Ch. 2 Flashcards - including the rights to possess, use, transfer,...

Ch. 2 Flashcards A set of rights associated with ownership of property, including the rights to possess, use, transfer, encumber and exclude.Bundle of Rights Plants and crops considered personal property, since human labor is required for planting, growing and harvesting.Emblements An item permanently attached to land so as to be defined as real property.Fixture Which level of government controls zoning laws? County and local Land and all manmade structures permanently attached to it.Real Estate Rights of a property that abuts a body of water to own or use the water. See littoral rights, riparian rights, and prior appropriation.Water Rights A legal doctrine granting a state the power to control and regulate the use of water resources within state boundaries.Prior Appropriation Changing real property to personal property, and vice versa.Conversion A set of water rights defined by state law relating to properties abutting navigable bodies of water such as lakes and bays. Generally, a property owner enjoys usage rights but owns land only to the high water mark. See riparian rights and prior appropriation.Littoral Rights Which of the following is included in the legal concept of land?Everything above, on and below the surface of the earth An item of personal property.Chattel What is an emblement?A plant or crop that is considered personal property The major sources of real estate law are legislation at

federal, state and local level, and:

court decisions.Rights in real property as they apply to the property's airspace, or all space above the surface within the parcel's legal boundaries.Air Rights The overriding test of whether an item is a fixture or

personal property is:

its definition as one or the other in a sale or lease contract.A conversion of real property to personal property through detachment of the item from the land.Severance Water rights of a property that abuts a watercourse (stream, river).Riparian Rights Real estate and the bundle of rights associated with ownership of real estate.Real Property

Which of the following terms refers to the rights of a property that abuts a stream or river?Riparian All property that is not considered real property; all property that is not land or permanently attached to land, excepting trade fixtures and emblements.Personal Property A fixture necessary for the conduct of a business. Although affixed to the land, it is personal property.Trade Fixture Which of the following is included in the bundle of rights inherent in ownership?To inheritTo taxTo transferTo vote To Transfer