Barney Fletcher Real Estate Study Guide

Barney Fletcher Real Estate Study Guide Bundle of Rights - Ans ️️ Right to possess, control within legal limits, enjoy, use in any legal manner, exclude others from entering, using, encumbering or disposing of property by sale, will or other transfer. Real Estate - Ans ️️ Physical land and permanent, man-made improvements on the land. Ex. Buildings. Real Property - Ans ️️ Rights of ownership that extends from the center of the Earth upwards to the sky. Surface Rights - Ans ️️ Right to control, occupy, and use surface area of a parcel, improvements, and growing of crops. Crops are personal property, the right to grow crops is real property. Air Rights - Ans ️️ Right to control, occupy, and use airspace above the parcel, not unlimited. Laws prohibit owner from polluting air, and aircrafts can go over land if they don't bother the owner's rights. Mineral Rights (Subsurface) - Ans ️️ Right to explore, drill, or dig below the surface for minerals and water, may be sold or leased and passed with transfer unless otherwise specified in the deed. Improvements - Ans ️️ Additions to enhance property value, a relationship must exist between a parcel and character of the improvement. An over, under, or misplaced improvement detracts from the combined value of a lot and buildings. Ex.Grading, ponds, buildings, fences, etc. Fixtures - Ans ️️ Once personal property but affixed to be real property. An owner sells his property, he takes personal property but real property passes to the new owner. Items difficult to classify are subject to dispute, to settle the courts determine intention. An object installed with intention to permanently improve, then becomes a fixture and passes unless otherwise stated in agreement. Method of Attachment - Ans ️️ Ex.Freestanding fridge is personal property, but a built-in is a fixture. Constructive Annexation (Adaptability) - Ans ️️ Items made for building features are fixtures. Ex.Keys Agreement - Ans ️️ Written agreement between parties concerning certain items should be in a provision of the listing agreement, the agreement of sale and to avoid arguments or court cases later. Fructus Naturales - Ans ️️ Permanent plantings that are real property. Relationship of the Parties - Ans ️️ If a renter replaces a fixture with his own, it would remain the personal property of the renter but upon leaving, he would need to reset the landlord's fixture. Water Rights - Ans ️️ Rights that are appurtenant over water occurring naturally (ponds, lakes, streams, oceans and seas) is real property. Landowners property that abuts or adjacent to water have the right to use it, but don't own it. Ex. riparian, littoral, prior appropriation. Navigable Waters - Ans ️️ Water for commerce or transportation. Federal government determines water's use, by whom, and what conditions. The