| Prior Appropriation | concept of water ownership in which the landowners right to use available water is based on a government-administered permit system |
| economic characteristics of real property | scarcity, improvements, permenance, area preference |
| Plants | real estate - trees, perennials, grass, do not require annual cultivation. personal property - annually cultivated (emblements) - fruits, vegetables, greens |
| annexation | personal property into real property |
| fixture | real property - kithcen cabinets, radiators, trade fixture - business article attached to rented space - owned by tenant |
| supply | quantity of goods/services that can be sold at a given price |
| Supply & demand Economic Impact | balanced = prices are stable; no inflation. when supply increases and demand stays the same = prices go down. when demand increases and supply stays the same = prices go up (buyers compete) |
| Demand | quantity of goods that consumers are willing and able to buy at a given price. factors = population, demographics, emplyment, wage levels |
| Market | exist when goods can be bought and sold; supply and demand |
| condo versus co-op | condo = conventional ownership/ dee. co-op = proprietary lease, do not own the units, own shares in corporation |
| Special purpose | privately owned properties churches schools cemetaries. public schools mucnicpal service buildings, parks |
| Agricultural | farms timberalnd ranches |
| Industrial | warehouses factories power plants |
| mixed use | property that allows for two or more commercial & resitdential uses in the same building |
| commercial | business property - office space shopping centers stores theaters hotels |
| Residential | all property used for single family or multi-family housing |
| Littorial Rights | land, borders, commercially navigable lakes seas oceans, own the land adjacent to the water |
| Ripariian rights | river stream, owns to the center bottom |
| Land | earths surface extending downward to the center of the earth and upward to infinity |
| Real estate | land plus all human made annexed improvements. real property - rights automatically included |
| Improvement | any artificial thing attached to land or below such as a building, fence, etc |
| Bundle of legal rights | right of possession. right of control within the law. right of enjoyment. right of exclusion. right of disposition - sell transfer property |
| Appurtenance | transfers with land associated with the property, benefits, parking spaces, easement, water rights. |
| Air rights | rights to use the space above the earth. sold or leased independently |
| Accretion, Erosion, Avulsion | accretion - increases the land by water action. erosion - gradual wearing away of the land by natural forces. avulsion - removal of soil by act of nature |
