Chapter 2 terms Flashcards
What is real property?
Has the physical characteristics of immobility, performance, and uniqueness.
Land, house, bundle of rights, crops and fixtures
Fixture
begins as personal property and becomes real property when attached to land improvements or land
Run with the Land
Rights in a real estate deed that remain with the land regardless of ownership
Appurtenance
any right or privilege that stays with the deed regardless of ownership (or runs with the land).
Subsurface, airspace, riparian, littoral rights (also easement rights)
Bundle of Rights
The right of possession, control, exclusion, enjoyment, disposition.
Total Circumstance Test
Intention, relation of the attatcher, method, adaption
improvement
anything of value that is added to REAL property; however, does not include repairs and replacements.2 types, private and public
hereditaments
any rights capable of being inherited
specific performance
the performance of a contractual duty as ordered, where if offered damages (money) would not be a sufficient remedy. (They have to hold up their end of the bargain essentially)
land use restrictions
two types: public (zoning) , private (HOA)
DEEPC (bundle of rights)
Disposition, Enjoyment, Exclusivity, Possession, Control
Fructus naturales( fruits of the soil)
growing things that do not require attention, aka real property
Fructus Industriales( fruits of the industry[labor])
growing things that require attention and labor to flourish aka EMBLEMENTS aka personal property
(potted plants, annual crops)
Emblements
the right of the tenant to re- enter property to harvest emblements after termination of tenancy.
when do ALL licenses expire?
June 30th
when do you have to have your genup + elective CE courses finished and submitted at the latest?
June 10th
when can you start your genup + elective CE courses?
July 1st
if a W-2 employee (not contract) works for an LLC buying and selling land for the LLC does the employee or the LLC(or both) need a realtors license? Can the employee advertise for the company?
The employee and the LLC do not need a license, the employee can advertise for the LLC but not with personal information. The employee also can ONLY help the LLC they are employed under
NREC does to brokers/realtors(when need be)
reprimand/censure, suspension, cancellation, revocation
Real Estate
Land+ man made improvements
Real Property?
Real estate+ interest, rights, benefits
title
proof of ownership
deed
transfers the title
the most important economic factor in real estate
Situs aka LOCATION LOCATION LOCATION
