ch 2 Flashcards
what kind of land owning system was held under royalty
feudal system
real estate in the united state follows what system
allodial system
what is a body of law developed through court decisions based on custom and usage
common law
_____________ are the rights someone has in something, and they are often defined as a “bundle of legal rights”
property rights
the right to occupy the property
possession
the right to possess the property without interference
enjoyment
the right to sell or give the property to someone else
disposition
the right to use the property the way the owner wishes within the limits of the law
control
the right to keep other people from using the property
exclusion
a property owner’s right are restricted by certain powers of the
government
the term land refers to
surface of earth, below earth to the center of earth, and above to infinity, and all natural things permanently attached
real estate includes
all components defined in land plus artificial things
all land that is unimproved is called
raw land
ownership rights that includes rights to space above the surface of the earth is called
air rights
ownership rights that includes rights below ground surface are called
subsurface rights
real estate plus bundle of legal rights
real property
land plus man made additions
real estate
additions to the property that are created artificially rather than by nature
improvements
property can be classified as either
real property or personal property
what includes the land and the air above it to infinity and ground below the land to the center of the earth, and anything permanently attached to the land by nature or humans
real property
also known as chattel property or personalty
personal property
includes any property that is not real property
personal property
personal property is
movable
real property is
immobile
personal property and also be classified as either be
tangible or intangible
tangible property
includes things that you can see and touch
intangible property
cannot be seen or touch… such as stock certification
real property can be changed to personal property by
severance… a tree being cut down for example
personal property can be changed to real property by
attachment….
natural growing plants and tree are
real property called fruits of nature
cultivated annual crops are considered
personal property called emblements, fruit of industry
an object that was once personal property, but has been attached to the land or property
fixtures
and article attachment by tenants to the building for use conducting a trade or business
trade fixtures, chattel fixtures
fixtures are
real property, become party of the building, are owned by the landowner, are included in the real estate, sale contract
trade fixtures
personal property, can be removed, are owned by the tenants, change owners by separate agreement
the four tests of a fixture
agreement of the parties, intention of the parties, method of attachment, adaptation of the item
a test of a fixture that determines if a fixture is permanent or not due to damage to property if removed
method of attachment
a test of a fixture….. an information brochure given to potential buyers states that the item is excluded from the sale
intention
test of a fixture …. if the item is adapted or custom built to fit the property, it will be considered a fixture
adaption
test of fixture… and existing agreement between the parties.
agreement of the parties
Another name for personal property is
chattel
