Chapter 1 Flashcards
Real property
defined as the land, everything that is permanently attached to the land, and everything that is appurtenant to (or goes with) the land.
The interests, benefits, and “bundle of rights” that are automatically included in the ownership of land and real estate
Personal property
Considered to be all property that does not fit the definition of real property.
Primary characteristic is movability.
AKA chattels, include such tangibles as furniture, clothing , money, bonds and bank accounts.
Chattel
Is an item of movable personal property.
An article owned by a tenant and attached to a rented space or building for use in conducting a business; also known as a chattel fixture.
How is land defined?
Defined as the earths surface extending downward to the center of the earth and upward to infinity, including things permanently attached by nature, such as trees and water
What does land include?
Minerals and substances below the earths surface together with the airspace above the land up to infinity.
Surface, subsurface and airspace can be owned separately as surface rights , subsurface rights, and air rights and can be severed by a separate conveyance.
Parcel
A specific tract of land
How is the term real estate broader than the term land?
Includes not only physical components of the land provided by nature but also all human made permanent improvements on and to the land.
When is land considered improved?
When streets, utilities, sewers and other improvements are brought to the land, making the land suitable for building.
Define real property
The land itself, the improvements thereon and the interests, benefits and rights inherent in the ownership of real estate
Interests, benefits and “bundle of rights “ automatically included in the ownership of land and real estate.
Land, tenements and hereditaments
This expression describes all the rights capable of being owned and enjoyed.
In the context of this expression, land is the soil and everything natural under it and attached to it, and the air above it.
Tenements
Are any structures attached to the land
Hereditaments
Any interests in real estate capable of being inherited
Provisional broker
a Real Estate Broker who, pending acquisition and documentation to the Commission of prescribed education or experience, MUST BE supervised by a broker-in- charge when performing ANY ACT for a which a real estate license is required.
Broker in Charge
Real Estate Broker who has been designated as the broker having responsibility for the supervision of PBs engaged in brokerage activities at a particular office and for other admin/supervisory duties as prescribed by rule.
Working with real estate agents
In every real estate transaction, a broker shall, at “first substantial contact” directly with a prospective buyer or seller, provide consumer with a copy of the publication “Working with Real Estate Agents” with licensee name and license number, review the publication with consumer, and determine & agree to the form of agency in which to work with consumer.
