OWNERSHIP: SECTIONS 1-3 Flashcards
What is the definition of “Deed”
A piece of paper that transfers rights from seller to buyer at closing.
What is the definition of “Title”
The intangible rights a person has to a property. To use, enjoy, etc.
What are the three ways to transfer real estate:
1) Sell
2) Will
3) Steal
Name three conditions that would have rights in someone else’s property.
1) Taxation
2) Mortgage
3) Easement
What is the definition of “Land”
Spot on the earth that goes down to the center and up to infinity. Mineral rights and air rights possible.
Name three physical characteristics of “Land”
1) immovable
2) indestructible
3) unique
Name three economic characteristics of “Land”
1) Situs (location) location location location
2) Scarcity
3) Improvable: It can be developed
Define “Scarcity”
Land is scarce and that is what makes it valuable
Define “Real Estate”
Land + All Appurtenances
Define “Appurtenances”
The right, privilege or improvement permanently attached to the land
Name 5 Examples of “Appurtenances”
1) Natural: trees, streams
2) Man-Made: House, buildings, etc.
3) Mineral Rights: Unless noted otherwise
4) Air Rights: Part of real estate
5) Water Rights: Part of real estate
Define “ Personal Property”
Anything that is not Real Property
Name 3 Characteristics of “Personal Property”
1) Easily Moveable: chairs, desks, cameras
2) Chattel: another word for personal property
3) Bill of Sale: instrument used to transfer personal property
Can real estate ever become personal property? Or can personal property ever become real estate?
Yes
Define “Severance”
Going from real estate to personal property, example cutting down a tree. A tree is a natural appurtenance.
Define “Fixture”
Considered real estate. Going from personal property to real property; item once personal property but is now attached. Example: ceiling fan, kitchen cabinets, etc.
Name 3 Tests For Determining Real property or personal property
1) Method: method of attachment
2) Intention: what was the intention
3) Adaptation: adaption of the article: can items be used elsewhere. Example; mirror-yes, rug-yes, carpeting-no, usually cut for existing property
What does “MIA” stand for?
1) method
2) intention
3) adaptation
Define “Trade Fixtures”
Personal Property: items installed by commercial tenant for business use: display cases, countertops, etc.
Name 3 conditions for “Trade Fixtures”
1) tenant can take item at end of lease
2) if not taken, item has been abandoned and belongs to landlord
3) tenant can take item even if it damages space as long as tenant repairs
Define “Emblements”
CROPS
Define how “Emblements” are used in a Real Estate Contract
Planting and growing crops in a field allows seller to come back and harvest. Whoever plants it gets to harvest it. One time only. Considered personal property.
