Property Flashcards
(47 cards)
Owner owns
The space beneath the surface to the center of the earth and the airspace above it
Minerals are real property until they are mined then they become
Personal property
Test of real property M.a.r.i.a
Method of attachment , adaptability, relationship of the parties, intention of the parties attaching it, agreement between the parties
Appurtenances
Is real property anything which runs with the land and does not need to be named in the deed. Like dwellings structures on the land easements stock in mutual water company water courses and steams
Riparian rights
The right of the land owner to the reasonable and appropriate use of flowing water from streams rivers or water course is touching the land
Littoral rights
The right of a land owner to the reasonable and appropriate use of standing water from the lake Lagoon Or ocean touching the land
Reliction
An increase in land by the permanent withdraw of a Sea or river
Accretion
The gradual increase of land from natural causes such as soil being deposited on the shore of river new land
Avulsion
The sudden tearing away of land by the action of water as compared to the erosion which occurs over centuries
Alluvium
Soil deposited by accretion
Personal property
Moveable
Bill of sale
This instrument passes title of personal property from the vendor Saturday to the Venti buyer that title II personal property cannot be determined by checking the public records
A valid bill of sale should contain
Name of buyer day description of property being sold signature of vendor it does not need to be notarized
Financial statements
A balance she and profit and loss statement I needed to determine the value of the business
Balance sheet
A statement showing the financial position of a business on a given date
Profit and loss statement
A statement indicating that gain or loss of the business during a specific period of time
Net income
A right at by figuring gross income revenue from the sale of goods or services and subtracting the expenses cost of goods and other expenses
Net profit
The difference between revenues and expenses it is the most important factor for the buyer to consider when buying a business
Ucc
Uniform commercial code this code is created a comprehensive’s game for regulating personal property transactions it’s purpose is to make uniform the commercial statues and Verious jurisdictions
Franchising
A marketing system under which a business firm franchisor sells a dealership to purchaser franchisee
Three categories of persons are authorized to sell franchises
Person named in the registered offering circular licensed real estate brokers or salesperson brokers dealers license with the Department of corporations
Alcoholic beverage control act
Administered by the alcoholic beverage control board abc
Subdivision map act map act of 1911
Purpose is to give city and County authorities typical of the planning commission control over the physical layout of the subdivision alignment of street sewers and drains
The housing and construction industry is regulated by
The local building codes state housing law contractors State license law
