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Real Estate Property Ownership > Property Law > Flashcards

Property Law Flashcards

1
Q

Classes of Property

A

Personal and Real Property

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2
Q

Personal Property

A

property that is generally movable and unattached to land

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3
Q

tangible

A

visible items such as cars, boats, animals ect.

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4
Q

intangible

A

items that don’t have physical presence such as stocks, bonds, mortgages

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5
Q

Special types of personal property

A

trade fixtures or fructus industrales

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6
Q

Trade fixture

A

Articles of tangible personal property that are necessary to a tenants trade or business. If it becomes firmly affixed to the real estate it remains personal property of the tenant. (the ability to remove can be limited)

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7
Q

Limitations on Trade Fixtures

A
  • the ability to remove
  • determined by what is agreed
  • can become landlords property if not removed as agreed.
  • tenant is responsible for any damages caused by installing or removing the fixture
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8
Q

Fructus Industriales (emblements)

A

personal property that is growing crops

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9
Q

Emblements

A

profits for growing crops sown

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10
Q

Special rules for farmers

A

Right to move crops after expiration of a lease

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11
Q

Rights in personal property

A

Intellectual property, business reputation, leases, partnership interest

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12
Q

Real Property/Real Estate/Land

A

Surface of the Earth and the space above and below it
It is not movable including all natural items like trees, water, and crops. Also any improvements or fixtures such as infrastructure, developments and houses

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13
Q

Types of Real Property

A

Fixtures and Fructus Naturales

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14
Q

Fructus Naturales

A

Permanent plantings (perennials)

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15
Q

Fixtures

A

Items that were once moveable (personal property) that has become affixed to real estate.

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16
Q

severance

A

The act of removing a fixture

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17
Q

For part test to determine if a fixture can be severed (removed).

A
  1. Method of Attachment
  2. Adaptation
  3. Agreement (written is the best way to avoid dispute)
  4. Relationship of the parties (residential renters are less likely to sever than commercial renters.).
18
Q

Rights in Real Property

A

Ownership rights in the surface of the land, space above land, space below the surface (mining), any easements (use of land) and use of appurtenant (adjoining) land.

19
Q

Easement

A

Use of land

20
Q

Appurtenant

A

adjoining

21
Q

Bundle of Legal rights in property ownership 6 intangible legal rights of property ownership

A
  1. Possession
  2. Control
  3. Enjoyment
  4. Exclude
  5. Encumber
  6. Disposal
22
Q

Encumber

A

to restrict someone

23
Q

Water rights

A

A property owners entitlement to use and maintain water for agriculture, recreational, or personal use.

24
Q

Most states follow one of 3 legal doctrines to determine who has the intangible right to water.

A
  1. Riparian rights
  2. Littoral rights
  3. Prior appropriation rights
25
Q

intangible

A

Not having physical presence

26
Q

Riparian Rights

A

Reasonable use for those with property bordering moving water. (Rivers)

27
Q

Littoral Rights

A

Reasonable use for those with property bordering non-moving water. (Lakes)

28
Q

Prior Appropriation Rights

A

When the owner who first diverts water has superior rights to all others. (prior ownership of docks)

29
Q

Public (zoning) and Private (deed restrictions)

A

Government Controls that limit how property can be used and may influence its value.

30
Q

Uses of Real Property

A

Residential, Commercial, Industrial, agricultural, recreational and special purpose (hospitals, churches, schools, cemeteries….)

31
Q

Economic and social impact of Real Estate

A
  • Real Estate as an Economic Indicator
  • Social Impact of Home Ownership
  • Impact of Supply and Demand
  • Factors effecting real estate supply and demand
  • Licensee must know the market
32
Q

Real Estate as an Economic indicator

A

building construction is a measurable economic factor that changes before the economy starts to follow a particular pattern or trend

33
Q

Social Impact of Home Ownership

A

Property values tend to rise more in communities where people are buying homes versus renting due home ownership.

34
Q

Impact of supply and demand on real estate prices.

A

If a product is in high demand and low in supply prices rise. If a product is low in demand and high supply prices will lower.

35
Q

Real Estate is Heterogeneous

A

Every piece of real estate is unique.

36
Q

Unique characteristics of the real estate market

A
  • real estate is Heterogeneous (unique)
  • real estate cannot be moved
  • over supply of real estate/lower prices
  • under supply of real estate/higher prices.
37
Q

Factors affecting real estate supply and demand

A
  • demographics
  • unemployment /income
  • cost/availability of credit
  • cost/availability of labor and materials
  • governmental policies
38
Q

Economic Land Characteristics

A 
Scarcity
Area Preference (Situs)
Improvements
Investment Preference
Assemblage
39
Q

Legal Property Descriptions

A

Method for locating real estate for a deed, mortgage or other formal instrument. The 3 formal methods;

  • Metes and Bounds
  • Government survey
  • lot, block and subdivision
40
Q

Metes and Bounds

A

Measure and Boundary. Legally describing real property that identifies the outer edgesof a parcel by establishing a well marked starting point (POB Point of Beginning) then describing how far the boundary runs from the POB.

41
Q

Government Survey

A

Method of surveying adopted by the US in 1785 to facilitate large tracts of land as the US expanded westward. Known as the geodetic or rectangular survey system. Used by more than 30 states mostly in the midwest. The use of imaginary lines running north/south and east/west forming a checkerboard pattern intersecting and are divided further into smaller units. Its not good for describing small or irregularly shaped lots.

Real Estate Property Ownership (1 decks)

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