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27 Cards in this Set
- Front
- Back
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Economic characteristics of real estate |
scarcity, improvements & location |
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Land |
no improvements |
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real estate |
land with improvements |
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real property |
land with improvements plus "bundle of rights" |
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improvement |
is any artificial addition to land, such as building or a fence |
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appurtenance |
anything associated with the property, although not necessarily a direct part of it.
ex. parking spaces, easements, water rights, and other improvements |
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bundle of rights |
possession control enjoyment exclusion disposition |
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right of possession |
possession of property |
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right of control |
within the framework of the law |
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right of enjoyment |
use of the property as the owner wishes, within the law |
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right of exclusion |
to keep others from entering or using the property |
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right of disposition |
to sell, will, transfer, or otherwise dispose of or encumber the property |
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peronal property |
personalty
property that is movable and not affixed to or associated with the land. |
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chattels |
items of personal property, including such tangibles are chairs, tables, clothing, money, bonds, and bank accounts. Trade fixtures are included in this category |
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manufactured housing |
dwellings that are built off site and trucked to a building lot where they are installed or assembled.
ex. modular, panelized, precut or mobile homes |
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emblements |
annually cultivated crops such as wheat, corn, vegetables and fruit. Generally considered personal property. |
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severance |
when real property become personal property |
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annexation |
to change personal property into real property
ex. combining sand, cement and stones to create a sidewalk across a property |
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deed |
conveys real property |
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bill of sale |
conveys personal property |
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legal tests for a fixture |
intent (did the person who installed the item intend for it to remain permanently on the property?)
method of attachment adaptation to real estate agreement |
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legal tests for a fixture |
intent method of attachment adaptation to real estate agreement |
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trade fixture (chattel fixture) |
an article owned by a tenant and attached to a rented space or building or used in conducting business
ex. bowling alleys, store shelves, bars and restaurant equipment |
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accession |
acquiring property when trade fixtures that are not removed by the tenant become real property of the landlord |
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attachment |
the process by which personal property becomes real property |
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economic characteristics of real estate |
scarcity location - most important improvements permanence of investment |
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physical characteristics of real estate |
immobility indestructibility uniqueness |
