1. Concepts of Property Flashcards

Real Property

Land, improvements, and parmanent attachments. Also referred to as real estate

Bundle of Rights

Right of Possession

Right of Use

Right of Quiet Enjoyment

Right of Exclusion

Right of Disposition.

Personal Property

Anything that is not attached or made part of the structure itself. Also called chattel or personalty.

Chattel

Another name for personal property, or personalty.

Fixture

Anything that is actually fastened to the real property. Fixtures become part of the real property.

Emblements

Something that can be severed or removed from the property.

Affixed

Typically in reference to mineral, water, or surface rights, resources that go with the property are affixed.

Annexation

The process of personal property becoming real property. With reference to subsurface rights, annexation is adding water or mineral rights to the property. Legal tests include method of annexation, adaptability, relationship of the parties.

Improvement

Anything that has been built on the real property.

Appurtenance

Something that comes with the real property. Water or a well, or an easement could be appurtenance.

Situs

Another name for location.

Real property characteristics

Physical

• Immobility

• Indestructibility

• Uniqueness

Economic

• Scarcity

• Improvements

• Permanence of investment

• Location (situs)

Legal description types

• Metes and bounds

• Rectangular or government survey

• Lot and block or subdivision method

Easement

The right to use or access another property.