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16 Cards in this Set
- Front
- Back
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Land |
What is on the surface, below the surface, above the surface and attached by nature. |
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Physical Characteristics of Land |
Physical Characteristics ( Different ) Indestructible Fixed |
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Economic Characteristics of Land |
Limited Supply Improvements Permanence Desirability (preference of a particular location) |
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Situs |
Preference of a particular location over another location. |
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Real Property |
Land, whatever is permanently attached to the land and the rights and interests that an owner has in the real estate. |
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Improvement |
Any addition to the land intended to increase the value that is attached to the land. |
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Personal Property |
Everything not attached to the land or to the buildings / improvements. |
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Chattels |
Another term for personal property. |
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Personalty |
Another name for personal property. |
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Bill of sale |
Used as evidence of ownership of personal property. |
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Fixture |
Personal property changed to real property by permanent attachment. |
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Guidelines Defining A Fixture |
Contract Intention Annexation (means of attachment) Adaptation (Relationship of the item to property) |
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Severance |
Changing real estate to real property. (Ex: Cutting down tree to use for firewood) |
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Emblement |
Annual, seasonal crop, considered to be personal property even though it's attached to land. |
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Trade fixture |
Fixture that is owned and installed by a business tenant into a rental unit as part of a business. (If not removed before lease expires it can become real property of the landlord) |
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Real Property vs Personal property |
Attached vs Usually movable |
