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41 Cards in this Set
- Front
- Back
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What is Property |
Rights or Interest in Things owned |
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What makes up REAL PROPERTY |
made of land, all that is AFFIXED to it and that which is APPURTENANT (belonging to) 1. Immovable by law 2. Bearing Wall 3.Vegitation NOT trade fixtures NOT leasehold |
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What is the most important Economic consideration of land?
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Scarcity |
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A tree becomes personal property by? |
Mobility |
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If an Owner sells their farm what happens to the crop? |
It goes with the land |
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what are emblements? |
crops |
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Name 5 things about FIXTURES M.A.R.I.A |
ITEMS THAT WERE PERSONAL PROPERTY AND HAVE BECOME ATTACHED M. ETHOD OF ATTACHMENT A.DAPTABILITY R.ELATIONSHIP TO THE PARTIES I.NTENTION A.GREEMENTS |
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What are Riparian Water Rights? |
RIVERBANKS boarders rivers, streams, watercourses |
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What are Littoral Rights? |
Right to use water from Navigable LAKES, RIVERS, OCEANS |
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What is Percolating water? |
reasonable use by each land owner |
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What are APPROPRIATION rights? |
The right to use water from a near by lake |
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What does it mean to be APPURTENANT with the land? |
Items that run with the land ex) Easements, convenants, stocks in mutual water company |
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What would Stock in a Mutual water company be considered? |
an Easement Apperment |
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3 facts about PERSONAL PROPERTY |
1. Can be alienated 2.HYpothicated 3.Can become REAL |
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What are the FOUR right of ownership? |
RIGHT TO; USE POSSESS ENJOY TRANSFER |
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What is an ESTATE? |
ANY ownership or right in REAL PROPERTY |
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What is a FREEHOLD estate? |
FEE Estate |
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what types of Estates = OWNERSHIP |
Estate in FEE FEE Simple Estate Freehold Estate *These are the MOST interest one can hold in land** |
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What is and Estate of INDEFINITE DURATION |
an ESATE OF INHERITANCE or ESTATE IN FEE |
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what would be FEE SIMPLE DEFEASIBLE? |
ALCOHOLIC BEVERAGES |
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facts of, LIFE ESTATE |
owns for life, lease valid until death |
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What is LIFE ESTATE PUR AUTRE VIE- |
based on the life of another |
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what is a Chattel |
another name for personal property |
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what are the responsibilities of a property manager |
must have a broker license management agreement |
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property management fees are, |
Negotiable flat fee and or % of rents commission based on entire term of lease not a discount on supplies |
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what does gross rent lease mean?
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rent only, no additional expenses |
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who is qualified to make a property inspection |
the property manager |
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what is the max security deposit? |
2/mo unfurnished 3/mo furnished |
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what does SHELL mean? |
tenant improvement allowances |
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who holds the rights to; less than freehold estate leasehold estate |
the leasee |
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what is an estate? |
an area of land owned by one person family or organization |
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what is an estate for years? |
another name for a lease definite period of time fixed in advance beginning & ending date |
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what are the rights of a tenant |
quiet enjoyment and possession free of disturbances by the landlord |
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1.sublessor, 2.sublease 3.assignment Sublease & Assignment |
1.transfers rights but not duties 2.less than an assignment 3.transfer of the entire leasehold Failure to mention GIVES permission |
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when an industrial lease ends the improvements will? |
go with the tenant |
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Max amount of time for an Agricultural Lease? |
51 Years |
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What is a Net Lease? |
ALL expenses paid by tenant -tax -insurance -maintenance |
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Percentage Lease is? |
rent is computer on gross sales |
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define constructive eviction |
landlord does not maintain property or make it useable to tenant |
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Eviction-Unlawful Detainer Action |
to be used by offended lessors must bring court action |
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Essentials of a GRANT DEED, that which transfers title from grantor to grantee |
must be in writing grantor must be competent to sign grantee does not need legal competence parties properly described contain granting clause property adequately described must be delivered and accepted |
