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Land, Real Estate, Real Property
This deck covers key concepts related to land, real estate, and real property, including definitions, rights, and property types.
______ is defined as the earth’s surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects.
Land
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Key Terms
Term
Definition
______ is defined as the earth’s surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects.
Land
Includes everything in the definition of land, plus all things permanently attached to it naturally or artificially.
Real Estate
Artificial attachments, such as fencing, buildings, walkways.
Improvements
Real estate plus the interests, benefits and rights automatically included with real estate ownership
Real Property
The right to occupy the property
Possession
The right to use the property in any legal way the owner desires
Enjoyment
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| Term | Definition |
|---|---|
______ is defined as the earth’s surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects. | Land |
Includes everything in the definition of land, plus all things permanently attached to it naturally or artificially. | Real Estate |
Artificial attachments, such as fencing, buildings, walkways. | Improvements |
Real estate plus the interests, benefits and rights automatically included with real estate ownership | Real Property |
The right to occupy the property | Possession |
The right to use the property in any legal way the owner desires | Enjoyment |
The right to refuse others entry to, or use of, the property | Exclusion |
The right to determine how the property will be used by the owner, or by others (similar to enjoyment, but extends to other parties) | Control |
The right to dispose of (by sale, lien, easement, lease, etc.) any interest in the property | Disposition |
What are the three tests to determine property type? | Attachment, Adaptation, Agreement |
How and whether the item is attached to the property | Attachment |
How the item is situated or adapted to the real property | Adaptation |
If the parties have agreed that an item will stay or go. Should be in writing | Agreement |
An object that is physically and permanently attached or fastened to the property. | Fixture |
Crops are considered real property or personal property? | Personal Property |
Cultivated plants that are personal property | Emblements |
When an item that was real property becomes personal property by detaching it (severing it) from the land. | Severance |
The opposite of severance. When personal property is attached to real property. | Annexation |
Home that is constructed with a permanent chassis and wheels | Manufactured Home |
Constructed without any regulation before 1976 | Mobile Homes |
Built in pieces off-site then those pieces are transported to the spot. Does not include a permanently attached chassis, wheels. | Modular Home |