11. Real Property (Real Estate, Realty) Flashcards

1
Q

Real property

A

Is the land everything attached to (tenements) and the rights that accompany it.

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2
Q

What is real property transferred by?

A

Deed

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3
Q

Deed

A

The written document by which a property owner as “grantor” conveys to a “grantee” in ownership, interest in real property.

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4
Q

Parties to a deed

A

“Grantor” gives a deed and “Grantee”, receives a deed

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5
Q

Land

A

The land is the basic real property. Ownership extends to the sky and down to the center of the earth. Ownership includes air rights and subsurface rights.

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6
Q

Land me, decrease or increase due to

A

Erosion, Avulsion, Accretion

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7
Q

Erosion

A

The gradual wearing away of soil

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8
Q

Avulsion

A

The sudden separation of land due to natural causes

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9
Q

Accretion

A

The increase of land due to natural causes

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10
Q

Physical characteristics of land

A

Fixed, heterogeneity (non-homogeneous, uniqueness), indestructible

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11
Q

Fixed

A

Location (immovable)

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12
Q

Heterogeneity (non-homogeneous, uniqueness)

A

No to partials of the land or the same

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13
Q

Indestructible

A

Not able to destroy

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14
Q

Scarcity

A

Limited amount

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15
Q

Modification

A

Well, you can be increased by improvements

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16
Q

Fixity

A

Non-liquid assets takes time to convert to cash without losing principle investment

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17
Q

Situs

A

Location, location location

18
Q

Appurtenances

A

Are the rights and improvements that are attached to the land and transferred with the land unless reserved or excepted on the deed. Appurtenance may be corporate or incorporeal.

19
Q

Corporeal real estate

A

Improvements such as buildings, fences, trees, sidewalks, and perennial plants (fructose naturals fruits of nature)

20
Q

Incorporeal rights, relationships, and privileges

A

Mineral rights, air rights, riparian rights, easement rights, hereditament rights, bundle of rights, Disposition rights, Exclusion rights, enjoyment, rights, possession, rights, control rights

21
Q

Mineral rights

A

Oil, gas, coal rights, etc

22
Q

Air rights

A

Rights above property

23
Q

Riparian rights

A

Rights of a property adjoining a river or a stream to the land beneath the water or to the water itself

24
Q

Easements

A

Right across another person’s land for a specific use that benefits the easement holder

25
Q

Hereditament

A

The right to transfer ownership to heirs.

26
Q

Bundle of rights

A

A term describing all the rights an owner has in real property

27
Q

Disposition

A

The right of transfer all or some of the rights to other people. Disposition can be a sale transfer conveyance grant gift, devise dedication, or demise.

28
Q

Exclusion

A

The right to stop others from using, or entering the property

29
Q

Enjoyment

A

The right to free use of the property without interference from the other people or society

30
Q

Possession

A

The right to physically occupy, and use the land and make it productive

31
Q

Control

A

The right to physically alter, or change the property

32
Q

Fixtures

A

A fixture is an item which was once personal property that has been permanently attached to and has become real property.

33
Q

MARIA

A

The legal test used to determine if an item is a fixture.

(Method, agreement, relationship, intent, adaptation)

34
Q

Acronym Maria

A

Method of attachment, agreement of parties, relationship to parties, intent what is the intent of annexor? Adaptation what is the items purpose? Cost is never a factor when determining if an item is a fixture.

35
Q

Conversion

A

The process of changing real property to personal property or personal property to real

Ex. Trees, real property become personal property upon conversion into lumber.

36
Q

Severance

A

Converting real property to personal property by detaching it from the land

37
Q

Annexation

A

Converting personal property to real property by attaching it to the land

38
Q

Fixture

A

Real property, becomes part of the building, owner by the property, owner, included in a sales contract

39
Q

Trade fixture

A

Personal property of a commercial tenant, can be removed, owner by the tenant, addressed under a separate agreement

40
Q

Mobile/manufactured homes in Arizona

A

Mobil homes and manufactured homes may be real or personal property

41
Q

Mobile/manufactured homes in Arizona

A

1.) mobile homes in manufactured homes may be real or personal property. They are:
A. personal property if not legally affixed
B. Real property and tax as real property, if legally affixed by surrendering the title in a recording an affidavit of affixture

42
Q

Affidavit of a Affixture

A

1.) A document used to make a mobile/manufactured home real property.

2.) The vehicle titles must be surrendered, and Affidavit of Affixture must be recorded

3.) real estate licensee may list and sell new or used, un-affixed mobile or manufactured homes in represent dealers or private sellers.