1 Sales Req/Practices/Laws Flashcards
Land
Surface, extending to the center of earth, and upwards to the sky.
License Requirements
24 CE’s every 2 years, 3 H Contract Law,3 H Commisioners Standards
3 H Agency, 3 H Fair Housing, 3 H Legal Issues, 3 H Disclosures
6 H General Category
Real Estate
Land and all improvements whether created by nature or people.
Real Property
Land, all its improvements plus the rights that go with it.
Bundle of Legal Rights
DEEPC Disposition Exclusion Enjoyment Possession Control
Appurtenance
The improvements that belong to and pass with the transfer of property but are not necessarily a part of the property. Typical appurtenances are right of way, easements, water rights and parking stalls.
Personal Property
It’s movable, and if its not real, it’s personal. AKA CHATTEL
Emblements
Annual planting of crops of wheat, corn, veggies and fruit are considered personal property.
Mobile Homes
Real if attached, personal if affixed. Affidavit of affixture needed.
Severance
Taking something that was once real property and turning it into personal property.
Annexation
Changing personal property into real property. Creates fixtures.
Fixture
An article that was once personal property but has been so affixed to the land or a building that the law recognizes it as part of real property.
Trade Fixtures
An article of personal property annexed or affixed to leased premises by the tenant as a necessary part of the tenants trade or business.
Characteristics of Real Estate
Economic 1. Scarcity 2. Improvements 3. Permanence of investments 4. Area Preference Physical 1. Immobility 2. Indestructibility 3. Uniquenessl
Nonhomogeneity
No two parcels are exactly alike
