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11 Cards in this Set
- Front
- Back
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Personal property attached to make it real property?
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Fixture
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Are trade fixtures permanent?
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Can be removed if done so by time lease expires, otherwise become real property of owner
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What is aquiring property by accession?
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aquiring trade fistures that were left behind
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3 physical characteristics of land?
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nonhomogenity -no 2 same
immobility- cant be moved indestructibility - cant be destroyed |
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4 economic characteristics of land?
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scarity
modification fixity situs |
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What is scarity?
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economical character
in short supply where demand is great (Manhattan lot is more valuable) |
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What is modification?
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econnomical character
land value affected by man made improvements to land or surrounding land |
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What is fixity?
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economic character
land, building, and inprovements are fixed investment - not liquid asset |
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What is situs?
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economic character
location, location from economic rather than geographical (can change) |
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How is a legal description determined?
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surveyor
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4 methods of surveys and land descriptions?
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Metes and Bounds
Lot, block, subdivision Monuments Rectangular/Gocernment |
