Clusters Flashcards
How do you determine whether or not something is a fixture?
Method of attachment
Adaptability
Relationship of the parties
Intent
Agreement
MARIA-M
Method of attachment
MARIA-A
Adaptability / agreement
MARIA-R
Relationship of the parties
MARIA-I
Intent
What are the 3 Methods of annexation?
Close association
Adoption
Agreement
What is close association?
Conceptual linkage to real property (e.g. garage door opener remote)
What is agreement? (Annexation)
Parties agree contractually that personal property will remain
What is adoption? (Annexation)
Customization of personal property for use with real property (e.g. customized drapes for specialized windows)
What characteristics separate land from personal property?
Indestructibility
Immobility
Non-homogeneity
What is Non-homogeneity?
Every piece of land is unique
What natural factors affect the physical characteristics of land?
Accession
Accretion
Erosion
Reliction
Avulsion
What is accession?
The right to all that your property produces—usually referring to crops
What is accretion?
Process that results in gradual increase in land area through soil deposits by natural forces
What is reliction?
Gradual increase in land area when water gradually withdraws
Avulsion
Sudden loss of land by flood or when a stream or river changes course. Avulsion is caused by water.
What are land’s 5 economic characteristics?
Scarcity
Situs
Modification
Fixity
Illiquidity
Situs
Economic significance of a property’s location
Modification
Value of land can be affected by human-made changes, such as construction of a park
Fixity
Real estate is in a fixed location and cannot be moved
Illiquidity
Relative difficulty of converting an asset to cash without loss of value (it’s hard to get market price if you have to sell a house in one day)
What are the 5 appurtenances?
Air rights
Surface rights
Subsurface rights
Supporting rights
Water rights (riparian, littoral, percolating)
What are the 3 water rights?
Riparian
Littoral
Percolating
What are the 3 types of co-ownership in TN?
Tenancy in common
Joint tenancy
Tenancy by the entirety
What are the four unities to identify co-ownership?
Unity of Possession
Unity of Interest
Unity of Time
Unity of Title
What 3 things do tenants in common have?
Undivided interest in the property
Right of inheritance, not survivorship
Ability to own unequal shares of the property
