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.