Real Estate Law Flashcards
Land
Defined as the earths surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects
Real Estate
Includes everything in the definition of land, plus all things permanently attached to it naturally or artificially.
Improvements
Artificial attachments. Include things like fencing, buildings, and walkways
Real Propery
Includes real estate, plus the interest, benefits, and rights automatically included with real estate ownership
In real property what do the interests, benefits, and rights include
Hint EEDPC
Enjoyment
The right to posses the land without harassment or interference
Exclusion
The right to refuse other interests in the property for others
Possession
The right to occupy the property
Disposition
The right to determine how, when, and whether the property is to be sold and transferred
Control
The right to determine interest in the property for others
Real Property vs Personal Property
Personal property is everything that is not real property.
Five tests to determine property type by the courts to determine whether an item is a fixture (is part of the real property being conveyed in the real estate transaction and should remain) or personal property (it belongs to the seller and can be removed)
MARIA
Method of Annexation Adaptability of item to lands use Relationship of the parties Intention in placing item on land Agreement of the parties
What is method of annexation ( also known as attachment)
Refers to whether the item is attached to the property and how permanent the attachment is.
Can it be removed without causing damage to the property’s. If it can’t, it’s considered real property
What is adaptability of item to lands use
Adaptation is related to how the item is situated or adapted to the real property.
Example- custom draperies
What is relationship of the parties
If there is a dispute between the person who added the item and the person who removed it
What is trade fixture
A removable personal property that a tenant attaches to a leased commercial premises in order to conduct business
Courts view it as
Essential for the tenants business operation
Detachable without damaging property
Moved out within a certain period of time
What is intention In placing item on land
Intention of the party who installed the item is regarded as the most important consideration in determining whether the item should go or stay
What is agreement of parties
If the parties have agreed that an item will stay or go, then the agreement meets the legal test. Usually the first test. The agreement should be in writing in the bill of sale
Fruits of nature
Plants that don’t require annual cultivation
Trees perineal shrubs, grass
Fruits of Industry
Plants that require annual cultivation
Crops, vegetables etc
Also know as emblements
