Nature of Property
Mobility is a distinguishing characteristic of personal property
What is a chattel?
The return on the investment will be realized over a period of time
What is an economic life?
Method of legal description that identifies the parcel by describing its boundaries
What is Metes and Bounds
Crops planted and harvested each year
What are fructus industriales?
What are the bundle of rights
What is the right of possession, control, enjoyment, and disposition?
Any right, interest, or improvement which automatically conveys with the ownership of the property.
What are appurtenances?
The most distinctive characteristic of land
What is immobility?
Fixed points set in place by U.S Geological Survey
What are benchmarks?
Ownership of personal property is transferred by
What is a bill of sale?
The addition to a parcel of land by sand or soil deposits due to the action of a river or other body of water over time.
What is accretion?
When a property borders a river or stream .
What are riparian rights?
What is situs?
Each acre contains this amount of square feet
What is 43,560 square feet?
A township contains this many square miles
What is 36 square miles?
Pur autre vie translates to
This law allows a well drilled on one property to extract oil and gas from under adjoining properties
What is the law of capture?
The value of any commodity is influenced by
What is scarcity?
A section contains this amount of acres
What is 640 acres?
A base point from which height or depth can be measured to describe air rights or subsurface rights is a
What is datum?
The right of _______ allows the owner to sell the land, give it away or pass it on to heirs
What is disposition?
The process by which an item of real property becomes personal property
What is severance?
A property that was once personal but has become real
What is a fixture?
Vertical land description often used by builders and developers
What is a contour map?
Real property comes with subsurface rights, mineral rights and
What is air rights?
The quality, quantity, nature and extent of the ownership interest that a person holds in real property, not to the physical quantity of land one may own
What is an estate in land?