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24 Cards in this Set
- Front
- Back
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Land |
the earth's surface extending downward to the center of the earth and upward to infinity. (no improvements) |
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real estate |
land with improvements |
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Improvements |
any artificial addition to land such as building or fence. (neutral term - can add or subtract value) |
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Real property |
land with improvements plus rights |
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appurtenance |
anything associated with the property (parking spaces water rights) |
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Surface rights |
the rights to the surface of the earth |
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subsurface rights |
the rights to the natural resources below the earth's surface |
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air rights |
the rights to the space above the earth |
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Bundle of rights |
right of possession right to control the property right of enjoyment right of exclusion right of disposition (sell/will) |
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personal property |
property that is movable and is not affixed to or associated with the land |
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Chattels |
items of personal property |
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manufactured housing |
dwellings built off site and trucked to a building lot. (only becomes real property if it becomes permanently affixed to the land) |
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emblements |
annually cultivated crops (personal property) |
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Severence |
real property becoming personal property (an apple picked from a tree) |
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annexation |
converting personal property into real property |
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Deed |
instrument through which real property is conveyed |
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bill of sale |
instrument through which personal property is conveyed |
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fixture |
personal property that has been so affixed to land or a building that is considered real property |
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trade fixture |
an item owned by a tenant and attached to a rented space used in conducting a business |
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accession |
trade fixtures that are not removed become the property of the landlord - acquiring the property in this way is called accession |
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attachment |
personal property that turns into real property does so by attachment |
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Economic characteristics of land |
scarcity improvements permanence of investment location |
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physical characteristics of land |
immobility indestructibility uniqueness |
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Real Estate License Act of 2000 (the Act) |
Governs the practice of RE in IL |
