REAL ESTATE LAW 2
Terms
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- WHAT IS LAND?
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EARTHS SURFACE EXTENDING DOWNWARD TO THE CENTER OF THE EARTH AND UPWARD TO INFINITY, INCLUDING PERMANENT NATURAL OBJECTS SUCH AS TREES AND WATER.
SUBSURFACE AND AIRSPACE - WHAT IS REAL ESTATE?
- LAND AT, ABOVE, AND BELOW THE EARTHS SURFACE, PLUS ALL THINGS PERMANENTLY ATTACHED TO IT.
- WHAT IS AN IMPROVEMENT?
- ANY ARTIFICIAL THING ATTACHED TO THE LAND, SUCH AS A BUILDING OR FENCE. REFERS TO ANY ADDITION TO THE LAND
- WHAT IS REAL PROPERTY?
- INTERESTS BENIFEITS AND RIGHTS THAT ARE AUTOMATICALLY INCLUDED IN THE OWNERSHIP OF LAND AND REAL ESTATE.
- WHAT IS A BUNDLE OF LEGAL RIGHTS?
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OWNERSHIP OF REAL PROPERTY. THESE RIGHTS INCLUDE:
POSSESION
CONTROL
ENJOYMENT
EXCLUSION
DISPOSISTION - WHAT IS THE DIFFERENCE BETWEEN TITLE AND DEED?
- TITLE REFERS TO OWNERSHIP OF REAL PROPERTY NOT TO A PRINTED DOCUMENT. DEED REFERS TO THE DOCUMENT BY WHICH THE OWNER TRANSFERS TITLE TO THE REAL PROPERTY.
- WHAT ARE SURFACE AND SUBSURFACE RIGHTS?
- RIGHT TO USE THE SURFACE OF THE EARTH. SUBSURFACE RIGHTS ALLOW YOU TO USE THE NATURAL RESOURCES BELOW THE SURFACE.
- WHAT ARE AIR RIGHTS?
- RIGHTS OF AIRSPACE OVER A PROPERTY.
- WHAT IS PERSONAL PROPERTY?
- ALSO CALLED PERSONALTY, ALL PROPERTY THAT IS NOT REAL PROPERTY. ALSO REFERED TO AS CHATTELS, PERSONABLE PROPERTY IS MOVEABLE.
- WHAT IS AN EMBLEMENT?
- ANNUAL PLANTINGS OR CROPS, FRUCTUS INDUSTRIALES, GENERALLY CONSIDERED PERSONAL PROPERTY, IF ITS GROWING IT WILL BE TRANSFERRED AS REAL PROPERTY UNLESS OTHER PROVISIONS ARE MADE,
- WHAT IS FRUCTUS NATURALES?
- PLANTS THAT DO NOT REQUIRE CULTIVATION SUCH AS TREES AND SHRUBBERY. FRUCTUS INDUSTRIALES ARE FRUITS OF INDUSTRY.
- WHAT IS ANNEXATION?
- CONVERTING PERSONAL PROPERTY IN TO REAL PROPERTY
- WHAT IS A FIXTURE?
- PERSONAL PROPERTY THAT HAS BEEN SO AFFIXED TO LAND OR A BUILDING THAT, BY LAW, IT BECOMES PART OF THE REAL PROPERTY.
- WHAT ARE THE LEGAL TESTS OF A FIXTURE?
-
METHOD OF ANNEXATION
ADAPTATION TO REAL ESTATE
AGREEMENT - WHAT IS A TRADE FIXTURE?
- ARTICLE OWNED BY A TENANT AND ATTACHED TO A RENTAL SPACE OR BUILDING OR USED IN CONDUCTING A BUSINESS.
- WHAT ARE THE TWO BROAD CATEGORIES OF REAL PROPERTY?
- ECONOMIC AND PHYSICAL CHARACTERISTICS
- WHAT ARE THE SEVEN BASIC CHARACTERISTICS OF REAL PROPERTY?
- SCARCITY, IMPROVMENTS, PRESENCE OF INVESTMENTS, LOCATION OR AREA OF PREFERENCE, THE THREE PHYSICAL CHARACTEISTICS ARE IMMOBILITY, INDESTRUCTIBILITY, UNIQUENESS
- WHAT LAWS AFFECT REAL ESTATE?
- CONTRACT LAW, GENERAL PROPERTY LAW, AGENCY LAW, REAL ESTATE LICENSE LAW, FEDERAL REGULATIONS, FEDERAL STATE AND LOCAL TAX LAWS, FEDERAL STATE AND LOCAL ENVIRONMENTAL REGULATIONS