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Definition
Defined as the earth’s surface extending downward to the center of the earth and upward to infinity.
(Land includes naturally attached objects, such as trees, as well as bodies of water found on or under it.) |
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| Three Physical Characteristics of Land |
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Definition
Immobility - Some of the substances of land are removable and that topography can be changed, but the geographic location of any given parcel of land can never be changed. It is fixed and therefore immobile.
Indestructibility - Land is considered indestructible, even though it is subject to both natural and human forces.
Uniqueness - Also known as nonhomogeneity, is the concept that no two parcels of property are exactly the same or in the same location. |
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| Defined as land plus all human-made improvements to the land that are permanently attached (annexed) to it. |
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| Can be any artificial thing attached on or below ground, such as a building, fence, water line or sewer pipe, as well as growing things that are made part of the landscaping. |
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| The interests, benefits, and rights that are automatically included in the ownership of real estate. |
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| Ownership Rights of Real Property Described as a Bundle of Legal Rights. |
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Definition
- right of possession,
- right to control the property within the framework of the law,
- right of enjoyment (to use the property in any legal manner),
- right of exclusion (to keep others from entering or using the property), and
- right of disposition (to sell, will, transfer, or otherwise dispose of or encumber the property).
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Term
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Definition
Has two meanings:
(1) the right to or ownership of the property, including the owner’s bundle of legal rights; and
(2) evidence of that ownership by a deed. |
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Term
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Definition
| (Something that is transferred with or “runs with” the land) is a right or privilege associated with the property, although not necessarily a physical part of it. |
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Definition
| Ownership rights in a parcel of real estate that are limited to the surface of the earth |
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| The rights to the natural resources below the earth’s surface |
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Definition
| The rights to use the space above the earth may be sold or leased independently, provided the rights have not been limited by law. |
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Definition
| Common-law (historical) or statutory rights held by owners of land adjacent to rivers, lakes, or oceans and are restrictions on the rights of land ownership. |
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Definition
| Common-law rights granted to owners of land along the course of a river, stream, or similar flowing body of water. |
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Definition
| Closely related to riparian rights are the littoral rights of owners whose land borders commercially navigable lakes, seas, and oceans. |
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Definition
| Increases in the land resulting from the deposit of soil by the water’s action. |
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Definition
| The gradual and sometimes imperceptible wearing away of the land by natural forces, such as wind, rain, and flowing water. |
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Definition
| The sudden removal of soil by an act of nature. It is an event that causes the loss of land in a much less subtle manner than erosion. |
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Term
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Definition
In states where water is scarce, ownership and use of water are often determined by...
Under this doctrine, the right to use any water, with the exception of limited domestic use, is controlled by the state rather than by the landowner adjacent to the water. |
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Term
| Four Economic Characteristics of Real Estate |
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Definition
- Scarcity - While a considerable amount of land has not been developed, the supply in a given location that is suitable for a particular use is finite.
- Improvements - Building an improvement on one parcel of land can affect the land’s value and use, as well as that of neighboring tracts and whole communities.
- Permanence of investment - Although even a well-built structure can be razed to make way for a newer building, improvements such as drainage, electricity, water, and sewerage remain.
- Area preference or situs - Also known as situs (“place”), area preference is commonly referred to as “location, location, location.”
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Term
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Definition
| Sometimes called personalty, is all the property that can be owned and that does not fit the definition of real property. |
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Definition
| Items of personal property. |
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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.
Factory-built housing includes modular, panelized, precut, and mobile homes. |
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Definition
| That which is built specifically to the standards of the Department of Housing and Urban Development (HUD), although the term mobile home may still be used. |
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Definition
| Trees, perennial shrubbery, and grasses that do not require annual cultivation |
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| Emblements, or Fructus Industriales |
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Definition
| Annually cultivated crops such as fruit, vegetables, and grain. Generally considered personal property. |
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Definition
| The act of separating Real Property from the land. |
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Definition
| To change personal property into real property |
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Definition
| Personal property that has been so attached to land or a building that, by law, it becomes part of the real property. |
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Term
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Definition
Method of annexation: How permanent is the method of attachment? Can the item be removed without causing damage to the surrounding property, or can any damage caused by the removal be easily repaired?
Adaptability of the item for the land’s ordinary use: Is the item being used as real property or personal property? For example, a refrigerator is usually considered personal property. However, if a refrigerator has been adapted to match the kitchen cabinetry, it may be considered a fixture.
Relationship of the parties: In general, a court will favor a tenant over a landlord, and a buyer over a seller.
Intention of the person in placing the item on the land: This should be the most important consideration, but the actions of the tenant may not be consistent with the tenant’s earlier intention. If an installation is intended to be temporary, it should not be attached in a way that appears to be permanent.
Agreement of the parties: Have the parties agreed on whether the item is real or personal property in the provisions of an offer to purchase or lease? |
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Term
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Definition
| An article owned by a tenant, attached to a rented space or building, and used in conducting a business |
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| Laws Affecting Real Estate |
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Definition
- Contract law
- General property law
- Agency law
- Real estate license law
- Federal, state, and local laws and regulations (e.g., consumer protection, environmental, tax, land use, and zoning)
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