC OF LAND

Term
3 PHYSICAL CHARACTERISTICS OF REAL ESTATE
Definition

1.) IMMOBILITY

2.) INDESTRUCTABILITY

3.) UNIQUENESS (NONHOMOGENEITY)

Term
LAWS AFFECTING REAL ESTATE
Definition

1.) CONTRACT LAW

2.) GENERAL PROPERTY LAW

3.) AGENCY LAW

4.) REAL ESTATE LICENSE LAW

5.) FEDERAL, STATE, AND LOCAL TAX LAWS

6.) ZONING AND LAND USE LAWS

7.) FEDERAL, STATE, AND LOCAL ENVIRONMENTAL REGULATIONS

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