Appraisal Terms Property Ownership 2

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FIXTURE

Back 1

a special category of real property
-an item that was initially personal property, BUT has BECOME REAL PROPERTY

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The 3 MAJOR FACTORS determining: Pers.Prop. OR
FIXTURE (real prop)

Back 2

Remember "TRIPLE A"
*most important! is the manner of
-ATTACHMENT (a garage door is an attachment)
-ADAPTATION
-AGREEMENT

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"TRIPLE A"

Back 3

The conditions under which personal property becomes a FIXTURE(real prop)
-attachment, adaptation, agreement

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What takes precedence over attachment and adaptation if determination is difficult?

Back 4

AGREEMENT between the seller and the buyer (the contract of sale can include a clause)

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TRADE FIXTURE

Back 5

Is PERSONAL PROPERTY as long as 2 conditions are met:
>the items must be removed PRIOR to the end of the lease
>the prop. must be returned to its original condition when the items are removed

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What is covered when insurance is issued on REAL PROPERTY?

Back 6

-a FIXTURE is usually covered
-PERSONAL PROP may NOT be covered

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DEED

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When real prop. is sold or otherwise conveyed, the ownership is transferred thru use of DOCUMENT called a DEED.

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BILL of SALE

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When PERSONAL PROP. is sold,
it is thru a BILL of SALE

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FRUCTUS NATURALES

Back 9

REAL PROPERTY!
Plants that grow NATURALLY
-growing plants that are part of the land
*trees, cultivated perennial plants (orange/apple trees)
*uncultivated vegetation of any kind

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FRUCTUS INDUSTRIALES

Back 10

PERSONAL PROPERTY!
-growing plants cultivated ANNUALLY
-also called "EMBLEMENTS"
-include cultivated crops such as corn, wheat, or vegetables

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APPURTENANCE

Back 11

"RUNS WITH THE LAND" - is permanently associated w/the land & exists as long as the land exists
-a right, privilege, or improvement associated with the LAND, not necessarily a part of the land.
EX: an assigned parking space for an individual unit ina condo dev.; stock in a mutual water company, owned by land owners, that serves the land of those owners
*Some EASEMENTS are APPURTENANCES

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EASEMENT APPURTENANT

Back 12

The EASEMENT is an APPURTENANCE to the DOMINANT ESTATE.

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EASEMENT in GROSS

Back 13

The easement does NOT attach to a parcel of land, it attaches to the owner of the easement, and is NOT an appurtenance to land.

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RIPARIAN RIGHTS

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-occur when land adjoins a river, stream, or other flowing body of water
-the owner has the right to limited, noexclusive use of the watercourse
-the owner does not own the water itself, but may use it for reasonable purposes

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RIPARIAN RIGHTS boundaries

Back 15

>If it is navigable, the land owner's property ends at the low water mark
>If it is NOT navigable, the land owner's property ends at the middle of the watercourse.