improvements - ANSWERanything reasonably permantly attached/affixed to land
Location and Timing - ANSWERWhat are the 3 most important things in Real Estate? (it is really only 2 just repeated 3 times)
Real Estate - ANSWERis the physical land and appurtenances affixed to the land
real prope...
improvements - ANSWERanything reasonably permantly attached/affixed to land
Location and Timing - ANSWERWhat are the 3 most important things in Real Estate? (it is really only
2 just repeated 3 times)
Real Estate - ANSWERis the physical land and appurtenances affixed to the land
real property - ANSWERincludes all interests, benefits, and rights inherent in the ownership of
physical real estate
title - ANSWERownership rights to real property
deed - ANSWERis the document normally used to convey the rights from one party to another
lease - ANSWERconveys the rights of use and possession of real property under the agreed terms.
personal property - ANSWERincludes moveable items or property that are not permanently affixed
to, or part of the real estate
Air rights - ANSWERreal property rights to the space above the earth's surface
mineral rights - ANSWERreal property rights to the minerals and other useful materials that exist
below the surface
water rights - ANSWERthe right to withdraw water from the land
Riparian Rights Doctrine - ANSWERDominates the Eastern U.S
All owners whose land underlies or borders the water have equal rights
Can use all water needed as long as not depriving other users
, Prior Appropriation Doctrine - ANSWERWest of the Mississippi
Arid Land
"First come, First serve"
Can deprive others from having water usuage
underground water - ANSWERwater that flows in a defined channel
Estates - ANSWERBundles of ownership interests in real property
Freehold Estates - ANSWERseparated into present and future interests
Fee Simple Absolute Estate - ANSWERis fullest and most complete set of ownership rights one can
posses in real property
fixture - ANSWERis an article that was once personal property, but has since been installed or
attached to the land or building. Considered part of the real estate.
trade fixture (chattel fixture) - ANSWERa part of a building that is detachable and is for a business
purpose
qualified fee estate - ANSWERowner's right can be defeased or lost in the future should a stated
event or condition come to pass
life estates - ANSWERownership terminates automatically and immediately upon the death of a
named person
remainder right - ANSWERrights to property upon death of life tenat
remainderman - ANSWERthe party who holds the remainder interests associated with a life estate
vested remained - ANSWERexists when remaindermen is guaranteed ownership of the property at
some time in the future.
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