Property Law

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CLASSES OF PROPERTY

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PERSONAL PROPERTY and REAL PROPERTY

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PERSONAL PROPERTY

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Goods and Intangible Interests - Moveable and unattached to land

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REAL PROPERTY

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AKA: REAL ESTATE
LAND - includes the surface of the earth and the space above and below it NATURAL Items - trees, crops, minerals, and water NON MOVEABLE

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PERSONAL PROPERTY EXAMPLES

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TANGIBLES: cars, boats, jewelry, horses, cattle INTANGIBLES: stocks, bonds, notes, mortages

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PERSONAL PROPERTY AKA

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Personalty and Chattel

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TYPES OF PERSONAL PROPERTY

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TRADE FIXTURES and FRUCTUS INDUSTRIALES

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TRADE FIXTURES

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Articles of tangible personal property that are necessary to a tenant's trade or business

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TRADE FIXTURES

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Even if affixed to real estate, it remains the personal property of the tenant

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TRADE FIXTURES

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Must be removed by or before the expiration of a lease or within an agreed upon reasonable time - in order to remain the tenant's personal property (otherwise the trade fixture could become the lanlord's property)

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TRADE FIXTURES

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Tenant is responsible for any damage to the premises caused by removing or installing a trade fixture

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FRUCTUS INDUSTRIALES

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Growing crops AKA Emblements (corn, wheat, fruit, vegetables)

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FRUCTUS INDUSTRIALES

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LATIN PHRASE - Means "fruits of industry" or "fruits of labor"

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FRUCTUS INDUSTRIALES

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Personal Property even before harvest - despite the fact that they are affixed to the land

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FRUCTUS INDUSTRIALES

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NOTE: Special rules created to protect farmers who lease or sell land. Once growing, the tenant has the right to remove his crops even after the lease expires.

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PERSONAL PROPERTY RIGHTS

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Include intellitual property (protected by patent or copyright), business reputation (good will), interest (business association of 2 or more persons)

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TYPES OF REAL PROPERTY

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FRUCTUS NATURALES and FIXTURES

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FRUCTUS NATURALES

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Permanent plantings (perennials) such as flowers, grassesm, trees and bushes.

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FRUCTUS NATURALES

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LATIN - 'FRUITS OF NATURE"

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FRUCTUS NATURALES

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May not be removed from the land ablent an agreement.

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FIXTURES

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Items that were once moveable (personal property), such as fences, buildings, trees, or bricks in a wall, that have been affixed to real estate and became real property.

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FIXTURES

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When an owner sells her real property she retains the right to remove her personal property (cars, clothes, jewelry, etc.) as the real property (including fixtures) passes to the new owner.

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SEVERANCE

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The act of removing a fixture. A fixture can again become personal property.

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FIXTURES / SEVERANCE

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Fixtures are real property unless they can be severed.

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SEVERANCE 4-PART Removal Test

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1) METHOD OF ATTACHMENT 2) ADAPTATION 3) AGREEMENT 4: RELATIONSHIP OF PARTIES

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#1 METHOD OF ATTACHMENT - (Severed/Removal Test)

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#1 - Method of Attachment - The permanence with which an object is attached to real property is a factor in determining whether it may be removed. The more permanent the attachment (built-ins), the less likely it may be severed.

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#2 ADAPTATION (Severed/Removal Test)

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#2 Adaptation - If an object was specially adapted or made to suit a particular or unique feature of a building, then it is classified as a fixture (book case).

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#3 AGREEMENT (Severed/Removal Test)

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#3 Agreement - An agreement between the parties may permit removal of a fixture, or prevent a dispute about whether an item is or is not a fixture.

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#3 AGREEMENT (Severed/Removal Test)

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#3 Agreement - Written agreements are the best way to avoid fixture disputes, as litigation is always uncertain.

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#4 RELATIONSHIP OF PARTIES (Severed/Removal Test)

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#4 Relationship of Parties - Residential renters less likely than commercial renters to be able to server (compare trade fixtures)

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RIGHTS IN REAL PROPERTY

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Includes ownership rights in the surface of land, airspace above land, space below the surface (mining rights), any easements (use of land), and use of appurtenant (adjoining) land.

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RIGHTS IN REAL PROPERTY

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BUNDLE OF LEGAL RIGHTS and WATER RIGHTS

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BUNDLE OF LEGAL RIGHTS

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Phase that is used to describe the 6 distinct prIncipal intangible legal rights of property ownership.

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BUNDLE OF LEGAL RIGHTS (6 distinct principal intangible legal right of property ownership)

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1) Right toPOSSESS property 2) Right to CONTROL property within legal limits 3) Right to ENJOY property and use it legally 4) Right to EXCLUDE others from property 5) Right to ENCUMBER property by lessening one's rights of ownership in any way 6) Right to DISPOSE of property by sale, will, or other transfer

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BUNDLE OF LEGAL RIGHTS

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Along with the physical elements of ownership (land, improvements, fixtures, etc.), these intangtible rights pass to the new owner in whole or in part with the sale or transfer of land.

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BUNDLE OF LEGAN RIGHTS

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6 Rights: POSSESS, CONTROL, ENJOY, EXCLUDE, ENCUMBER, and DISPOSE

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WATER RIGHTS

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A property owner's entitlement to use and maintain water for agricultural, recreational, or personal use.

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WATER RIGHTS - 3 LEGAL DOCTRINES

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1) RIPARIAN (reasonable use for those with property bordering moving water) 2) LITTORAL (reasonable use for those with property bordering non-moving water) 3) PRIOR APPROPRIATION (owner who first diverts water has superior rights to all others)

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USE OF REAL PROPERTY

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Public (zoning) and private (deed restrictions) controls limit how property may be used and influence its value.

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USE OF PROPERTY - Common Uses

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Residential, Commercial, Industrial, Agriculural, recreational, specific purpose (churches, hospitals, colleges, cemeteries), and public (state, federal, and municipal land)

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ECONOMY AND SOCIAL IMPACT OF REAL ESTATE

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1) Real Estate as Economic Indicator 2) Social Impact of Home Ownership 3) Impact of Supply and Demand of Real Estate Prices 4) Factors affecting Real Estate Supply and Demand 5) Licensee Must Know the Local Market

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1) Real Estate as Economic Indicator

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Sustained declines in housing starts - slow the economy and can push it into a recession.

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ECONOMIC INDICATOR

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A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators are ussed to predict changes in the economy.

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1) Real Estate as Economic Indicator

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Sustained decreases in housing activity triggers economic growth.

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1) Real Estate as Economic Indicator

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Real Estate is considered to be an indicator of economic health of a community or a country.

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1) Real Estate of Economic Indicator

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Related factors associated with building construction (financing, material supply, employment) are important economic activities