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Real Estate Principles - JM > Principles - Chapter 2 Ownership of Real Property > Flashcards

Principles - Chapter 2 Ownership of Real Property Flashcards

1
Q

Ownership

A

Right to own
Exclude
right to possess and use property to the exclusion of others

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2
Q

Real Property

A

Immoveable

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3
Q

4 Elements of Real Property

A

Land
anything attached to the land
incidental to land
immovable by law

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4
Q

Land is…

A

earth, water and air

includes: surface of earth, sky above and everything to the center of the earth

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5
Q

4 rights of land

A

mineral
lateral
air
riparian/water

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6
Q

Mineral rights

A

on and below land

drill for oil and gas

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7
Q

Can mineral rights become personal property

A

Yes, once extracted from land

ex: drill for oil

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8
Q

Lateral

A

support of land (swimming pool/retaining wall)

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9
Q

Airspace

A

can’t build balcony over property line

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10
Q

Water - ripparian

A

water on, under or adjacent

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11
Q

Water - littoral

A

borders lakes oceans

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12
Q

Accretion

A

addition of sediment to shore by flowing water

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13
Q

Land that results from Accetion

A

Alluvium

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14
Q

Addition of Land by removal of Water

A

Reliction

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15
Q

Emblements

A

crops for production - personal property not real property

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16
Q

Fixtures

A

personal property attached to land MARIA

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17
Q

MARIA

A 
M ethod of attachment
A daptability for ordinary use
R elationship of parties
I ntention of owner
A greement of parties
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18
Q

Method

A

fixture is attached by nails, cement, screws, glue

can’t be removed without causing damage

19
Q

Adaptibility

A

ex: blinds made for windows

20
Q

Relationship

A

buyer prevails-should receive benefit of everything necessary for enjoyment of land

21
Q

Intention

A

attached bookshelf, TV built into wall

22
Q

Agreement

A

shed disclosed as not a fixture would be upheld

23
Q

Trade Fixtures

A

Dental Chair - is personal property

24
Q

Good Faith Improvers

A

Improvements made to property - can be personal property by must pay for any damage caused

25
Q

Appurtenant

A

Belonging to

Ex: easement

26
Q

Bundle of Rights

A

Possess, Use, Encumber, Dispose, Exclude

27
Q

Severable

A

Separate one right from another

28
Q

Divisible

A

Division of rights among several owners

29
Q

Physical Characteristics of Land

A

Permanence - permanent
Immobility-geographic location is fixed
Non-homogeneous-unique

30
Q

Economic Characteristics of Land

A

Scarcity-supply will not increase
Modification-airport builing effect
Fixity of Location-fixed investment
Situs-area preference

31
Q

Personal Property

A

movable

everything not real property

32
Q

Choses in Action

A

intangible personal property

Ex: stock certificate

33
Q

Choses in Possession

A

furniture cars

34
Q

Business Entity

A 
Sole proprietorship
general partnership
limited partnership
joint venture
Corporations
Trust
Real Estate Investment Trusts (REITS)
35
Q

Sole Prorietorship

A

1 owner
liable for dept
most common

36
Q

General Partnership

A

2 or more for profit
partners have unlimited liability for debt
tax paid by individual partners on income from partnership

37
Q

Limited Partnerships

A

One owner runs busines and is liable for debt

Other partners liable for only amount invested

38
Q

Joint Ventures

A

business for single project

all liable for debts

39
Q

Corporations

A

corporation liable for debt

shareholders taxed on dividends/distributions

40
Q

Trusts

A

3 parties: trustor, trustee and beneficiary

property held by one party for benefit to another

41
Q

Trustor

A

Gives or conveys

42
Q

Trustee

A

holds for beneficiary (may be an individual, institution or corp)

43
Q

Beneficiary

A

Receives. May be individual, institution or corporation

44
Q

REITS (Real Estate Investment Trusts)

A 
specific trust for real estate
Investors buys shares and trustee invests money in real estate or mortgages
Equity trust invest in real estate
Mortgage trust invest in mortgages
must disperse 95% ordinary income

Real Estate Principles - JM (11 decks)

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