Virginia PL, Level 1 - Real Estate Foundations

asset

item of value

bundle of rights

ownership of land with all of the legal rights of possession, control, quiet enjoyment, exclusion, transfer, and encumber

common law

the side of law which arises from judgements and decisions made in courts rather than explicit legislation

exclusion

a right included in the bundle of legal rights to real property which empowers the owner to allow or deny others' use of the property

improvement

any non-natural structure built on or affixed to land

land

the surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity

legal title

complete legal ownership of real property and the bundle of rights associated

property

any item which may be owned, including the rights associated with ownership

quiet enjoyment

a lessee's right to possess a property without interference from lessor, previous owner, or anyone else about the claim to the title

real estate

land plus improvements

real property

land from the surface to the center of the earth and upward into space, all attachments, and the bundle of legal rights of ownership

emblements

plants or crops intended for harvest and treated as personal property

fixture

an object that was once personal property but is now firmly attached to the land in such a way that it is considered to be real property

personal property (a.k.a. chattel)

any unattached, movable asset on the property not considered real estate (land plus improvements); also known as personal property or personalty

severance

the act of converting real property into personal property

trade fixture

personal property that is owned by and needed for a tenant's business

accession

is the right to all that one's own property produces, including that which is added, either naturally or by human action, to the property already owned.

accretion

the process that results in the gradual increase in land area through deposits of soil by natural forces

avulsion

the sudden loss of land by flood or when a stream or river changes course.

erosion

the gradual loss of land over time

fixity

refers to the fact that real estate exists in a fixed location and cannot be moved; describes this truth about land from an economic viewpoint

liquidity

the relative difficulty of converting an asset to cash without loss of value

reliction

a gradual increase in land area when water gradually withdraws

scarcity

the economic characteristic that informs the economic principle of supply and demand

situs

the economic significance of a property's location

air rights

the right to use the airspace above the surface of land

air space

the area above ground that is owned along with a property. could include space above a piece of land, or the space owned inside a condominium unit.

conventional life estate

is a life estate in which the measuring life is that of the life tenant; it is an estate created by a deed that lasts for the duration of the tenant's life

curtesy/dower

the right of a spouse to inherit property held in their spouse's name after that spouse dies; dower is the word used for women, curtesy for men.

doctrine of prior appropriation

doctrine granting a state the power to control and regulate all water resources within its borders

elective share

a statutory right in some states which allows the surviving spouse to claim an interest in a decedent's real and personal property regardless of the provisions established by a will

estate

a possessory interest in real property

fee simple absolute

an estate without restrictions that is freely given to heirs

fee simple condition subsequent

a defeasible fee estate that comes with specific requirements (or conditions)

fee simple defeasible

a property interest characterized by perpetual ownership on the condition that the property is used for a certain purpose or under specific conditions. ownership reverts back to the original owner if these stipulations are violated.

fee simple determinable

a type of fee simple defeasible estate which causes the title to automatically revert to the original owner if the deed requirements regarding property use are violated

fee simple estate

maximum ownership of real property; also called a fee or a fee simple absolute and is of indefinite duration, freely transferable, and freely inheritable

freehold estate

a form of ownership with an indeterminate length

freehold tenant

the owner of a freehold estate

homestead laws

laws which protect a homeowner from loss of their principal residence from the claims of most creditors and require both spouses to execute any instruments of conveyance

legal life estate

any life estate created by a function of law as opposed to the actions or desires of a property owner

life estate

a type of estate limited to the duration of a measuring life

littoral rights

rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property

percolating water rights

laws that govern the use and ownership of underground water

pur autre vie

a life estate characterized by ownership lasting only for the duration of a designated party's lifetime

remainder interest

the interest in an estate that will pass to another party (other than the grantor) at the death of the person upon whom the life estate is base

reversionary interest

the interest in an estate wherein, upon the death of the life estate owner, full ownership reverts back to the original fee simple owner (grantor)

riparian rights

rights that govern the use of flowing water, such as rivers and streams that pass through or border a property

rule of capture (a.k.a. law of capture)

states that a landowner who drills a well for gas or oil on their land is entitled to all that well produces, even if the gas or oil migrates from beneath a neighbor's property.

subsurface rights (a.k.a. mineral rights)

ownership rights to all that is found beneath the surface of the tract of land owned, extending downward to the center of the earth

surface rights

the rights to access the surface area of a parcel of real property

water rights

the right of a property owner on a waterfront to access and use that water