Chattel - Personal Property Flashcards
What is personal property?
It is movable property that is not attached to the land.
How is personal property transferred?
It can be transferred by a bill of sale.
What is intangible personal property?
Rights and relationships, such as copyright, patents and trademarks.
What is tangible personal property?
Objects such as potted plants, furniture, automobiles. Documents can be personal property, such as a lease or contract.
What is a chattel real?
It is personal property with less than freehold interest in real property, such as a lease.
What is an emblement?
It is personal property, such as annual crops grown/produced on the land.
What are trade fixtures?
It’s personal property of a business tenant and includes things like store, shelves, countertops, etc.
Can emblements (crops) be harvested p after the farmers lease has expired?
Yes one time.
Can trade fixtures be removed by a departing business tenant after the lease expires
No. Unlike crops (emblements), trade fixtures must be removed before the lease expires.
What is a deed?
It is the written document used to convey an ownership interest in real property from the grantor (seller) to the grantee (purchaser)
What is erosion?
The gradual wearing way of soil of the land.
What is Avulsien?
The sudden separation of land due to a natural cause.
What is accretion?
The increase of land due to natural causes.
What are the physical characteristics of land? There are three.
- a fixed location
2 Heterogeneity - no two parcels are the same; and - indestructible
What are the four economic characteristics of land?
- scarcity-(limited amount)
- Modification (it can be modified/improved to increase value)
- Fixity
- Situs (location)
What are appurtenances?
Writes and improvements attached to the land that transfer with the land unless reserved or excepted on the deed.
Name the two types of Appurtenaces
- Corporal real estate
- Incorporeal rights, relationships, privileges
What are Corporeal Real Estate Appurtenances?
Improvements, such as buildings, fences, trees, sidewalks, plants
What are examples of Incorporeal Appurtenances?
Mineral rights, such as oil, gas and coal rights, air, rights, riparian, rights, easements, the right to transfer ownership to heirs (hereditament)
What are the bundle of rights that are also Incorporeal Appurtenances?
Disposition, exclusion, enjoyment, possession, control.
What does DEEPC stand for when naming the bundle of rights you get with Incorporeal Appurtenances?
- Disposition - the right to xfer
- Exclusion - the right to stop others from entering/using
- Enjoyment - right to use land freely
- Possession - the right to physically occupy
- Control - the right to physically alter or change the property
What is the fixture?
A fixture is an item that was once personal property, but became permanently attached to real property and is now part of the real property.
What is the legal test to determine if an item of personal property has now become a fixture? Hint the acronym is MARIA.
M - Method of attachment
A - agreement of the parties
R - relationship to the parties
I - the intent of the annexor
A - adaptation – what is the item’s purpose?
What is conversion?
It is the process of changing real property to personal property or personal property to real property.
What is severance?
Converting real property to personal property by detaching it (severing) from the land
What is annexation?
Converting personal property to real property by attaching it to the land.
When is a mobile home considered real property in the state of Arizona?
It becomes real property, if it is legally fixed by surrendering the title and recording an affidavit of Affixture.
Must a real estate licensee list and sell new or used unfixed mobile or manufactured homes?
No, they may do so, but it’s optional.
What document causes a mobile home to be taxed as real estate in the state of Arizona?
An affidavit of affixture. Otherwise a mobile home that is not attached to the land is simply a vehicle, has a vehicle title, and therefore is personal property.
What are the four government powers which impose limitations on ownership of real property?
Police power, eminent domain, taxation, and escheat. PETE.
What is PETE the four government powers?
Police power, eminent domain, taxation, and escheat.
What is police power?
The right to enact and enforce laws for the health, safety and welfare of the public and do not impose compensation (payment) by the government to the land owner
What is eminent domain?
The right to take ownership of private property for public use, but government must pay “just compensation” (fair price).
What is condemnation?
It is the name of the legal process of taking property through eminent domain.
Before the government can take your property by eminent domain in the state of Arizona, what must the government do before beginning/ filing a court action for condemnation?
20 days before filing a court action the government must:
1. Give the landowner a written offer to purchase for a fair price “just compensation”
2. provide the landowner with an appraisal to support the fair price offered by the government.
What is Escheat?
It is the reversion of property back to the state due to the owner of the property dying without a will, and with no known heirs.
When the government takes property due to escheat, how many years do heirs have to claim the proceeds from the government sale of that property?
7 years.
What is a dedication of land?
It is the transfer of privately owned land to the public with the intent. The land will be used for public purposes. The government does not pay for the land.
