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15 Cards in this Set
- Front
- Back
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Define REAL PROPERTY.
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Land and all that is permanently attached by land including the bundle of rights.
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Name the 5 BUNDLE OF LEGAL RIGHTS.
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D = Disposition
E = Enjoyment E = Exclution P = Possesion C = Control |
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Laws established by local governments to provide controls on the use of real property
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ZONING
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An item of personal property that has been changed into real property as a result of permanent attachment to the real property.
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FIXTURE
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List the GOVERNMENT POWERS over privately owned real property.
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P = Police power
E = Eminent domain T = Taxation E = Escheat |
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A property that is not in complience with current zoning laws, but because the property was in complience prior to the most recent zoning law change, it is permited to continue that prior use to avoid any unreasonable hardship to the owner.
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NON CONFORMING USE.
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The return of ownership of real property to the state government when an owner dies intestate (with no heirs).
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ESCHEAT?
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The right of the government to take private property for public use with just compensation.
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EMINENT DOMAIN.
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The earth and
1. all that is on the surface. 2. all that is below the surface. 3. the space of air that is above the surface. 4. everything attached by nature. |
LAND.
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C = Contract
I= Intention A = Annexation A = Adaptation |
4 LEGAL TESTS of a FIXTURE.
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Waste Disposal SitesDefinition of Superfund Amendments and Re authorization Act (SARA)
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This most recent law increased the standards for cleanup and the amount of funding
Allows truly innocent landowners to have immunity from legal liability |
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Seller knows about a defect but buyer does not...
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Latent Defect
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A problem with the property or any portion of it that would have an significant adverse impact on the value of the residential property or that involves an unreasonable risk to people on the land
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Material Defect
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A common radioactive gas that is disbursed from the natural decay of minerals in the earth such as uranium
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Radon
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The process to reduce or eliminate environmental hazards
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Remediation
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