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30 Cards in this Set
- Front
- Back
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What is real property? |
It is a fixture, real estate, etc. |
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What is personal property? |
Everything that is not real property or attached to real property (readily movable) |
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Advertising without showing the company you are affiliated with is? |
Blind advertising, it is illegal. |
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What are the physical characteristics of land? |
I.I.U. indestructible, immovable, and unique (non homogeneous) |
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What are the economic characteristics of land? |
S.L.I.P. scarcity, location, improvement, and permanence. |
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What are the different zoning types? |
R.C.I.A.S. residential, commercial, industrial, agricultural, special use |
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What is issued after the home is built? |
Certificate of occupancy |
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What are the 3 legal descriptions of land? (Legal description is a detailed way of describing a parcel of land) |
Metes and bounds, lot and book system, and government rectangular system |
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What is the legal description for land used in NC? |
Metes and bounds |
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What legal description is recognized in subdivisions? |
Lot and book system |
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Describe metes and bounds |
Has a point of beginning, landmarks, monuments, and degrees |
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Describe the lot and block system |
Also called the plat system (survey). The primary purpose of plat is to prevent encroachment. |
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What is encroachment? |
A physical intrusion over someone else's property line (ppl trespass, objects encroach) |
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How many sections in a township? (Gov rectangular system). |
36 sections. |
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How many acres in a section? |
640 acres (1 square mile) |
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How many sqft in an acre? |
43,560 sqft |
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What are the vertical lines and horizontal lines called in a gov rectangular system? |
Vertical lines = ranges Horizontal lines = tiers |
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What is another term for personal property? |
Chattel/personalty |
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Which legal description is illegal in NC? |
Government rectangular system. Also illegal in 13 colonies. |
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Are trade fixtures (deals with the tenants Business/trade) considered personal property? |
Yes |
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What is the legal test of fixture? |
M.A.R.I.A: Method of Attachment, Adaption, Relationship, Intent, Agreement |
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What kind of property are Fructus Naturales? |
Real property (trees, shrubbery, etc.) |
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What kind of property are Fructus Industriales? |
Personal property |
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What is the annual growing bundle of legal rights that come along with real property? |
D.E.E.P.C - Disposition Enjoyment Exclusion Possession Control |
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Personal property becomes real property through what? |
Attachment/Annexation |
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Real property becomes personal property through what? |
Severance |
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What document is used to transfer personal property? |
Bill of sale |
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What document is used to transfer real property? |
A deed (grantor to grantee) |
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Real property would ordinarily include: A. trade fixtures B. trade fixtures and all other fixtures C. all property that is easily movable D. fixtures such as elevators, plumbing, and central heating systems |
D. |
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Chet installed a built-in microwave oven in his home. When he sold the home to Ray, he meant to tell Ray that he was going to remove the microwave before the property closed. However, Chet never mentioned this to Ray. The contract of sale was signed by all concerned and there was no mention of the microwave in the contract. Concerning this transaction: A. this is a case of fraud by Chet B. the microwave belongs to Ray after the closing C. since there was no meeting of the minds, this ends up being a void contract D. microwaves are always considered to be personal property so Chet can remove the microwave before closing. |
B. |
