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What Is Real Estate?

LEARNING OBJECTIVES At the end of this chapter, the student will be able to: • identify the characteristics of real estate and • distinguish between the characteristics of personal property and fixtures. KEY TERMS • accretion • air rights • alluvion • avulsion • bill of sale • bundle of rights • chattels • corporeal • deed • devise • emblements • erosion • fixture • front foot • hereditament • improvement • incorporeal • land • littoral rights • mineral rights • parcel • personal property, personalty • real estate • real property, realty • reliction • riparian rights • subsurface rights • trade fixture PRESENTATION OUTLINE I. Real Estate A. Bundle of rights 1. Right of possession 2. Right to use the property in any legal manner 3. Right to enjoyment 4. Right to exclusion 5. Right to disposition or alienation II. Land versus Real Estate A. Land B. Real Estate 1. Subsurface Rights (mineral rights) 2. Air Rights 3. Water Rights a. Littoral rights b. Riparian rights c. Avulsion d. Accretion e. Alluvion f. Erosion g. Reliction h. Front foot III. Real Property versus Personal Property A. Personal property aka chattels 1. Transferred by bill of sale 2. Can be severed from real property 3. Emblements B. Fixtures C. Tenant and Trade Fixtures D. Legal Tests of a Fixture 1. Intention of the party annexing the item 2. Method of annexation 3. Adaptation of the article to the real estate 4. Relationship of the parties IN SOME STATES THIS VIDEO CAN ONLY BE USED AS STUDY GUIDE AND DOES NOT COUNT TOWARDS CLASS TIME For access to more videos and help passing the exam: https://www.asktherealestateinstructo... Or If you are in New Jersey and looking to change careers go to: https://newdirection.school