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Real Eastate > Property and Property Rights > Flashcards

Property and Property Rights Flashcards

1
Q

Ad Valorem Tax

A

A tax “ according to valuation’. Property taxes are based on the value of the property being taxed.

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2
Q

Annexation

A

The process of changing personal property to real estate

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3
Q

Board of Appeals

A

Local city or town committee that rules on matters of variances

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4
Q

Building Code

A

A set of rules established by state or municipal government to regulate standards in the construction trades.

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5
Q

Bundle of Rights

A

A concept used to describe all of the rights that an owner has in the property’s owned.

  1. Control
  2. Possession
  3. Enjoyment
  4. Disposition
  5. Exclusion
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6
Q

Chattel

A

An article of tangible personal property.

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7
Q

Chattel Personal

A 
A Chattel (item of personal property) that is movable. 
Example: Furniture - a table
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8
Q

Chattel Real

A 
A chattel ( item of personal property) that is associated wit a piece of real estate. 
Example: a lease.
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9
Q

Corporeal

A

Interest in property that is tangible such as buildings or trees as opposed to intangible such as an easement

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10
Q

Emblements

A

Growing crops that are produced annually through labor and industry. Considered personal property even before harvest. Also known as FRUCTUS INDUSTRIALES.

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11
Q

Eminent Domain

A

The right or government ( Federal, State or Municipal ) to take title to private property for the common good; through a process known as CONDEMNATION

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12
Q

Escheat

A

Process by which property reverts to the state when no will or heirs exist or when the property is abandoned

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13
Q

Fixture

A

An article of personal property that has become real property by being attached to the realty.

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14
Q

Heterogeneity

A

Physical characteristic of being. Used in reference to real property. There is no exact duplicate ( also known as Non-homogeneity

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15
Q

Improvements

A

Additions to real property that are intended to increase value ( more then maintenance or repairs )

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16
Q

Incorporeal

A

Intangible or non-possessory rights in real estate. No physical substance. Ex: right of way

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17
Q

Intangible

A

Having no physical or material being. Example right of way

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18
Q

Intestate

A

Property owner dies without a Will or with a will that is defective. Property changes ownership through the state laws of decent.

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19
Q

Location

A

Economic characteristic of real property that value is affected by what exact site real property occupies including abutters, neighbors and zoning.

20
Q

Long Term Investment

A

Economic characteristic of real property that indicates real property will last along time, more than a mortgage , often more than a lifetime as opposed to a short time - stocks , bonds etc.

21
Q

Mineral Rights

A

Subsurface rights to real property. May be granted separately from surface rights as in rights to oil, gas, mineral etc.

22
Q

Personal Property

A

All property that is not real property. ( An article that is moveable and not attached to the realty) also called PERSONALTY

23
Q

Police Power

A

The right of government to enforce laws, statues and regulations for the public welfare. Includes building codes and zoning ordinances

24
Q

Possession Rights

A

The right to occupy real property. Often granted separately from other rights as in the case of a lease.

25
Q

Air Rights

A

The right to the space above a piece of property

26
Q

Property

A

The rights and interest ( known as the bundle of rights ) that an individual has in a thing that is owned. May be real or personal.

27
Q

Real Estate

A

Land and whatever is attached to the land. Also known as Real Property or Realty

28
Q

Scarcity

A

An appraisal principle that a reduction in the availability or supply of good will increases its value

29
Q

Severance

A

The process of changing real property to PERSONALTY

31
Q

Situs

A

Refers to characteristic of location. See location.

32
Q

Subsurface Rights

A

Rights to real property that are beneath the surface including mineral rights, water rights and easements such as underground utilities

33
Q

Surface Rights

A

Rights to real property on the surface of the property ( not including rights above ( air right ) or rights below, ( mineral and other subsurface right )

34
Q

Tangible

A

Having physical or material being such as height, width, mass, weigh. ( as oppressed to intangible such as an easement )

35
Q

Taxation

A

The right of government to levy charges on a piece of property. One of the government limits to rights of ownership.

36
Q

Trade Fixture

A

A fixture attached to real property as a part of a tenants trade or business. Can be removed by the tenant at the end of the lease.

37
Q

Fixture Determination

A
  1. The intent or the parties
  2. The method of annexation
  3. The agreement of the parties
38
Q

Fixture Determination

A
  1. The intent of parties
  2. The method of annexation
  3. The agreement of the parties
39
Q

Physical Characteristic of Real Property

A
  1. Land is immobile
  2. Land is indestructible
  3. Land is unique.
40
Q

Economic Characteristic of Real Property

A
  1. Scarcity
  2. Improvements.
  3. Long-term Investment
  4. Location ( Situs )
41
Q

Limits to Property Right

A
  1. Rights of others

2. Government Rights

42
Q

Right of Other People

A

Quiet Enjoyment

43
Q

Government Limits to Rights

A
  1. Eminent Domain
  2. Police Power
  3. Taxation
  4. Escheat
44
Q

Police Power

A
  1. Zoning Ordinances

2. Building Codes

45
Q

Variance

A

Permission to build, convert or otherwise use a parcel of property in violation of the zoning ordinances.

46
Q

Zoning

A

An exercise of police power whereby a city or town limits property rights by determining what can be built within certain sections of a municipality.

Real Eastate (21 decks)

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