Fundamentals of Land and Property Rights

Vocabulary flashcards covering key terms on land, real estate, ownership rights, and property valuation factors from the lecture notes.

Land (legal definition)

The ground and everything above and beneath it, including surface resources such as soil, sand, and gravel; may include or exclude deep resources like coal, gas, and oil depending on title.

Real Estate

Unimproved (raw) land plus buildings and other fixed improvements that are permanently affixed to the land.

Fixed Improvements

Tangible, immovable, and permanent physical attributes attached to land, e.g., houses, barns, fences, landscaping, and pools.

Property (legal concept)

The bundle of rights inherent in ownership of a commodity, which can be exchanged or transferred and therefore hold value.

Personal Property (Chattel)

Movable, non-permanent items associated with real estate, such as furniture, appliances, area rugs, art, antiques, cars, trailers, and boats.

Real Property

The land, its permanent improvements, and the ownership rights that accompany them; the combination of tangible real estate and intangible property rights.

Fixture

An item so securely attached to land or buildings that it cannot be removed without damage; considered part of real property rather than personal property.

Physical Elements (for valuation)

Site dimensions, location of site improvements, building dimensions, age, construction types, and building features analyzed during property valuation.

Legal Elements (for valuation)

Ownership interests—fee simple, leasehold, life estate—and any title registrations that affect a property’s value.

Fee Simple Estate

The highest form of private land ownership, granting full rights to the land and improvements until the owner sells or dies; freely transferable by will.

Leasehold Estate

An interest arising from a landlord-tenant lease, giving the tenant exclusive use of the property for a specified period in exchange for rent; leases over three years may be registered as leasehold titles.

Life Estate

An interest granting a life tenant exclusive possession of land for their lifetime, after which the property reverts to the fee simple owner or their assignee.

Mortgage Premises

Under a mortgage, the land plus all fixtures attached to it; the mortgage automatically covers fixtures but excludes movable personal property.

Dower Act

Legislation providing a life interest in the matrimonial home to a spouse whose name is not on the Certificate of Title, allowing exclusive possession during their lifetime.