Chapter 1 Real Property and the Law

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  1. Land
    The earth's surface extending downward to the center of the earth and upward into space, including permanent objects, such as trees and water.
  2. Real Estate
    Land, at above and below the earth's surface and all things permanently attached to it, whether natural or artificial.
  3. Real Property
    Includes both land and real estate.  Interests, benefits and rights that are automatically included in the ownership of the land and the real estate.  "Property" refers to anything that can be owned.
  4. Bundle of Legal Rights
    • Right of possession
    • Right to control the property within the framework of the law
    • Right of enjoyment to use the property in any legal manner, (ownership that is not interrupted)
    • Right of exclusion, to keep others from entering or using the property
    • Right of disposition, to sell, will, transfer, or otherwise dispose of or encumber the property
  5. Surface Rights
    Rights to use the surface of the earth
  6. Subsurface Rights
    • Rights to use the natural resources lying below the earth's surface lying below the earth's surface.
    • Rights are TRANSFERRABLE
  7. Mine Subsidence
    Process of downward land shifts due to the the collapse of underground mine shafts and groundwater flows, usually resulting in sinkholes or troughs.
  8. Types of mine subsidence damage
    • 1.  Functional, one or more system, electrical, sewage, plumbing.
    • 2.  Cosmetic, safe but unsightly
    • 3.  Structural, framework of building, integrity of structure, usually unstable or inhabitable
  9. Air Rights
    • The rights to use the space above the earth.
    • May be sold or leased independently.
  10. Water Rights
    Special law rights held by owners of land adjacent to rivers, lake or oceans and are restrictions on the rights of land ownership
  11. Personal Property (Personality)
    • Can be moved.  Also called chattels.
    • Chairs, tables, clothing, money, bonds and bank accounts
  12. Chattels
    Personal Property
  13. Real Estate (Real Property)
    Can not be moved
  14. Factory Built Housing
    • Personal Property (Chattels)
    • Built offsite and trucked  to a building lot
    • Includes modular, paneled, pre-cut and mobile homes.
    • Can be lived on without a foundation
  15. National Manufactured Housing Construction and Safety Standards Act of 1976
    • Mobile homes are now called manufactured homes.
    • Federal government regualtion
  16. Manufactured Housing
    • Formerly called mobile homes
    • Regulated by Housing and Urban Development (HUD)
    • Capable of being lived in with or without a foundation
    • Contains a RED label indicating that the home has been built in compliance with HUD construction and safety standards.
    • Can be RESOLD by real estate agents
    • Originally sold as a motor vehicle
  17. Fructus Naturales
    • Does not require annual cultivation
    • Trees
    • Perennial bushes
    • Grass
    • Considered real estate
  18. Emblements (fructus industriales)
    • Requires annual cultivation
    • Apples 
    • Corn
    • Farmer can come back and harvest the crops when read
    • Not personal property and convey with the land
  19. Severance
    • Changes real property to personal property
    • Growing tree unless it is cut down, severing it from the real estate
    • Apple once it is picked from the tree
    • Appliances 
    • Ceiling fans
    • Candeliers
    • Piano
  20. Annexation
    • Changes personal property into real property
    • Technical equipment
    • Mailboxes
    • Sand, stones and cement used to build a driveway
  21. Fixtures
    • Personal property that has been affixed to the land or building that becomes real
    • property
    • Any item that is added as a permanent part of the building 
    • Heating plants 
    • Elevators
    • Radiators
    • Kitchen cabinets
    • Light fixtures
    • Plumbing
  22. Legal Tests of a Fixture (Real Property)
    • Intent-was the item installed intended to stay on the property
    • Method of Annexation-how permanent is the method of attachment.  Can it be moved without causing damage.
    • Adaptation to Real Estate-Is it being used as real or personal property.  Refrigerator is usually personal property unless it has been adapted as part of the cabinetry.
    • Agreement-have the parties agreed to treat an item as though it is real or personal property
  23. Trade Fixtures (Chattel Fixture)
    • Owned and installed for business use by the tenant and attached to the rental space or building
    • Must be removed on or before the last day the property is rented.
    • Tenant is responsible for any damage caused by removal of fixture
    • Bowling alleys
    • Store shelves
    • Bar room and restaurant equipment
    • Pizza Ovens
  24. Accession
    Acquiring property (trade fixtures) that are not removed on the last day the property is rented.
  25. Four Characteristics of Real Estate (Real Property)
    • Scarcity
    • Improvements-improving a parcel by building  a shopping center or selecting a site for a nuclear power plant or toxic waste dump changes the value of the land
    • Permanence of Investment-Capital and labor used to build the improvement-deck, additional story
    • Location or area preference (situs)-peoples preference to a certain area
  26. Three Physical Characteristics of Real Estate
    • Immobility-can it be moved
    • Indestructibility-land is indestructible
    • Uniqueness-(homogeneity) no two parcels are exactly alike or in the same location
  27. Nonhomogenity
    • Uniqueness
    • No two parcels of property are exactly alike
  28. Specific Areas of Law Affecting Real Estate
    • Law of Contracts
    • General Property Law 
    • Law of Agency
    • State specific Real Estate License Law
Author:
mgferraro
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315124
Card Set:
Chapter 1 Real Property and the Law
Updated:
2016-02-10 03:30:41
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Chapter 1 Real Property and the Law
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Real Property and the Law
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