Unit 2...Real Property and the Law
prior appropriation
A concept of water ownership in which the landowner's right to use available water is based on a government-administered permit system.
appurtenance
A right, privilege, or improvement belonging to, and passing with, the land, runs with the land
personal property
All property not classified as real property
A new owner received the right to use a parking space in the multi-unit building where she purchased a condominium. This right is an example of
An appurtenance
Personal Property
Any property that is not real property.
improvement
Any structure or modification erected or imposed on a site
Another term for personal property
Chattels
A farmer has posted a number of "No Trespassing" and "No Hunting" signs on his property. Which "stick" in the bundle of rights gives the farmer this authority?
Exclusion
This is not included in the bundle of rights
Expansion
The developer added sewer lines and utilities and built two streets. What are these items called?
Improvements
An important characteristic of personal property is that it is
Moveable
area preference
People's desire for one area over another, based on a number of factors such as history, reputation, convenience, scenic beauty, and location.
To determine whether an item is a fixture what's the most improvement test
To see if the person who installed it intended for it to be permanent
Chattel
an item of personal, movable property
Manufacturing Housing
dwellings that are built off site and trucked to a building lot where they are installed or assembled
The most important economic characteristics of land is
location
The term nonhomogeneity refers to
uniqueness
Mobile home, rather than manufactured housing, is the term used for a factory-built home that was built before
1976
Nonhomogeneity
A lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike, real estate is said to be nonhomogeneous.
accession
Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams.
A right or privilege tied to real property although not necessarily part of the property is called what
An appurtenance
trade fixture
An article installed by a tenant under a commercial lease and removable before the lease expires
trade fixture
An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.
fixture
An item of personal property that has been converted to real property by being permanently affixed to the realty.
Riparian Rights
An owner's rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water.
improvement
Any structure, usually privately owned, erected on a site to enhance the value of the property - for example, building a fence or a driveway. A publicly owned structure added to or benefiting land, such as a curb, sidewalk, street, or sewer
While moving into a newly purchased home, the buyer discovered that the seller had taken the ceiling fan that hung over the dining room table. The seller had not indicated that the ceiling fan would be removed, and the contract did not address this issue. Which statement is TRUE?
Ceiling fans are usually considered real estate
severance
Changing an item of real estate to personal property by detaching it from the land; for example, cutting down a tree.
severance
Changing and item from Real Property to Personal Property by detaching it from the land
Water Rights
Common law rights held by owners of land adjacent to rivers, lakes, or oceans; includes restrictions on those rights and land ownership.
Water Rights
Common law rights of owners of land next to rivers, lakes, or oceans
Riparian Rights
Common-law rights granted to owners of land along the course of a river, stream, or similar flowing body of water.
A property owner wants to use water from a river that runs through the property to irrigate a potato field, to do so the owner is required by state law to submit an application to the Department of Water Resources describing in detail the plan for beneficial use of the water. Based on these facts which rule of law is this
Doctrine of prior appropriation
Emblements
Growing crops, such as corn or soybeans, that remain personal property
Emblements
Growing crops, such as corn, that are produced annually through labor and industry; also called fructus industriales.
After suffering through a tornado and then flooding from the river, the buildings were gone he land was still there this is an example of
Indestructibility
Which of the following is a physical characteristic of land
Indestructibility
A man particularly liked the brass lighting fixtures and made an offer which the women' accepted ...on moving day the man discovered the had replaced them what is this
Lighting fixtures are normally considered to be real property
Bundle of Legal Rights
Ownership of all legal rights: control, possession, use, disposition, enjoyment
Subsurface Rights
Ownership of minerals, oil, and so on
Surface Rights
Ownership rights excluding air or mineral rights
Surface Rights
Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above it (air rights) or the minerals below the surface (subsurface rights).
Subsurface Rights
Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of the property.
Curtains installed by tenant
Personal property
Wheat or corn crops on a farm
Personal property
fixture
Personal property that is converted to real property by being permanently attached to the real estate
Booths in a restaurant installed by tenant
Personal property/trade fixture
Pumps installed by a gas station tenant
Personal property/trade fixture
Annexation
Process of converting personal property into real property.
A woman planted a rose bush on her property and plans to dig it up and take it with her when her house is sold. The sales contract explicitly excludes the rose bush from the sale. This provision is necessary because the rose bush is considered to be
Real estate
Growing trees, fences, and buildings are all considered
Real estate
Bushes surrounding a residence
Real property
Land, mineral, and air rights in the land are included in the definition of
Real property
Sidewalks and sewers in a subdivision
Real property
An 80-gallon water heater with fiberglass insulating jacket
Real property/fixture
Crystal chandelier hung from the ceiling
Real property/fixture
Kitchen sink installed in a home
Real property/fixture
Water well pump installed by the landowner
Real property/fixture
A seller asked a real estate professional to draw up several documents relating to seller financing. Under these circumstances, the real estate professional should
Refer the seller to an attorney
This is an example of an economic characteristic of land
Scarcity
If a tenant farmer built a chicken coop and a tool shed who does the buildings belong to
Tenant
A paint company purchases a large tract of scenic forest land and builds several tin shacks there to store used turpentine and other items. Which statement is TRUE?
The company's action constitutes improvement of the property.
bundle of legal rights
The concept of land ownership that includes ownership of all legal rights to the land—possession, control within the law, enjoyment, exclusion, and disposition.
A man inherited a piece of vacant land, removed and sold all the topsoil, limestone, and gravel. At his death, he left the property to his daughter. Which is TRUE?
The daughter inherits the property as is
land
The earth's surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.
accretion
The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.
Real Property
The interests, benefits and rights inherent in real estate
Real property
The interests, benefits, and rights that are automatically included in the ownership of real estate.
situs
The location of land for legal purposes; the jurisdiction in which land is located.
Air Rights
The right to use the open space above a property, usually allowing the surface to be used for another purpose.
A woman rents space in a commercial building where she operates a bookstore. In the bookstore, she has installed large reading tables fastened to the walls and bookshelves that create aisles from the front of the store to the back. These shelves are bolted to both the ceiling and the floor. Which of the following BEST characterizes the contents of the bookstore?
The shelves and tables are trade fixtures and may properly be removed by the woman before her lease expires, and the tenant would be responsible to the landlord for any damage that their removal caused to the premises
avulsion
The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream.
Owners with littoral rights enjoy what
Unrestricted use of available waters, but they own he land adjacent to the water only up to the average high water mark
Method of annexation, adaptation to real estate, and agreement between the parties are the legal tests for determining whether an item is
a fixture or personal property
Real estate generally includes all of the following EXCEPT
annual crops
Parking spaces in multiunit buildings, water rights, and similar things of value that convey with property are classified as
appurtenances
A buyer is interested in a house that fits most of her needs, but it is located in a busy area where she is not sure she wants to live. Her concern about the property's location is called
area preference
A property owners bundle of legal rights entitles the owner to do all of the following except
exclude utility meter readers
accretion
increases in the land resulting from the deposit of soil by the water's action
real eatate
land; a portion of the earths surface extending downward to the center of the earth and upward infinitely into space, all things permanently attached
Another word for uniqueness
nonhomogeneity
Which of the following is considered personal property
patio furniture
A truckload of lumber that a homeowner purchased has been left in the driveway for use in building a porch, the lumber is considered
personal property
Chattels
personal property
According to law, a trade fixture is usually treated as
personalty
Methods of annexation, adaptation, and agreement are the legal tests for determining whether an item is
real property or personal property
Littoral Rights
rights of a landowner adjacent to a lake Remember "L" - Littoral/Lake
A property owner's land is located along the banks of a river. This owner's water rights are called
riparian rights
Which of the following describes the act by which real property can be converted into personal property
severance
A buyer purchased a parcel of land and immediately sold the mineral rights to an oil company. The buyer gave up which of the following?
subsurface rights
In determining whether an item is real or personal property, a court would not consider what
the cost of the item when it was purchased
Erosion
the process of eroding or being eroded by wind, water, or other natural agents.