Real estate Unit 2: property and the law Flashcards

Real estate Unit 2: property and the law Flashcards

Subsurface rightsIncludes rights to minerals and other substances under the earths surface. Such rights may be sold or leased to others in the same ways as surface rights and independent of surface ownership AccretionIncreases in land resulting from deposit of soil by water action Fructus naturalesTrees, perennial shrubbery, and grass not requiring annual cultivation are real property Surface rightsMay be sold or leased to other AppurtenanceRight or privilege associated with the property, although not necessarily a part of it Title to real propertyRight to property, and evidence of ownership by deed FixtureAn article that was once personal property but has been so affixed to the land or building that the law now recognizes it as a part of real property ErosionLoss of soul by gradually wearing away by natural forces An item of personal property may become real estate by _______ ie construction materials routinely become real estate Annexation Characteristics of real propertyEconomic and physical characteristics Air rightsMay also be leased or sold independent of surface ownership. Solar or sun rights have become an ownership issue in recent years primarily because of solar energy applications that require direct access to sunlight Economic characteristicsScarcity, improvement, permanence of investment, area preference or suits Riparian rightsRights granted to owners of land along a river, stream of similar body of water An item of real property may be changed to personal property through ______ ie. Trees are real estate that becomes personal property when an owner cuts them down Severance Ownership of real propertyBundle of legal rights; concept comes from old English law LandThe earths surface extending downward to the center of the earth and upward to infinity, including things permanently attached by nature, such as trees and water Real property is also known asRealty Fructus industrialesCrops with a growing season of less than a year, known as emblements, are property Personal propertyMoveable; also referee to as chattels

Littoral rightsRights of owners whose land borders commercially navigable lakes, seas and oceans Plants fall into two categoriesFructus naturales or Fructus industriales Bundle of rightsPossession, control, enjoyment, exclusion, disposition Real estateThe land and all things permanently attached to it either nature or people(improvements) Water rightsHeld by owners of land adjacent to rivers, lakes or oceans Real propertyReal estate plus the interests, benefits, and rights inherent in the ownership of real estate Real estate practitioners may not act as______ Attorneys Doctrine of prior appropriationThe right to use any water, except for limited domestic use, is controlled by the state rather than the adjacent landowner Legal test of a fixtureThe method of annexation, The adaptation to real estate, did assistance of an agreement Trade fixtureAn article owner by a tenant and attached to rented space or a building for use in operating business . Ie. Tenants personal property, must remove working for the last day of lease, not removed because landlords real property by accession Physical characteristicsInability, indestructibility, uniqueness Real estate license laws1.Purpose is to protect the public from fraud, dishonesty, and incompetence in real estate transactions 2. Licensing required by all 50 states, district of Columbia and Canadian provinces 3. State laws similar, but differ in detail 4.Specific education requirements for licensing Laws affecting real estateContract law, general property law, agency law, real estate license law, federal regulations, federal, state, and local and regulations AvulsionSudden removal of soil due to act of nature