Barney Fletcher Section 1
Study online at https://quizlet.com/_ajvwzd
1. Bundle of Rights the legal rights that accompany real property ownership.
2. Real Estate or Real Property Land, improvements, & legal rights of ownership
3. Appurtenance rights, privileges or improvements that belong to and pass with
the transfer of property. Attaches to land, not owner
4. Surface Rights right to control, occupy, and use the surface area of a parcel of
real estate (the land), including the building of improvements
(real property), and the growing of crops (personal property).
5. Air Rights The right to use, control and occupy the space above a particular
parcel of land.
6. Subsurface Rights rights to the earth located beneath the surface of the land
7. Improvements Additions made to property that are intended to enhance its
value
8. Fixtures Articles that were once personal property but have been affixed
to real estate so as to become real property
9. 4 ways to test Fixtures 1) Written agreement - most important
2) Method of Attachment
3)Adaptability
4) Relationship of the Parties
10. Fructus Naturales Permanent plantings such as flowers, trees and bushes that are
classified as real property
11. Water Rights The legal rights to use the water in a river, stream, or other body.
12. Navigable Waters Body of water that is used for commerce or transportation (ex-
ample: Mississippi River)
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, Barney Fletcher Section 1
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13. Littoral Land Land bordered by a stationary body of water, such as a lake or
pond.
14. Riparian Land land bordering a moving watercourse such as a stream or river
15. Easement The right to use the land of another for a particular purpose. Non
exclusive irrevocable
16. Immobility, Indestructibili- Three Physical Characteristics of Land
ty, Nonhomogeneic (Unique-
ness)
17. immobility Land cannot be moved
18. Indestructibility Land cannot be destroyed. Its value may be destroyed by chang-
ing conditions, but physically land goes on forever.
19. Nonhomogeneity or hetero- The uniqueness of land. no two parcels of land are exactly the
geneity same.
20. scarcity Economic Characteristics of Land
area of preference (situs)
permanency of improve-
ments & production
assemblage
21. Scarcity Limited supply of land.
22. Area Preference or Situs An economic term that refers to the economic quality of a parcel
of real estate. Consists of two factors: (1) certain locations are
more preferable than others; and (2) real estate is immobile —
it cannot be moved.
23.
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Study online at https://quizlet.com/_ajvwzd
1. Bundle of Rights the legal rights that accompany real property ownership.
2. Real Estate or Real Property Land, improvements, & legal rights of ownership
3. Appurtenance rights, privileges or improvements that belong to and pass with
the transfer of property. Attaches to land, not owner
4. Surface Rights right to control, occupy, and use the surface area of a parcel of
real estate (the land), including the building of improvements
(real property), and the growing of crops (personal property).
5. Air Rights The right to use, control and occupy the space above a particular
parcel of land.
6. Subsurface Rights rights to the earth located beneath the surface of the land
7. Improvements Additions made to property that are intended to enhance its
value
8. Fixtures Articles that were once personal property but have been affixed
to real estate so as to become real property
9. 4 ways to test Fixtures 1) Written agreement - most important
2) Method of Attachment
3)Adaptability
4) Relationship of the Parties
10. Fructus Naturales Permanent plantings such as flowers, trees and bushes that are
classified as real property
11. Water Rights The legal rights to use the water in a river, stream, or other body.
12. Navigable Waters Body of water that is used for commerce or transportation (ex-
ample: Mississippi River)
1/6
, Barney Fletcher Section 1
Study online at https://quizlet.com/_ajvwzd
13. Littoral Land Land bordered by a stationary body of water, such as a lake or
pond.
14. Riparian Land land bordering a moving watercourse such as a stream or river
15. Easement The right to use the land of another for a particular purpose. Non
exclusive irrevocable
16. Immobility, Indestructibili- Three Physical Characteristics of Land
ty, Nonhomogeneic (Unique-
ness)
17. immobility Land cannot be moved
18. Indestructibility Land cannot be destroyed. Its value may be destroyed by chang-
ing conditions, but physically land goes on forever.
19. Nonhomogeneity or hetero- The uniqueness of land. no two parcels of land are exactly the
geneity same.
20. scarcity Economic Characteristics of Land
area of preference (situs)
permanency of improve-
ments & production
assemblage
21. Scarcity Limited supply of land.
22. Area Preference or Situs An economic term that refers to the economic quality of a parcel
of real estate. Consists of two factors: (1) certain locations are
more preferable than others; and (2) real estate is immobile —
it cannot be moved.
23.
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