Term
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Definition
THE EARTH'S SURFACE EXTENDING DOWNWARD TO THE CENTER OF THE EARTH AND UPWARD TO INFINITY, INCLUDING PERMANENT NATURAL OBJECTS, SUCH AS TREES AND WATER
THE SURFACE AND UNDERLYING SOIL (SUBSURFACE), THE AIR ALL THE WAY INTO SPACE (AIRSPACE)
THINGS NATURALLY ATTACHED (BOULDERS AND PLANTS), ALSO MINERALS AND SUBSTANCES |
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Term
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Definition
LAND AT, ABOVE, AND BELOW THE EARTH'S SURFACE, PLUS ALL THINGS PERMANENTLY ATTACHED TO IT, WHETHER NATURAL OR ARTIFICIAL
NOT ONLY COMPONENTS OF THE LAND BUT ALSO ALL PERMANENT MAN-MADE IMPROVEMENTS (ARTIFICIAL THINGS ATTACHED TO THE LAND I.E. BUILDING, FENCE, OR INFRASTRUCTURES SUCH AS SEWERS) ON AND TO THE LAND |
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Term
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Definition
THE INTERESTS, BENEFITS, AND RIGHTS THAT ARE AUTOMATICALLY INCLUDED IN THE OWNERSHIP OF LAND NAD REAL ESTATE
INCLUDE'S EARTH'S SURFACE, SUBSURFACE, AIRSPACE, & ALL THINGS PERMANENTLY ATTACHED TO IT BY NATURE OR PEOPLE, AND THE LEGAL RIGHTS INNATE TO THE OWNERSHIP OF A PARCEL OF REAL ESTATE |
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Term
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Definition
RIGHT OF:
POSSESSION
TO CONTROL THE PROPERTY WITHIN THE FRAMEWORK OF THE LAW
ENJOYMENT (TO USE THE PROPERTY IN ANY LEGAL MANNER)
EXCLUSION (TO KEEP OTHERS FROM ENTERING OR USING THE PROPERTY)
DISPOSITION (TO SELL, WILL, TRANSFER, OR OTHERWISE DISPOSE OF OR ENCUMBER THE PROPERTY)
FROM OLD ENGLISH LAW
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Term
TITLE (AS IT RELATES TO REAL PROPERTY) |
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Definition
1.) THE RIGHT TO OWNERSHIP OF THE LAND, INCLUDING THE OWNER'S BUNDLE OF RIGHTS
2.) EVIDENCE OF THAT OWNERSHIP BY A DEED
REFERS TO OWNERSHIP OF REAL PROPERTY NOT A PRINTED DOCUMENT
THE DOCUMENT BY WHICH THE OWNER TRANSFERS TITLE TO THE REAL PROPERTY IS THE DEED
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Term
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Definition
(RUNS WITH THE LAND) A RIGHT OR PRIVILEDGE ASSOCIATED WITH THE PROPERTY, ALTHOUGH NOT NECESSARILY A PART OF IT
CONNECTED TO THE PROPERTY AND OWNERSHIP TRANSFERS TO THE NEW OWNER WHEN THE PROPERTY IS SOLD
EXAMPLES: PARKING SPACES IN MULTIUNIT BUILDINGS, EASEMENTS, WATER RIGHTS, & OTHER IMPROVEMNETS |
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Term
SURFACE RIGHTS, SUBSURFACE RIGHTS, AIR RIGHTS, WATER RIGHTS, MINERAL RIGHTS |
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Definition
SURFACE - THE USE OF THE SURFACE OF THE EARTH
SUBSURFACE - THE NATURAL RESOURCES BELOW THE EARTH'S SURFACE
*AN OWNER MAY TRANSFER SURFACE RIGHTS WITHOUT TRANSFERRING SUBSURFACE RIGHTS
AIR - THE USE OF THE SPACE ABOVE THE EARTH
WATER - SPECIAL COMMON-LAW RIGHTS HELD BY OWNERS OF LAND ADJACENT TO RIVERS, LAKES, OR OCEANS AND ARE RESTRICTIONS ON THE RIGHTS OF LAND OWNERSHIP |
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Term
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Definition
AKA PERSONALTY
ALL THE PROPERTY THAT CAN BE OWNED AND THAT DOES NOT FIT THE DEFINITION OF REAL PROPERTY
PERSONAL PROPERTY IS MOVABLE
ITMES ARE REFERRED TO AS CHATTELS
INCLUDE CHAIRS, TABLES, CLOTHING, MONEY, BONDS, AND BANK ACCOUNTS |
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Term
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Definition
DWELLINGS THAT ARE NOT CONSTRUCTED AT THE SITE BUT ARE BUILT OFF-SITE AND TRUCKED TO A BUILDING LOT WHERE THEY ARE INSTALLED OR ASSEMBLED
INCLUDES MODULAR, PANELIZED, PRECUT, AND MOBILE HOMES
USUALLY CONSIDERED PERSONAL PROPERTY BUT CAN BECOME REAL PROPERTY |
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Term
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Definition
1.) TREES, PERENNIAL SHRUBBERY, AND GRASSES THAT DO NOT REQUIRE ANNUAL CULTIVATION AKA FRUCTUS NATURALES - CONSIDERED REAL PROPERTY
2.) ANNUALLY CULTIVATED CROPS (FRUITS, VEGETABLES, GRAINS) AKA EMBLEMENTS / FRUCTUS INDUSTRIALES - CONSIDERED PERSONAL PROPERTY |
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Term
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Definition
WHEN REAL PROPERTY BECOMES PERSONAL PROPERTY - SEPARATING IT FROM THE LAND |
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Term
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Definition
WHEN PERSONAL PROPERTY BECOMES REAL PROPERTY - EX. WHEN AN OWNER BUILDS A SIDEWALK |
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Term
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Definition
PERSONAL PROPERTY THAT HAS BEEN SO AFFIXED TO LAND OR A BUILDING THAT, BY LAW, IT BECOMES PART OF THE REAL PROPERTY - ALMOST ANY ITEM THAT HAS BEEN ADDED AS A PERMANENT PART OF A BUILDING
EX. HEATING SYSTEMS, ELEVATORS, RADIATORS, KITCHEN CABINETS, LIGHT FIXTURES, AND PLUMBING |
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Term
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Definition
QUESTION OF INTENT
1.) METHOD OF ANNEXATION
2.) ADAPTATION TO REAL ESTATE
3.) AGREEMENT |
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Term
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Definition
PROPERTY USED IN THE COURSE OF BUSINESS
AKA CHATTEL FIXTURE
BOWLING ALLEYS, STORE SHELVES, BARROM AND RESTAURANT EQUIPMENT, CHICKEN COOPS, TOOLS SHEDS
MUST BE REMOVED ON OR BEFORE THE LAST DAY THE PROPERTY IS RENTED - IF NOT REMOVED, BECOME THE REAL PROPERTY OF THE LANDLORD - 'ACCESSION'
DIFFERENCES: FIXTURES BELONG TO THE OWNER OF THE REAL ESTATE, BUT TRADE FIXTURES ARE USUALLY OWNED AND INSTALLED BY A TENANT FOR THE TENANT'S USE
FIXTURES ARE CONSIDERED A PERMANENT PART OF A BUILDING, BUT TRADE FIXTURES ARE REMOVABLE - MAY BE ATTACHED TO A BUILDING SO THEY APPEAR TO BE FIXTURES |
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Term
4 ECONOMIC CHARACTERISTICS OF REAL ESTATE |
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Definition
1.) SCARCITY
2.) IMPROVEMENTS
3.) PERMANENCE OF INVESTMENT
4.) LOCATION OR AREA PREFERENCE ("SITUS" TO PLACE) - SINGLE MOST IMPORTANT ECONOMIC CHARACTERISTIC OF LAND |
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Term
3 PHYSICAL CHARACTERISTICS OF REAL ESTATE |
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Definition
1.) IMMOBILITY
2.) INDESTRUCTABILITY
3.) UNIQUENESS (NONHOMOGENEITY) |
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Term
LAWS AFFECTING REAL ESTATE |
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Definition
1.) CONTRACT LAW
2.) GENERAL PROPERTY LAW
3.) AGENCY LAW
4.) REAL ESTATE LICENSE LAW
5.) FEDERAL, STATE, AND LOCAL TAX LAWS
6.) ZONING AND LAND USE LAWS
7.) FEDERAL, STATE, AND LOCAL ENVIRONMENTAL REGULATIONS |
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