Chapter 2: Real Property and the Law
Terms
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- Bundle of Legal Rights
- Ownership of all legal rights: control, possession, use, disposition, enjoyment
- Emblements
- Annual, harvestable crops such as corn, wheat; personal property
- Fixture
- Item that was once personal property and is now permanently affixed and is real property, such as a chandelier or ceiling fan
- Physical Characteristics of Real Estate (3)
- Immobility, Indestructibility, Uniqueness (non homogeneity)
- Annexation
- Change personal property to real property, such as mixing sand, stone and cement, and making a sidewalk
- Real Property
- Interests, benefits and rights inherent in real estate ownership
- Appurtenance
- Right, privilege or improvement belong to, and passing with the land
- Improvement
- Man-made attachment to the land, such as a building, streets, utilities
- Economic Characteristics of Real Estate (4)
- Scarcity, improvements, permanence of investment, area preference (location)
- Trade Fixture
- Personal property: Business items permanently attached by tenant. May be removed up to last day of lease. If left, landlord acquires by process of accession
- Severance
- Changing of real to personal property, such as cutting down a tree, removing stained glass window
- Personal Property
- Movable objects, not real property, sometimes called chattels, such as cars, cash, stock