The Principle of Real Estate Ch. 2 Land Flashcards

The Principle of Real Estate Ch. 2 Land Flashcards Which document transfers real property?deed Term that describes when water recedes and dry land appears reliction What is fixity?Fixity refers to the fact that lands, and additions to the land such as buildings, take long periods of time to pay for themselves. Fixity is also used to refer to the fact that land cannot be moved, but is fixed in location.Land?Tract of earth, natural resources on surfaces, minerals below the surface, and the air above the surface.The soil or rocks added to the land by action of water. The increase in land area due to sediment deposited water.alluvion A theory of water law based on the idea that "first in time is first in right." What are these types of rights called?Prior Appropriation Annexation?The process of attaching personal property so that it becomes real property.Who owns most of the surface water in Texas? the state What are three physical characteristics of land? Immobility, non-homogeneity, indestructible What does real property mean?Real property refers to both real estate (land + structures) and a the set of rights associated with it Which document is used to transfer real property? Which is used to transfer personal property?deed - real propertybill of sale - personal property Fixture? Examples?A piece of PERSONAL PROPERTY that has become attached/bound to the land in such a way as to become land. Built-in bookcase, wall-to-wall carpeting, ceiling fans, custom made blinds on windows, built-in appliances.Encumbrance? Examples?An encumbrance is any claim, liability, or charge attached to real property that may lessenthe owner's bundle of rights or the value of the property. "Some common examples of encumbrances are liens, easements, encroachments, restrictions, and leases. When these are present, your own rights in your property are diminished.= Rights to use water from a lake, ocean, or sea on or beside your property.Littoral rights What are the four economic properties of land? scarcity, modification, fixity, situs (from site) [sigh tus] Loss to land, which results from the action of water.avulsion What is situs?Location preference. Situs is an economic preference for a certain location or characteristic that affects land value.Severance?Removing fixtures by unattaching or uninstalling them from real property) to create personal property.Rights to use water from a river or stream on or beside your property.Riparian rights

Define real estate (realty)Encompasses everything that land means and includes permanent buildings and structures (known as improvements). It's land and everything attached to the land.Lien?Aright to keep possession of PROPERTY belonging to another person until a debt owed by that person is discharged Which document transfers personal property? bill of sale What is the definition of situs?The place where something exists."refers to the location of the property or land from an economic, not a geographic, viewpoint" "The phrase "location, location, location" may be familiar." "It is based on the preferences people have for certain characteristics in property, and the fact that location dominates those preferences. Both natural and man-made factors will have an impact on preferences. For example, climate, views, and access to natural recreation, as well as, schools, job opportunities, and transportation will all be important." chattelpersonal property Addition to the land by action of water. Soil or rock build-up.Accretion What is a deed?A written legal document used specifically for the transfer of real property, which the owner (sometimes also called the "grantor")uses to convey ownership in real property to the buyer (the "grantee").Personal property?Things of a temporary, or movable nature.Improvement? Examples?Any addition to the land that is PERMANENT is considered to become part of the land. Buildings, fences, patios, decks, roads, curbs. Man-made additions that improve or develop the land.Three tests courts apply to determine if something is a fixture or personal property?Method of ATTACHMENT (cemented, embedded in concrete, incorporated into building - plumbing, doors, windows, wired into electrical system), ADAPTATION to the property (custom measured and installed or all-purpose?), INTENTION of the parties (if item never intended to stay - inherited grandma's chandelier).