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18 Cards in this Set

  • Front
  • Back
--LAND--

Definition - 4 Basic Components
The earth and

1. all that is on the surface

2. all that is below the surface

3. the space of air above the surface

4. whatever is attached by nature
--LAND--

3 Physical Charachtaristics
1. all parcels of land are different

2. land is essentially indestructable

3. land is immobile or fixed
--LAND--

4 Economic Charachtaristics
1. LIMITED SUPPLY OF LAND - scarcity contributes greatly to its value

2. IMPROVEMENTS - direct effect toward increasing the value of that property as well as the ajacent property

3. PERMANENCE - suggests the value of land is economically feasible over the long term

4. SITUS - preference of a particular location over another
2 Catagories of Property
Real property and
Personal property
--REAL PROPERTY--

Definition of IMPROVEMENT
Any addition that is attached to real property intended to increase the value.
--REAL PROPERTY--

Definition of REAL ESTATE
Land and whatever is permanently attached by man or nature excluding the bundle of rights.
--REAL PROPERTY--

Definition
Land and whatever is permanently attached by man or nature INCLUDING the bundle of rights.
--PERSONAL PROPERTY--

Definition
Everything that is not attached to the land, buildings, or improvements on the land.

Also called chattels or personalty
-PERSONAL PROPERTY--

Definition of BILL OF SALE
Written evidence of ownership, and the transfer of ownership of personal property.
--FIXTURE--

4 Legal tests of a fixture
CIAA
C = CONTRACT - the use of to define the item

I = INTENTION - the intent of making the item a permanent attachment

A = ANNEXATION - the means of attachment of the item to the property

A = ADAPTATION - the relationship of the item to the property
--FIXTURE--

Definition
An item of personal property that has been changed into real property as a result of permanent attachment to the real property.
--FIXTURE--

The issue of whether an item is classified as a fixture is most easily determined...
if the item in question is clearly defined in a real estate contract.
--FIXTURE--

Agreement of sale recommended for use by the Pennsylvania Association of Realtors has a special section on fixtures that has been...
carefully prepared to avoid any misinterpretation of what is included in the sale of real estate.
--FIXTURE--

If a seller wished to take a desired fixture such as a chandelier from the real property listed for sale, it should be put into...
both the listing contract and the agreement of sale before the contract is signed by the relevant parties.
--CHANGING PROPERTY CATAGORIES--

Definition of SEVERENCE (opposite of fixture)
The detaching of something affixed to the real property that changes it from real property into personal property.
--CHANGING PROPERTY CATAGORIES--

Put something in property...
it becomes part of the property.
--EXCEPTIONS TO REAL PROPERTY--

Definition of EMBLEMENT
An annual, seasonal crop, such as a tomato plant, that is considered to be personal property even though it is attached to the land.
--EXCEPTIONS TO REAL PROPERTY--

Definition of Trade Fixture
A special fixture that is owned and installed by a business tenant into a rental unit as a necessary part of a trade or business.

It may be removed before the lease expires.

It is considered to be personal property.