principals of real estate Flashcards

principals of real estate Flashcards surface rightsthe rights to control, occupy and use the surface area of a parcel of real estate. Including the building of improvements and growing of crops. the crops themselves are personal property, but the real property includes the right to grow crops.Prior appropriationdoctrine of water allocation. Doctrine originated on CO in 1872, used where water is scarce, details vary from state to state, separates water rights from land owndership. When property is sold it retains its original appropriation date and the water allotment is taken by date of seniority. During times of drought junior appropriation dates may get reduced water or not water.water occurring naturallywater in ponds, lakes, streams, oceans and seas classified as real property. Water rights are appurtenant, they are attached to the land not the landowner.Method of attachmentthe way personal property is attached or included in real estate sometimes determines whether it is real or personal property. A tree is personal property, a planted tree is real property.air rightslegal rights to use and occupy the air space above a parcel of real estate. air rights may be sold or leased. Owners rights are limited as they may not pollute the air space and aircraft have the right to fly over as long as they do not interfere with the owners right to use or occupy the land.Improvementsadditions made to the property intended to enhance it's value. ex. grading, sidewalks, buildings, new roof.Fixturesonce personal property and are affixed to the real estate as to become real property. Real property passes with the transfer of a deed. Personal property passes with a bill of

sale. fixtures ex: built in refrigerator instead of a free

standing one, fences relationship of the partiesa large light fixture is considered real property, however if a renter replaces it with one of their own, upon the termination of the lease the original fixture of the property owner must be reinstalled.Navigable watersbody of water that is used for commerce or transportation.Jurisdiction over navigable waters belongs to the federal government rather than individual states, thus determining how it's used, by whom and under what conditions.Riparian landland bordering a moving watercourse such as a stream or river. Owners may enjoy the right to use the water for such

things as irrigation, swimming, boating and fishing. Owners may use as long as it does not alter use of water downstream. If non-navigable waterway, landowner typically owns land beneath the water to the mddle of the waterway.

constructive annexation (adaptability)if an object was adapted or specially made for the real estate then it is considered a fixture. ex. custom blinds, keys, cabinets Subsurface rightsthe right to drill or dig below the surface for minerals or water. Mineral rights and certain water rights may be sold or leased. Mineral rights transfer with the property unless otherwise specified with the deed.Appurtenancesall the rights, privileges, and improvements that belong to and pass with the transfer of property but are not necessarily a physical part of the actual property. A deed

normally describes the property granted. ex: parking space,

community pool use or water rights.Littoral Landproperty that borders on the shore of a lake, sea or ocean that is affected by tidal currents. State laws establish landowners boundary at the high tide mark. Landowner has right to enjoy and use the water and shoreline.easementsother interests, benefits and ownership rights Bundle of rightsthe right to possess, control, enjoy, exclude others from entering, encumber and sell all within the legal limits of the law Real Propertyland ownership from the center of the earth upwards to the sky including; surface rights, air rights, subsurface (mineral) rights, improvements to the land, fixtures, fructus naturales, water rights, appurtenances, easements, interests, benefits and owners rights. (bundle of rights) fructus Naturalespermanent plantings such as flowers, trees and bushes that are classified as real property.agreementwritten agreement between two parties concerning questionable items. used to avoid possible court cases later.