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Exclusivity
The ability to exclude another person from ownership, possession, or use
Universality
Ownership of everything by the state
Transferability
The ability, recognized by the legal system, to transfer someone’s rights in property to someone else
Interest in Property
The right that someone may have in specific property
Bundle of Rights
The concept of ownership that embraces certain rights of ownership, such as possession, control, use, enjoyment, and disposition
Possession
Occurs once a person has dominion and control over the property
Title
Formal right of ownership
Power of Disposition
The ability of an owner to transfer the care and possession of her property to another  
Real Property
Lan and all property permanently attached to it, such as buildings.
Personal Property
Movable or intangible thing not attached to real property.
Transferred most commonly with a bill of sale
Fixture
Items that are attached to the property
Intangible Property
An item that represents something of value, ie a stock certificate
Gift
Bestowing a benefit without any expectation on the part of the giver to receive something in return
Bailment
The delivery of personal property from one person to another to be held temporarily
Methods for determining if an item is a fixture
  • The way or method that it is attached to the real property
  • How the item is adapted without consideration of the real property
  • The intent of the person who affixed the property to the land
  • The existence of an agreement that determines the nature of the property
Real Property
Includes everything beneath the surface of the earth as well as in the airspace above the land.
  • Trees, plants, and other things that grow in the soil may be considered a part of the real property.
  • Crops are considered a commodity and are traded on the stock exchange; therefore, they are considered personal property as opposed to real property.
Groudwater
Water that is located beneath the surface of the land. An owner of property has the right to utilize groundwater located beneath her property.
Ocean and Lakefront Water
Water that borders property. An owner of property that borders a body of water has the right to have access to the body of water.
Littoral Right
Use and enjoyment of water rights concerning properties bordering a body of water
Surface Water
An owner has the right to use surface water in any manner that she wishes.
Riparian Rights
The right of a property owner to the beneficial use of water from streams, rivers, and natural lakes
Appropriation
The superior right to use water on the part of the property owner who uses the water first. Usually found in the western states, where water is scarce.
Under Appropriation, an owner must show:
  • The intent to use the water for a beneficial purpose
  • The actual diversion of the water from its natural source
  • The use of the water for a beneficial purpose within a reasonable amount of time
 
Methods of Aqcuiring Ownership to Real Property
  • Inheritance
  • Gift
  • Adverse Posession
  • Contract to Sale
Intestate
The state of having died without a will
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