Nature and Description of RE: Definitions
The definition of land
What is the surface of the earth, sky above, and everything to the center of the earth?
The four economic characteristics of land
What is scarcity, modification, fixity, and situs?
Tangible, personal property
What is chattel?
A hold or claim that one person has on the property of another to secure payment of a debt or other obligation
What is a lien?
An object that was once personal property and attached to land
What is the definition of fixture?
The shortage of land in a given geographic are where demand is high
What is scarcity?
The definition of eminent domain
What is the right of a government entity to take private property for public use upon payment of just compensation?
The second kind of lien listed in our notes (by vendor of service)
What is a mechanic's lien?
Undefined length of estates (inheritance, lake houses)
What are freehold estates?
The definition of Appurtenance
What is a right, privilege, or improvement that belongs to and passes with land, not necessarily a part of the land?
An investment permanence, man made improvements
What is modification?
The largest, most complete bundle of rights one can hold in land
A lien by government (unpaid taxes)
What is a property tax lien?
Estates for life
What are life estates?
The six descriptions of land
What are metes and bounds, rectangular survey system, recorded plat, reference to documents, informal references, and assessor's parcel numbers?
What is situs?
The right or privilege to use land belonging to someone else for a special purpose
What is an easement?
The party whose property is subject to the lien
What is a lienee?
3 types of estates in land
3 kinds of water rights
What are riparian rights, doctrine of capture, and percolating water?
Investment permanence
What is fixity or modification?
Unauthorized intrusion of a building onto another person's land
A vendor of service
What is a lienor?
Mineral rights estate (by lease)
What is a leasehold estate?