Practical Real Estate Law, Chapter 1 Vocabulary
Terms
undefined, object
copy deck
- Real Property
- relates to land and those things that are more or less permanently attached to the land, such as homes, office buildings, and trees.
- Personal Property
- Refers to all things not permanently attached to land, such as cars, furniture, computers, bank accounts, stocks, and bonds.
- Physical Elements of Real Property
-
Air Space
Mineral Rights
Water Rights
Fixtures - Trees, perennial bushes, grasses that do not require annual cultivation are considered real property
- TRUE
- Annual crops produced by labor, such as wheat, corn and soybeans, are considered personal property.
- TRUE
- Annual crops in SC produced by labor, such as wheat, corn and soybeans, are considered personal property.
- FALSE
- Water Sources
-
1) Groundwater
2) Surface Water
3) Water that accumulates in a river, stream, or natural lake - Water which accumulates on the surface of the land from rain
- Surface water
- Water beneath the surface of the land created by underground streams or by rain that soaks through the soil
- Groundwater
- Groundwater that has been created by rain soaking through the soil is deemed to belong to the owner of the land on which the groundwater is found.
- TRUE
- A landowner has the right to use the groundwater in any way he/she chooses as land as the landowner does not use or divert the water in such a way as to intentially harm an adjoining property owner.
- TRUE
- A landowner can use groundwater anyway he/she chooses, even if it hurts adjoining property owners.
- FALSE
- Riparian Rights
- Rights of the owners of lands adjoining streams, rivers, and lakes relating to the water and its use.
- Appropriation
- In regard to water law, doctrine stating that water belongs to the person who first makes beneficial use of it.
- Fixture
- Item of personal proeprty that becomes real property because of its attachment to the land or a building.
- Possession
- Occupation of land evidenced by visible acts such as an enclosure, cultivation, the construction of inprovements, or the occupancy of existing improvements.
- Inheritance
- Ability to acqyure ownership to real property because of one's kinship to a deceased property owner.
- Devise
- Conveyance of real property be means of a last will and testament.
- Will
- Legal documents by which a person disposes of his property.
- A will takes effect on the death of the property owner.
- TRUE
- Conveyance
- Act of transferring ownership from one person to another.
- Deed
- Written document that transfers ownership of real property from one person to another.
- Adverse Possession
- Method of acquiring ownership to real property by possession for a statutory time period.
- Tacking
- Combination of possession periods by differenct adverse possessors.
- Fee Simple Absolute
- Estate of real property with infinite duration and no restrictions on use.
- Fee Simple Determinable
- Estate of real property with potential infinite duration; subject to a condition the breach of which can result in termination of the estate; automatically expires on the nonoccurance or occurance of a condition.
- Fee Sumple on Condition Subsequent
- Estate of real property with potential infinite duration; subject to a condition the breach of which can result in the termination of the estate; continues in existence until an action is brought to recover the property.
- Life Estate
- Estate of real property the duration of which is measured by the life or lives of one or more person.
- Waste
- Action or nonaction that causes a loss of value to real property.
- Estate for Years
- Estate of real property the duration of which is for a definite period.
- Estate at Will
- Estate of real property the duration of which is for an indefinite period; can be terminated at the will of the parties.
- Water located within a river, stream, or natural lake is owner by
- The state or federal government and not by the individual property owners whose properties adjoin it.
- The owner has a right to the
- beneficial use of the water.
- The right to the benegficial use of the water is governed by
- riparian rights and appropriation.
- Latin word "ripa"
- River
- Riparian Rights Doctrine
- East of the Mississippi River.
- Appropriation Water Rights Doctrine
- West of the Mississippi River.
- The three elements of valid appropriation
-
(a) intent to apply water to a beneficial use
(b) an actual diversion of water from a natural source
(c) application of the water to a beneficial use within a reasonable time period. - Water rights under the appropriation theory are
- transferable from one property owner to another.
- Water rights under the appropriation theory can be transfered
- without the transfer of land.
- Under the appropriation theory, land can be transfered
- without the transfer of water.
- Judicial Tests for Fixtures
- Attached to real property; the character of the article and its adaptation to the real proerty; the intention of the parties, or if the parties have indicated in writing an intention.
- If a person pledges real property as a security for a debt, not only will the property be pledged, but also
- any items deemed to be fixtures located on the real property.
- The Ex Parte Brown case illustrated that the
- failure to identify an item as a fixture may send a person to jail.
- Chief Legal rights accorded an owner of real property
- Posession, use, and power of disposition.
- Methods of Acquiring Ownership to Real Property
-
Inheritance and Devise,
Gift, Contract and Sale, and Adverse Possession. - The six modern-day estates in real property:
-
Fee Simple / Fee Simple Absolute
Fee Simple Determinable
Fee Simple on Condition Subsequent
Life Estate
Estate for Years
Estate at Will