Introduction Chaper 1 Flashcards
Feudal system VS Allodial System of land ownership.
Feudal =King owns, Allodial=Private ownership.
What are the 5 major real estate services
brokerage-(Buying/selling) appraisal- CMA (Home value) property management finance property development
What are the rights of ownership?
- Possession-
- Use
- Encumbrance-borrow money against property.
- Exclusion-bar others from premise
- Transfer-pass title
Real Property VS Personal Property
Real Property-Includes the earth’s surface, the air above and the ground below, plus permanent physical attachments, such as buildings, tenements, and fences.
(Can be corporal or incorporeal)
Personal Property-Also called ‘Chattel” and “personality” It is different in that it is movable and includes tangible and intangible objects.
tangible-bed, chair
intangible-copyrights, patents, trademarks, relationships.
Fixture
Those items of personal property that are affixed to real property.
The legal test determining what is or is not a fixture go by the acronym MARIA.
M- Method of attachment- How permanent is the fixture. Is it secured by nails, screws, or clamps.
A- Agreement- Is the agreement between the parties on the fixture oral or written? Real property agreements must be written.
R- Relationship- What is the relation of the fixture to the parties? Is it needed for health or welfare? Are the parties sellers, renters, or buyers?
Intent- What is the intent of the “annexors?” Meaning the persons who installed the fixture.
Adaptability- How does the fixture fit into the property? What is its purpose?
Trade fixture
Are personal property and can be removed by departing tenants as long as they do it before the lease expires. Includes: Bookshelves, partitions,
Tenements
Building, improvements, fixtures
What 3 things make up Corporeal Real Property
- Land
- Tenements
- Natural Fruits
Incorporeal
Rights and relationships, cant touch it. Easements and right of ways, hereditaments- any property that can be inherited.
The physical characteristics of real property are:
1) Immobile
2) Indestructible
3) Non-homogeneous
4) Law of Situs
Real Properties economic characteristics include
1) Scarcity
2) Modification
3) Fixity
4) Situs
The title transfer of personal property, contrary to real property requires________ rather than a deed?
Bill of Sale
Ways to transfer a title (via deed)
1) voluntary-choice
2) Involuntary- foreclosure, Immanent Domain, Adverse possession.
3) Testate- Someone died with a will
4) Intestate succession-without a will-Estate distributed with laws.
Government retains 4 basic rights over property, which is in reality vestiges of the feudal system.
PETE
1) Police Power- The right to regulate or limit, and confiscate property temporarily under emergency situations: Both state and federal.
2) Eminent Domain-Right to take private property for public use. State and Federal
3) Taxation- The right to tax private property for the costs of governments and area improvements- only applies to state and local.
4) Escheat- The right to take back property if the owner dies without a will or heirs, or if abandoned. Applies to state and county.
Zoning
Regulation of structures and uses of property within districts and zones. Government control and largest police power.
Zoning is enforced with
building permits- require to follow zoning rules
violations in zoning can result in
penalties- such as the title being rendered unmarketable.
Variance
Rezoning of a single parcel
Spot Zoning
Type of variance- exception to the rule.
Different types of land use zoning categories.
1) residential (R)
2) agricultural (A)
3) planned area development (PAD)
4) commercial (C)
5) industrial (I)
Codes are enforced through;
1) Building permits
2) Certificates of occupancy
3) Inspections
Taxation of real estate is the jurisdiction of?
State and local governments.
Real estate taxes are used for?
Education, welfare, highways, and public needs.
