Principle Chapter 5 Summary
One can own the subsurface, surface or air rights to a piece of land. They can be sold individually or collectively. Selling the entire bundle of rights – Livery of Seisin.
Economic characteristics of land:
Physical characteristics of land:
Annexation – Changes personal property to real property.
Severance – Changes real property to personal property.
A fixture is defined as something that once was personal, but has been installed. Therefore, it becomes real property.
A trade fixture is defined as the property of a tenant that is installed, and is necessary for their trade or business.
Determine whether property is real property or personal property:
Building codes aim to safeguard the health and safety of the public. Zoning laws regulate lot sizes, building heights, etc.
Eminent Domain is the right of the government to take private property for a necessary public use, with compensation paid to the owner.
Riparian Rights relate to rivers, Littoral Rights to seashore and beaches and Doctrine of Prior Appropriation
to irrigation and water sources.
Cooperatives: owns property and members own stock; individuals have long-term leases and make several monthly payments to the cooperative.
Condominiums: each person has own unit and makes own payments.
Timesharing consists of the right to occupy and use the facilities for a certain number