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Realtor Vocabulary > Chapter 1 > Flashcards

Chapter 1 Flashcards

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1
Q

Fuedal System

A

System where the King owned ALL the land.

When tenant subjects died their land reverted back to the king.

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2
Q

Magna Carta

A

Signed by King John in 1215 - signature was forced by his Fuedal lords.

Land could now be inherited, but only by the nobility.

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3
Q

Allodial System

A

Evolved from the signing of the Magna Carta…allowing common people to be able to inherit land.

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4
Q

Bundle of Rights

A 
Comes with the Allodial System and include the following;
Disposition-sell
Exclusion-stop others
Enjoyment-freedom to use
Possession-physically occupy
Control-alter or change the property
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5
Q

Owner

A

They have secured the entire Bundle of Rights

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6
Q

Trespass

A

A physical invasion of land by another person who has no rights to enter it.

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7
Q

Encroachment

A

Legal synonym for trespass but it refers to objects. An unauthorized, physical intrusion of one owner’s real property onto that of another.

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8
Q

Nuisance

A

Involves interference with the quiet enjoyment of the land from the outside. (example; smells, noise..etc)

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9
Q

Land

A

Legally considered to include the surface of the earth, the subsurface to the center of the earth, and the atmosphere above the land within reasonable limits (to permit air commercial air travel)

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10
Q

Real Estate

A

Include the actual physical land as well as all of the attachments, which are the items and property attached to the land.

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11
Q

Real Property

A

Refers to the land, the attachments (real estate), plus the legal interests, rights, privileges, associated with ownership (bundle of rights).

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12
Q

Corporeal

A

Physical or tangible real property

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13
Q

Incorporeal

A

Non-physical attachments, such as hereditaments (rights of inheritance), rights-of-way, etc

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14
Q

Owner of Real Property has…

A

rights to the surface of the land within property’s boundaries, plus everything under or above the surface.

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15
Q

Appurtenances

A

Rights that go along with real property or ‘run with the land’.

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16
Q

Realty

A

Also called Real Property - is land and everything intended to remain with it

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17
Q

Personalty

A

A.K.A. Chattel or Personal Property - any property that is movable and not intended to remain with the land. (beds, tables, chairs, patents, trademarks etc)

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18
Q

Bill of sale is for

A

The transfer of personal property (personalty)

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19
Q

Deed is for

A

the transfer of real property (realty)

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20
Q

Natural Attachments

A

AKA Fructus Naturales
Are plants growing on the land, whether naturally occurring or planted.
Considered Real Property while in the ground and Personal Property when removed.

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21
Q

Emblements

A

AKA Fructus Industriales
Meaning fruits of industry - the proper term for crops and other vegetation that are cultivated annually/seasonally that are planted with the intention of selling/making money.

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22
Q

Doctrine of Emblements

A

Allows a tenant farmer to re-enter the land to harvest crops that were planted by the tenant farmer but that mature after the tenant’s departure.

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23
Q

Fixture

A

Man-made attachment
an item of personal property that may/may not be attached to real property, but is closely associated with real property in such a way that it has, and is intended to, become part of the real property.

24
Q

Improvement

A

A major fixture that significantly increases the value of the property

25
Q

Annexation

A

Is the legal term for attaching or affixing personal property to real property.

26
Q

Severance

A

The process of detaching fixtures from the ‘land’ which causes them to revert back to personal property. (example; when a chandelier is removed from the ceiling)

27
Q

M.A.R.I.A.

A 
Acronym for the legal tests to determine what is or is not a fixture.
M - method of attachment
A - agreement
R - Relationship
I - Intent
A - Adaptability

COST is NEVER a factor.

28
Q

MARIA - Method of Attachment

A

How permanent is the fixture?

29
Q

MARIA - Agreement

A

Is the agreement between the parties on the fixture oral or written? Real Property agreements must be written.

30
Q

MARIA - Relationship

A

What is the relationship of the fixture to the parties? Is it needed for health and welfare of the owner? Is the party a seller, a renter, or a buyer?

31
Q

MARIA - Intent

A

What is the intent of the annexor (person who installed the fixture)?

32
Q

MARIA - Adaptability

A

How does the fixture fit into the property? What is its purpose?

33
Q

Trade Fixture

A

AKA Business fixtures, are considered personal property. (used to conduct business)These items are owned by the tenant and can be removed by departing tenants, as long as they do so BEFORE the lease expires.

34
Q

Physical Characteristics of Real Property

A 
These characteristics are NOT present as a group in personal property; only real estate has this combination of attributes.
Immobility
Indestructibility
Non-Homogeneity
Situs
35
Q

Physical Characteristics of Real Property - Immobility

A

Refers to the fact that geographic location of any given parcel of real estate itself cannot move from one place to another.

36
Q

Physical Characteristics of Real Property - Indestructibility

A

Refers to the fact that real estate cannot be destroyed.

37
Q

Physical Characteristics of Real Property - Non-homogeneity

A

No two parcels of land are exactly the same; this is AKA uniqueness.

38
Q

Physical Characteristics of Real Property - Situs

A

Refers to location - the exact physical position of a piece of real estate and is considered the SINGLE MOST IMPORTANT CHARACTERISTIC OF LAND

39
Q

Economic Characteristics of Real Property

A

Scarcity - This is the perceived supply of something relative to the demand of it. There is a limited and finite supply of real estate.

Modification - While land itself is immobile, improvements on the property can be constructed or removed as needed to meet the needs of the property owner.

Fixity - Real property is considered to be a frozen or illiquid asset because it’s not as easy to convert it to cash as quickly as personal property.

40
Q

Property rights that go with ownership of real property are referred to as the….

A

Bundle of Rights

41
Q

Surface of the earth, below to the center, and above, with all natural things is…

A

Real Estate or Land

42
Q

Land plus man-made attachments is….

A

Realty (Real Estate)

43
Q

Real estate, plus ownership rights is…

A

Real Property

44
Q

Personal Property in conveyed with a documents called a….

A

Bill of Sale

45
Q

Naturally growing plants are considered…

A

Real Property

46
Q

Emblements are considered….

A

Personal Property

47
Q

An item which was once personal property but is not real property is a…..

A

Fixture or Attachment or Appurtenance

48
Q

Ownership of trade fixtures depend on…

A

intent

49
Q

What is not a factor when determining if an item is a fixture?

A

Cost

50
Q

People’s preference for a certain area is called….

A

Situs

51
Q

The document used to transfer real property is a….

A

Deed

52
Q

What are the five tests of a fixture?

A 
Method of Attachment
Agreement
Relationship
Intent
Adaptability
53
Q

Government Authority - PETE

A

Police Power
Eminent Domain
Taxation
Escheat

54
Q

Police Power

A

A constitutional power of federal, state, and local governments to enact and enforce laws that protect the public’s health, safety, morals, and general welfare. Which include; authority to regulate or limit land use and to confiscate property temporarily under emergency situations.

55
Q

Eminent Domain

A

Government right to take private property for public use, with just compensation for the owner. If necessary the government can file a court suit condemning property it wants.

56
Q

Taxation

A

Government entities have the right of government to tax property to pay for the costs of government and area improvements. Only for State and Local governments.

57
Q

Escheat

A

The is the right to take back property if the owner dies with a will (intestate) or qualified heirs, or if the property is abandoned. Applied to State and County - NOT federal Government.

Realtor Vocabulary (4 decks)

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