4 - Property Flashcards
Allodial System
Political/economic system that allows private ownership of real property. American Indians used non-allodial.
Real Property
The land, and anything attached or appurtenant to the land. Air space and above. Fixed to the earth.
Appurtenant
Things attached to the land or deed. Fence - land. Easement - deed.
Personal Property
Anything that is moveable. RV, chair, etc… Not fixed to the earth.
Intangible Property
Personal property without a physical form. Art, music, ideas.
What two things are necessary for real property to be valid?
- Must be able to control/possess it
2. Must be able to hold title to it. Claim ownership.
Emblements
Crops grown in the year of the sale. Seller is still entitled to these crops
Trade fixtures
that which is attached to a trade or business. Oven, hoods, range, ductwork, etc… Can be sold with a bill of sale.
Fixtures
that which is attached to the real property. Considered real property, depending on: way it was attached to the real property, how the property uses the item, intent of the owner
Severance
The process of turning real property into personal property by seperating it from the real property. The personal property has been “severed”. Ex: cutting down a tree (real property), to lumber (personal property)
Accession
the opposite of severance. Adding to the real property by man or nature (hauling in dirt, or a mudslide bringing in more dirt). Improvements means made by man alone.
Corporeal Property
Something physical or tangible. Can be real or personal property.
Lateral Support
Support given to adjoining land, such as building a retaining wall. Keeping loose items out of other peoples property.
Residential Property
a real property consisting of a single-family dwelling of 1-4 units
Physical Characteristics of real property
- Immobility
- Indestructibility
- Non-homogeneous
