Ownership

Question 1

Real property:

Answer 1

Real property includes the land and real estate. Real property is often coupled with the appurtenance. An appurtenance is the right or privilege associated with the property. ( anything stuck to the land is real property - take the land & turn it upside down …the house but not the refrigerator.)

Question 2

Appurtenance

Answer 2

is the right or privilege associated with the property.

Man-made appurtenances are items added to the land such as houses, fence, barns, swimming pools.

Natural appurtenances are natural to the land such as tree, creeks & streams.

Question 3

Can subsurface and airspace rights be sold separately?

Answer 3

Yes - air, gas, solar, mineral and surface can all be sold separately. Water rights include littoral, riparian, and prior appropriation

Rights in real estate can be sold separately or collectively.

Question 4

The Bundle of Rights includes:

Answer 4

Right of Possession, right to own
Right to Control the property (improve)
Right of Quiet Enjoyment
Right of Exclusion, keep others from entering or using the property.
Right of disposition: to sell, will, transfer, lease (demise-pass it on) or otherwise

Question 5

The Physical Land Characteristics

Answer 5

IIU
I - Immobility - Permanent and cannot be moved
I - Indestructibility - Land is durable and permanent
U - Uniqueness - No two parcels of land are exactly the same. aka: non-homogeneous (not the same)

Question 6

What does non-homogeneous mean?

Answer 6

Not the same.

Question 7

Fructus Naturales

Answer 7

Trees, perennial buses and grasses, apple trees, flowers, etc. are things that nature produces naturally and are considered real property. AKA - fructus naturales.
*Does not require annual planting or cultivation.

Question 8

A fixture:

Answer 8

A fixture is defined as something that was once personal, but has been installed, a fixed or attached. It then becomes real property. I.e.; a mailbox
We install a dishwasher. It was personal property when purchased, but now we have a fixed/attach it to the house, which makes it real property.

Question 9

Severance

Answer 9

To change real property and personal property is called severance.

Something that was attached but has been cut in there’s a longer attached so now his personal property again. I.e.; removing the dishwasher or chopping the tree down

Question 10

Personal property can be classified as tangible or intangible tangible include things that can be seen or touched. Intangible is the opposite usually represented by some type of document.

Answer 10

Tangible: cash, building, plant
Intangible: patent, stock, deed

Question 11

Chattels & Personalty = Personal Property

Answer 11

Is anything it is not real property, it is movable, it is not attach the land, it does not stay with the property after closing, sometimes transferred through a bill of sale.

Question 12

Emblements

Answer 12

Our annual crops that are labor to produce such as wheat, corn, barley and soybeans. AKA - Fructus Industriales and are considered to be personal property.

** however, as long as the annual crop is growing it is transferred as part of the real estate transaction.

Question 13

Trade fixture

Answer 13

A trade fixture is personal property and is defined as the property of the commercial tenant that is installed and is necessary for their type of business.
A trade fixture is personal property and can’t be removed by the tenant anytime before the end of the lease term.
If I trade fixture is not removed before the expiration of the lease, he becomes the property of the landlord at the end of the lease term.

Question 14

Determining if it is a fixture

Answer 14

M. Method of annexation; how was the Adam affixed to the property?(nails, bolts, concrete)
A. Adaptability; does it belong there? Or place for the occupants pleasure?( a furnace, a ceiling fan)
R. Relationship to the parties; buyer/seller? Tenant/landlord?
I. Intent of the parties; did we intend for it to remain there permanently?
A. Agreement; what was the agreement in the sales contract or lease

Question 15

Kelly leases store space to Kristie for a restaurant, and Kristie installs ovens, booths, counters, and other equipment. When with these items become real property?

Answer 15

They would become real property if Kristie does not remove them at lease expiration

Question 16

Government Influences

Answer 16

There are four categories of government interference in private ownership. No private property is exempt from this power of government.

1. Police Powers
2. Eminent Domain
3. Taxation
4. Escheat

Question 17

Police Powers

Answer 17

Planning / Zoning: A master or comprehensive plan is both a statement of policies in the presentation of how these will be implemented that has been adopted by the local government or another words a master plan is a guide to the long-term physical development of the land in a particular area. Plans are put into affect through zoning ordinances.

Zoning: zoning regulates and effects such things as use of land, lot sizes, types of structure permitted, building Heights, setbacks, and density.

Zoning Laws: Aaron acted in the exercise of police power and are upheld as long as they may reasonably protect the public health, safety, morals, and general welfare of an area. Counties /municipalities generally enact there own zoning ordinance pursuant to an enabling act of the state for industrial, residential and commercial specifics.

*** in a case where the grantors restrictions and covenants are more restrictive than the cities regulations, the more restrictive will govern

Question 18

Eminent Domain

Answer 18

“The right”
The governments right to take personal property for the public good and while providing compensation to the owner.
Pg 24

Question 19

Taxation

Answer 19

The right the government has to tax people on their property, to collect funds to pay for public services (fire, police, etc.)

Pg 25
Not all property is subject to real estate taxes
- property owned by local, state & fed gov
- municipal property such as parks and schools
- most property owned by religious & charitable organizations
- hospitals
- educational institutions

Question 20

Escheat

Answer 20

.

Question 21

Zoning law violations that render a title unmarketable fall under what power?

Answer 21

police powers

Question 22

A developer

Answer 22

is one who attempts to put land to its most profitable use through the construction of improvements such as commercial condominiums or subdivision projects

Question 23

A subdivider

Answer 23

is an owner whose land is divided into two or more lots and offered for disposition.

Question 24

PUD: Planned Unit Development

Answer 24

is a development where land is set aside for mixed use purposes, such as residential, commercial and public areas. (#16 plot of land).

Question 25

Buffer Zones

Answer 25

such as landscaped parks and playgrounds to separate and screen residential areas from non residential areas.

Question 26

Setbacks:

Answer 26

are requirements of how far from lot lines and building may be located. ( how far from a road or street)

Question 27

Non Conforming Use:

Answer 27

for old and existing structures:
An improvement that does not comply with the zoning ordinances because the property’s use existed prior to the adoption of the zoning laws. Some structures are grandfathered into the new zoning.

Question 28

A variance:

Answer 28

is an exception to the zoning the zoning law. (this allows you to “get permission” to break the rules.)

A non conforming use generally comes w/ requirements:

1. It is allowable for a certain period of time.
2. If the structure is destroyed, it may not be replace with the same non-conforming structure.
3. If the non-conforming use is abandoned, the owner may only use the property for purposes that conform to the zoning law.
4. The owner may make repairs but may not expand the structure.

Question 29

Condemnation

Answer 29

“The process”
Is the process by which private property is acquired through eminent domain.

When the owner and government cannot negotiate a reasonable voluntary acquisition of the property. The condemnation is called “the taking”

Question 30

Inverse Condemnation

Answer 30

Occurs when property owners feel a government action has significantly diminished the value of the property. The homeowner may force the government to purchase the home.
I.e.: building an airport nearby

Question 31

Page 25 in ownership

Answer 31

Read the example at he top of the page