Morgan's (I-A, B) Flashcards
Synonyms for real property
Realty, real estate
___ is land along with its improvements, things attached to it, and the benefits, rights, and interests included in its ownership.
Real estate
What is the definition of land?
Earth’s surfaces, subsurface to the center of the earth, the space overhead, and the rights to each.
___ are additions to the property that increase its value or enhance its appearance and may include attached property.
Improvements
___ is the legal term for property deterioration, abuse, or destruction.
Waste
Synonyms for personal property
Personalty, chattel
___ is generally considered anything that is unattached and moveable; it also includes intangible assets (bank accounts, stocks, etc.)
Personal property
___ are once-moveable items that have been attached to real property.
Fixtures
Built-in bookshelves and garages are examples of ___.
Improvements
Rugs, chairs, and couches are examples of ___.
Personal property
Lights, coats hooks, and ceiling fangs are examples of ___.
Fixtures
Fixtures used by a business tenant that are generally considered the tenant’s removable personal property
Trade fixtures
The term for how, by attachment, something that was formerly personal property becomes real property
Annexation
Synonym for annexation?
Accession
Accession is a synonym for annexation, but it also includes additions to property from ___.
Natural causes
What is the process of separating a fixture from the real property, thereby changing it from real to personal property?
Severance
Display cases or supermarket freezers are examples of a ___.
Trade fixture
List the four elements considered in legal tests for a fixture.
- Intention (of the person who attached the item to make it permanent)
- Method of attachment (annexation)
- Adaptation of the item to the use of the property
- Relationship and general understanding between parties
___ are those things that “belong” to something else, generally by attachment; generally include any number of rights that “run with the land.”
Appurtenances
Gardens and water tanks are examples of ___.
Appurtenances
___ are crops that a tenant generally owns as personal property and may return to harvest even after a lease expires.
Emblements
List 5 broad categories identifying the most common rights in land.
- Surface
- Subsurface
- Mineral
- Air
- Water
List 3 commonly recognized physical characteristics of land.
- Immobility
- Permanence (indestructibility)
- Uniqueness
List 4 commonly recognized economic characteristics of land.
- Scarcity
- Improvements
- Permanence of investment
- Area preference
___ may be legal descriptions (metes an bounds, lot and block, rectangular survey) or less formal (street address).
Property descriptions
While street addresses will suffice to identify properties on listing agreements, ___ is required for a deed to be valid
A full legal description
___ is the widely used system of property description that “walks” the property boundaries by first identifying a physical point of beginning (POB) and then describing the distance and directions along the property line.
Metes and bounds
___ is any number of landmarks that provides a stable point of reference for surveys.
Monument
Lot and block (aka lot, block, and tract) system of property description is generally used for ___.
Subdivisions
Synonyms for “lot and block”
Lot, block, and tract system
Recorded plat system
What do plat and assessor’s maps show?
The specific dimensions of each lot, the access roads, and easements
Synonyms for government rectangular survey?
Rectangular survey
Rectangular
Vertical land descriptions are necessary for defining what type of rights?
Air rights
