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;
19 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
Real property |
Land and improvements in a physical sense as well as the rights to own or use them. |
Real property |
|
|
Personal property |
A right or interest in things of a temporary nature anything not classified as real property. |
Items that are not part of land such as tables chairs Beds desk automobile‘s and farm machinery if the right to use them is to be transferred to the buyer the seller should sign a separate bill of sale. |
|
|
emblements |
Annual cultivated crops personal property in though they are not attached to the soil |
|
|
|
Chattel |
An article of personal property; a mortgage against personal property |
An old English term more often heard in law office than real estate |
|
|
Fixtures |
Starts as personal property but now considered real estate |
Chandeliers sinks alarms lighting |
|
|
Manner of attachment |
Refers to how the object is attached to the land |
Cement, nails, or bolts it becomes a fixture |
|
|
Adaptation of agreement |
Custom made drapes made specifically for a window, keys to the house are adapted to the house and therefore part of it |
|
|
|
Existence of agreement |
Between involved parties |
A seller can formally and informally clarify what he considers personal property and remove it and what he does not consider personal property can be transferred to buyer |
|
|
Relationship of the parties |
Tenant fixtures and trade fixtures do not become property of the land |
They must be removed before the expiration of the lease and without seriously damaging the building |
|
|
Physical characteristics of land |
Immobility, indestructibility and non homogeneity |
|
|
|
Immobility |
A parcel of land cannot move |
The parcel itself remains and retains its same geographical location on the globe |
|
|
Indestructibility |
Land is indestructible that is, durable |
|
|
|
Non homogeneity |
No 2 parcels are exactly alike and no 2 parcels can occupy the same position on the globe |
|
|
|
Physical aspect |
The 4 characteristics that influence mans economic behavior toward land |
|
|
|
Scarcity |
The shortage of land in a given geographical area where there is great demand for land |
A man made characteristic |
|
|
Modification |
Improvements made by man to the surrounding parcels of land. |
Land previously worked for agriculture suddenly became useful motelsgas station restaurant restaurant |
|
|
Fixity |
Refers to the fact that land and buildings require long periods of time to pay for themselves |
|
|
|
Situs |
Refers to location from an economic standpoint rather than geographic standpoint |
“ Location, Location, Location “ |
|
|
Legal property description |
Identifiable land that cannot be confused with another tract |
Are needed for recording purposes |
