Module 3.1: REAL PROPERTY Flashcards
From Module 3: Real Property
Real or Personal?
Which type has to have a recording system?
Real property
For personal property, agreement for sale must be in writing if value is over ___
$500
Commercial sales of ____ property are subject to federal and state laws
personal
____ property is governed by law of state in which it is located
real
Real property consists of:
- land,
- that which is ____ to land,
- that which is incidental or ____ to land, and
- that which is ____ by law.
affixed
appurtenant
immovable
Real property is the ____, ____, and ____ inherent in real estate ownership
- interests
- benefits
- rights
Basically real estate + legal rights associated with it.
Define
Appurtenance
something that is attached to the property and stays with the property in the event that the owner changes over time.
Define Easement
right held by one person to use the land of another for a specific purpose
Bundle of Rights
An owner of real property has a bundle of rights, including the right to possess, use, enjoy, encumber, will, sell, or do nothing at all with the property.
Two categories of attachments:
- Natural
- Man-made
Title
The right to or ownership of the land with the bundle of legal rights.
types of rights in real estate
- Subsurface
- Air
- Water
Chattel
Personal Property
Fixtures
Personal property that has been affixed to land or a building that by law it becomes real property
Emblements = ___ property
Personal
What are embelments
Crops that are cultivated annually
Trade fixture
A fixture used in the course of a business that is owned by the tenant
Chattel fixture aka ___ fixture
trade
trade fixture can become real property if
it isn’t removed at the end of a lease
How is personal property conveyed?
A bill of sale or receipt.
severance
Items of real property that can become personal property.
What are the 4 economic characteristics of real property?
- Scarcity
- Improvements
- Permanence of investment
- Location or area preference, or situs.
What are the physical characteristics of land?
- Immobility
- Indestructibility
- Uniqueness, non-homogeneity.
How do trade fixtures differ from other fixtures?
They are used in the course of a business.
What are the two characteristics of real estate?
Economic and Physical.
Accession
The means by which trade fixtures become the real property of the landlord
What are the legal tests of a fixture?
MARIA
- Method of annexation
- Adaptability of item to land’s use
- Relationship of parties
- Intention in placing item on the land
- Agreement of the parties
Riparian rights
Allow a property owner to use water from a water course such as a river, stream, or creek
Littoral rights
concern properties abutting an ocean, sea, or lake rather than a river or stream
____ rights are usually concerned with the use and enjoyment of the shore
____ rights have to do with water that is moving in a direction;
____ rights have to do with water that does not have a direction
Riparian
Littoral
normally immovable things that are ____ (for instance, by sale) may be treated as personal property even when they are still attached
severed
Growing crops may be considered ____ property
personal
“Every kind of property that is not ____ is personal”
real
Real estate:
- land
- attachments
Real Property:
- land
- attachments
- _____ rights
appurtenant
Real ____ refers to the physical land, structures, and other tangible items attached to the land, such as trees, crops, and rocks
estate
real _____ includes not only the physical manifestation of property, but also the benefits and rights inherent in ownership of real estate, such as the right to transfer, sell, or encumber the property; and to occupy or use the real estate in a variety of ways
property
Ex: Benefits and rights inherent in ownership of real estate right to transfer, sell, or encumber the property; and to occupy or use the real estate in a variety of ways
right to transfer, sell, or encumber the property;
right to occupy or use the real estate in a variety of ways
inherent rights and benefits of real property ownership are ___ from the real estate itself
distinct
T/F: rights and benefits may be transferred, sold, or encumbered separately from the land and structures themselves
True
Bundle of rights
refers to the combined rights, tangible and intangible, that are associated with ownership of real property
Ex _______
an owner might sell the subsurface rights to a mining company but still retain the remaining rights as an estate in real property
bundle of rights
Are an individual’s property rights absolute?
no
_____ rights must be balanced against the rights of other property owners as well as the health and safety of the general public.
property
T/F: Your use of your property can’t interfere with other people’s use or possession of their own property
True
T/F:
your right to use, possess, and dispose of your property is relative to the rights of your neighbors
True
T/F: If you own a property along a road, you can’t fence it in such a way that a landlocked property owner behind the fenced property has no access to the road.
True
Government restrictions (such as 1. ___ and 2. ___) limit what a person can do with his property, as do private restrictions (such as 3. ___ and 4. ___)
- zoning laws
- building codes
- conditions
- covenants
____ (tangible or intangible) property includes both real property and personal property
tangible
tangible property
Anything that can be touched
Real estate refers to the
physical land, structures, and other tangible items attached to the land, such as trees, crops, and rocks.
Real Property
includes not only the physical manifestation of property, but also the benefits and rights inherent in ownership of real estate, such as the right to transfer, sell, or encumber the property; and to occupy or use the real estate in a variety of ways.
bundle of rights refers to
the combined rights, tangible and intangible, that are associated with ownership of real property.
T/F: intangible property can be touched
False
intangible property = any property that cannot be physically touched
Quiz:
T/F: A houseboat is real property
False
*a boat is movable and therefore is personal property
Quiz: T/F:
Real estate is a broader category than real property
False
Real estate refers to physical land and structures attached to the land.
Real property also includes the rights inherent in ownership of
Quiz T/F:
The “bundle of rights” might include the right to sell the property and the right to mine for minerals
True
the “bundle of rights” includes all rights, tangible and intangible, that a person has in property
