Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
48 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
Property |
The rights and interests an individual may have in something that is owned. |
|
|
|
Real property |
Land plus whatever is affixed to the land and all the rights and benefits so attached |
|
|
|
Air rights |
Rights to the space above a property |
|
|
|
Subsurface |
Include mineral rights and the landowners interest in the property below the surface |
|
|
|
Surface rights |
Typical residential real estate |
|
|
|
Corporeal |
Improvements on and to the land |
|
|
|
Incorporeal |
Additional rights obtained when a person holds title to a piece of reality |
|
|
|
Personal property |
Anything that is not real property |
Personality or Chattel |
|
|
Chattel personal |
Goes with the seller |
A couch |
|
|
Chattel real |
Stays with property |
A lease |
|
|
Emblements |
Growing crops that are produced annually through labor and industry |
Tenant has rights to plants |
|
|
Fixure |
Personal property that becomes real property |
|
|
|
Fixture determination |
1- the intent of the parties 2- the method of annexation 3- the agreement of the parties |
|
|
|
Intent of the parties |
Refrigerators would be expected to stay in a 40 unit building and not in a 1 family home |
|
|
|
Method of annexation |
Is fixture permanently attached or could it be easily removed without creating damage. |
|
|
|
Agreement of the parties |
Do the parties agree on item in question if it's a fixture or not. |
|
|
|
Trade fixture |
A fixture that is attached to the real estate by a tenant as a part of the tenants trade or business. Does not become part of real estate |
|
|
|
Physical characteristics of real property |
1-land is immobile 2- land is indestructible 3- land is unique |
|
|
|
Land is immobile |
Land cannot be moved |
|
|
|
Land is indestructible |
Land cannot be destroyed |
|
|
|
Land is unique |
Buyer cannot purchase duplicate land |
|
|
|
Heterogeneity or non-homogeneity |
Not being able to purchase duplicate land |
Uniqueness of land |
|
|
Economic characteristics of real property |
1- scarcity 2- improvements 3- long term investment 4- location (situs) |
|
|
|
Scarcity |
As property becomes less available or scarce, it's value goes up |
|
|
|
Improvements |
Things you add to the land that effects value |
|
|
|
Long term Investments |
Life cycle Of real estate has a \ong timeline which can run for decades or sometimes even hundreds of years . |
|
|
|
Location or Situs |
Prime factor that influences what the property is th worth |
|
|
|
Propety Rights |
1 - Control2- possession3- Enjoyment4- Disposition5- Exclusion |
|
|
|
Control |
the right To use at your discretion within the Law |
|
|
|
possession |
The right to hold and or not not use as in a lease |
|
|
|
Enjoyment |
The right to use without others infringing on your rights. |
|
|
|
Disposition |
The right to sell, convey or will as you choose |
|
|
|
Exclusion |
The right to limit others from entry as you choose |
|
|
|
Bundle of rights |
Includes all the rights and individual has in his property |
|
|
|
Possession rights |
Transferring some rights to a tenant in a lease agreement |
|
|
|
Mineral rights |
Giving someone rights to mine coal or dig for oil |
|
|
|
Limits to property rights |
1- Rights of other Persons2- Government Rights |
|
|
|
Rights of other persons |
Our rights are limited by the property rights of others. |
Playing your music to loud |
|
|
Government rights |
1- Eminent Domain2- Police power3- Taxation4- Escheat |
|
|
|
Eminent Domain |
Government decides it is in the best interest of the majority of the people to take ownership of a piece of private property. |
|
|
|
Condemnation |
The process of eminent domain |
|
|
|
Police power |
Government limiting rights of property owners for to protect the community. 1- zoning ordinances2- Building Codes |
|
|
|
Zoning ordinances |
Land use regulations |
|
|
|
Variance |
Special permission to not follow zoning ordinances |
|
|
|
Building codes |
Set of standards that the various trades must adhere to when building and renovating. |
|
|
|
Taxation |
Right for city or town to collect property tax. |
|
|
|
Ad Valorem Taxation |
The right of the city or town to levy and collect taxes |
|
|
|
Escheat |
No will or living relatives so property goes to state |
|
