Chapter 01 and 2 Flashcards
Land
Earths surface extending to the earths core ad upward to Infiniti
Real Estate
Land plus man made improvements
Real property
real estate plus the benefits and rights that go along with ownership
Bundle of legal rights
- Right of possession
- Right to control property within the framework of the law
- Right of enjoyment (in legal matter)
- Right of exclusion
- Right of disposition ( to sell, will, transfor)
Chattel
Personal property
Emblements
Annually cultivated crops
Severance
The process of turning real property into personal property
Annexation
The process of turning personal property into Real property
Types of Real Property
- Residential
- Commercial
- Industrial
- Agricultural
- Mixed use
- Special purpose
Factors that affect supply
- Labor force, construction, and material cost
- Government controls and financial policies
Factors that affect demand
- Population
- Demographics
- Employment wages and levels
Appurtenance
A right, privilege, or improvement belonging to and passing with ownership
Situs
Area preference
Physical Characteristics of Real Property
- Immobility
- Indestructibility
- Uniqueness ( nonhomogeneity)
Economic Characteristics of Real Property
- Scarcity
- Improvements
- Area Preference ( Situs)
- Permanence of Investment
Uniqueness. ( nonhomogeneity)
The concept that no two parcels exactly the same or in the same location
Accession
The process of acquiring trade fixtures by tenant leaving them after lease is up
Fixtures
Personal property that has been affixed so that it becomes part of the real property
Legal test of fixture
- Method of annexation
- Adaptation
- Agreement
Trade Fixtures
Fixtures installed by tenant for the purpose of bossiness
Must be removed without damage by the final day of the occupancy.
If not, they become property of the owner
