Real Property And The Law Flashcards
What are the 5 Bundle of Rights that are associated with Real Estate ownership?
Right of Possession, Right to control the property, right of enjoyment, right of exclusion, right of disposition.
fructus naturales means?
things naturally attached to the land, such as trees and crops that do not need cultivation and perennial crops, orchards, and vineyards.
An Appurtenance is?
a right or privilege associated with real property in some way, such as a parking space in a multiunit building, an easement, or water rights, and is normally conveyed to the new owner when the property is sold.
Real property includes?
interests,
benefits, and
rights that are automatically included in the ownership of land and real estate.
Define chattel.
movable items, such as a chair or a sofa;
emblements (fructus industriales), annual plantings or crops of grains, vegetables, and fruit;
items of real property that can become personal property by severance;
items of personal property that can become real property by attachment (construction materials); and
manufactured homes that can be personal property unless permanently affixed to land.
Severance means?
Changing an item of real estate to personal property by detaching it from the land; for example, cutting down a tree.
When does a manufactured home in Georgia becomes real property?
When a certificate of permanent location has been filed.
When does a fixture become real property?
When it’s permanently attached to real property. It must pass legal test of:
Method of annexation—not easily removable
Adaptation to real estate—ordinarily considered a permanent addition
Agreement of the parties—stated as part of real estate in the offer to purchase
What is a trade fixture?
Trade fixtures include property attached to the structure but used in the course of business such as
personal property, if removed by tenant and the premises are returned to original condition before the lease expires; and
real property if left behind by tenant. The landlord can acquire this type of property by accession.
Accession means?
Coming into possession of a right. increase; augmentation; addition.
The right to all that one’s own property produces, whether that property be movable or immovable; and the right to that which is united to it by accession, either naturally or artificially. The right to own things that become a part of something already owned.
The economic characteristics of real estate are?
Scarcity
Improvements
Permanence of investment
Location (most important)
The physical characteristics of Real estate are?
Immobility
Indestructibility
Nonhomogeneity, or uniqueness
Laws that affect real estate include?
contracts, property, agency, and real estate licensing, where all states require real estate brokers and salespeople to be licensed with requirements differing from state to state;
state and local land-use and zoning laws; and
federal and state environmental regulations and tax laws.
Embelments or Fructus industriales refers to?
Crops annually produced by the labor of a tenant
