Ch 1 - 3 Flashcards
The legal definition of real estate includes “land” and ________
all man-made structures that are
“permanently” attached to the land
Such man-made structures attached
to the land are called improvements.
Does the concept of land include mineral rights?
Yes
The surface area of the earth
Water, minerals, on or below
The air above the surface of the earth extending outward to infinity
Everything beneath the surface of the earth extending downward to its center
All natural things permanently attached to the earth or in the ground, including plants, trees, and grass
T/F: “Land” includes:
Everything beneath the surface of the earth extending downward to its center
and
All natural things permanently attached to the earth or in the ground, including plants, trees, and grass
True
Land includes:
The surface area of the earth
Everything beneath the surface of the earth extending downward to its center
All natural things permanently attached to the earth or in the ground, including plants, trees, and grass
The air above the surface of the earth extending outward to infinity
Minerals beneath the earth’s surface
Water on or below the earth’s surface
Land has three unique physical characteristics. What are they?
1) immobility
2) indestructibility
3) heterogeneity.
T/F: Boats, jewelry, coins, appliances, computers, and art work are examples of tangible property.
True
Boats, jewelry, coins, appliances, computers, and art work are examples of tangible personal property.
Real estate is also “tangible property”
Tangible property is physical, visible, and material.
T/F: Tangible property is physical, visible, and material.
True
Tangible property is physical, visible, and material.
Boats, jewelry, coins, appliances, computers, and art work are examples of tangible personal property.
Real estate is also “tangible property”
T/F: “chattels” is another term for “personal property”
True
Items of personal property are also called chattels or personalty.
Conversion of real property to personal property by detaching it from the real estate is called
Severance
Conversion of real property to personal property by detaching it from the real estate is called
Examples: cutting down a tree, detaching a door from a shed
Conversion of personal property to real property by attaching it to the real estate is called affixing or ____
Attachment
Conversion of personal property to real property by attaching it to the real estate is called affixing or attachment
Conversion of personal property to real property (real estate) by attaching it to the real estate is called ____ or attachment
Affixing
Conversion of personal property to real property by attaching it to the real estate is called affixing or attachment
Personal property that has been converted to real property by attachment is called a
____
Fixture
Personal property that has been converted to real property by attachment is called a fixture.
Typical examples are: chandeliers, toilets, water pumps, septic tanks, and window shutters.
T/F: Typical examples of fixtures include chandeliers, toilets, water pumps, septic tanks, and window shutters.
True
Personal property that has been converted to real property by attachment is called a fixture.
Typical examples are: chandeliers, toilets, water pumps, septic tanks, and window shutters.
T/F: Personal property converted by attachment is called a “fixture”
True
Personal property converted by attachment is called a “fixture”
T/F: Fixtures transfer with real property unless excluded by contract
True
Fixtures transfer with real property unless excluded by contract
How do u use the TC from tennancy in comon to remember that kids are the heirs
“Tennancy in children”
