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23 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What 3 land items is included in real estate? |
🔹Trees 🔹air rights 🔹minerals |
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3 physical characteristics of real estate |
🔹immobility 🔹Indestructibility 🔹uniqueness |
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4 economic characteristics of real estate. |
🔹scarcity 🔹improvements 🔹permanence 🔹area preference |
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Article owned by a tenant and attached to a rented space or building or used in conducting a business. |
Trade Fixture |
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Personal property bill that is transferred from one owner to another. |
Bill of Sale |
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When real property/fixtures is part of the property because it was made for the property. |
Constructive Annexation |
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3 legal tests of fixture. |
🔹Method of Annex 🔹Adaptation to real estate 🔹Agreement |
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Personal property that has been so affixed to land or a building that, by law, becomes part of real estate. |
Fixture |
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Changing personal property to real property. |
Annexation |
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Process of real property becoming personal property. |
Severance |
🌲 |
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Crops, fruits, veggies and annually grown crops and personal property. |
Emblements |
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dwellings that are not constructed at the site but are built off-site and trucked to a building lot where they're installed/assembled |
Manufactured Housing |
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Tangibles such as chairs, tables, money bonds and bank accounts |
Chattels |
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Property that can be owned and that does not fit real property. |
Personal Property |
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Use of space above the earth, may be sold or leased independently, providing the rights have not be or preempted by law. |
Air Rights |
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Natural resources below the earths surface. |
Sub Surface |
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Use of the surface of earth. |
Surface rights |
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Right or privilege associated with the property although not necessarily a part of it. |
Appurtenance |
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Right to or ownership of the land as represented by the owners bundle of rights, evidence of that ownership by a deed. |
Title |
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5 rights in the bundle of legal rights. |
🔹possession 🔹control the property within the framework of the law 🔹enjoyment 🔹exclusion 🔹disposition |
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Legal rights of ownership that attach to ownership of a parcel of real estate |
Bundle of rights |
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Land, surface, subsurface, airspace, improvements and bundle of rights. |
Real Estate |
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Acquiring of a trade fixture that the previous owner didn't remove. |
Accession |
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