Term 1

Chapter One

 

Concepts of Real Estate 

 

Land

Definition 1

Land is immovable, solid material of the earth in whatever natural form  it may be found, whether soil, rock or other substance, including things permanently attached by nature, such as water, soil, and plants.

Term 2

 Land Characteristics

 

 

 

Definition 2

 

- Immobility

 

- Indestructibility

 

- Nonhomogeneity

Term 3

Real Estate

Definition 3

includes the definition of land as well as all natural and

man-made improvements which are permanently attached or affixed to the land.

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Term 4

Real Property

Definition 4

the interests, benefits, and rights which are included with the ownership of land as well as the physical rights of ownership.

Term 5

Bundle of Legal Rights Theory

Definition 5

 - Possession

 

 - Control

 

 - Quiet enjoyment

 

 - Disposition

Term 6

Physical Rights of Ownership of Land

 

 

Ownership of land includes:

Definition 6

1. surface rights

 

2. sub-surface rights

 

3. air rights

 

4. water rights

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Term 7

Reparian Land

Definition 7

Land bordering a natural watercourse, such as a lake, river, or stream.

 

note: If land is navigable, land rights extend only to the water's edge.

 

A non-navigable waterway owns the land under the water to the exact center of the waterway.

Term 8

Littoral Land

Definition 8

Land on the bank or shore of a sea, ocean or large lake.

 

Rights extend only to the mean high water mark.

Term 9

Personal Property - Chattels

 

Personal Property

Definition 9

Personal property is movable. It includes all property except land and improvements.

 

note: Title to real property is transferred by deed. Personal property is transferred by bill of sale.

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Term 10

Tangible and Intangible

Definition 10

Chattels are tangible (corporeal) personal property. i.e. clothing, furniture, and vehicles.

Intangible ( incorporeal) property is has no intrinsic value or material being. i.e. stocks, bonds, and checks.

Term 11

Fixture

Definition 11

A fixture is a chattel, which has become permanently attached to real estate.

Term 12

Law of Affixation (Annexation)

Definition 12

Ownership of real property includes everything that is permanently affixed or annexed to the land.

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Term 13

Legal Tests of a Fixture

Definition 13

1. The manner of attachment.

 

2. The intention of the parties.

 

3. The type and adaptability to the real estate.

 

4. The relation of the parties.

Term 14

Trade Fixtures

Definition 14

Trade fixtures are items of personal property necessary to carry on a business.

Term 15

Concepts of Ownership

 

Feudal System

Definition 15

All land owned by the King. The King's subjects only had the right to use the land but not own it.

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Term 16

Allodial Land Ownership System

Definition 16

Recognizes the rights of individuals to own land subject to no proprietary control of the government. This is the system of land ownership we have today.

Term 17

Limitations on Ownership - Governmental Powers

Definition 17

1. Taxation: Government has the right to tax property to receive revenue to finance necessary public expenditures.


2. Escheat: The right of the state to take title to property of a deceased who dies intestate (without a will) and with no heirs.

 

3. Eminent Domain: The right of the state to take property for public purposes upon the payment of just compensation.

 

4. Police Power: Government has the right to restrict the use of land to preserve order and to protect the public health and safety. i.e. Rent control, zoning laws, building codes, and environmental protection laws. 

Term 18

Limitations of Ownership - Private or Contractual

Definition 18

1. Lease

 

2. Mortgage

 

3. Easement

 

4. License

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Term 19

Tenements

Definition 19

Tenements are property rights of a permanent nature, which relate to the land and pass with the conveyance of title. May be tangible i.e. buildings or fixtures or intangible i.e. easement over a neighbor's land.

Term 20

Appurtenances

Definition 20

Appurtenances are rights, privileges and improvements that belong to and pass with the transfer of title.

Term 21

Herediments

Definition 21

Hereditaments are real (corporeal) and personal(incorporeal) property, which pass to heirs upon the death of the owner.