Real Estate Principles, Property Rights, and Land Concepts

Vocabulary flashcards covering land concepts, property rights, improvements, real estate classifications, and related legal terms.

Surface Rights

Legal rights obtained when owning land that apply specifically to the surface of the property.

Mineral (Subsurface) Rights

Legal property rights extending below the surface of the ground, usually limited to no more than $20,000\,\text{feet}$ below ground.

Air Rights

Legal property rights to the air space above a property, usually limited to no more than $1,500\,\text{feet}$ above ground.

Riparian Rights

Legal water rights associated with property bordering flowing bodies of water, specifically rivers and streams.

Littoral Rights

Legal water rights associated with property bordering standing bodies of water, such as lakes, seas, and ponds, which grant more rights than riparian rights.

Land (Physical Concept)

The solid surface of the earth ("dirt").

Land (Legal Concept)

The legal rights obtained with land ownership, which include the rights to use it, sell or dispose of it, possess it (live in it or rent it out), and keep people off of it.

Improvements

Physical developments or additions ("bricks and sticks") to land, categorized as improvements on the land (e.g., a shed) or improvements to the land (e.g., paving a sidewalk).

Fixture

An attached physical item integrated into a property, such as a fan or a hood.

Trade Fixture

A commercial or business fixture attached to a property, such as equipment on an assembly line.

Real Estate

Land and its attachments, considered a commodity because it has utility to most people and is marketable in its own specialized area.

Personal Property

Moveable items owned by an individual that are not attached to real estate, such as a car or furniture.

Real Property

The legal component of real estate, consisting of the bundle of rights obtained on real estate.

Types of Real Estate

The main classifications of real estate, which include residential, industrial, land, and commercial.

REITs

An abbreviation for Real Estate Investment Trust.