Real Property Vs Personal Property Flashcards
What is Real Property?
Real property consists of land, improvements attached to the land, benefits, rights, and ownership interests that go with the land.
What term is used to describe rights, privileges, or improvements that belong to and pass with the land?
Appurtenance
What are improvements?
man’s additions to the land, such as buildings and landscaping
True or False: Accessories are also considered part of real property.
True
What are some examples of Accessories?
stoves, pool equipment, window a/c units, remote control devices, keys and etc.
If an item is attached in such a way that it has become real property it is considered a
Fixture
Fixtures are also described as
an Improvement
The process of attaching a fixture is called ?
Annexation
What is the process of real property becoming personal property?
Severance
What are the 3 tests to determine if something is a fixture?
- Method of attachment
- Adaptation to the property
- Intention of the Parties attaching the fixture
If a property is being leased what happens to the fixtures that are installed by tenants?
They are usually considered to have become part of the real property, and Severance only occurs with the agreement of the parties at the end of the lease.
What is personal property?
a right or interest in something temporary, or of a movable nature
Personal property is also known as ?
Chattel or Personalty
How is ownership of personal property going to be transferred?
By bill of Sale
When personal property is included in a real estate sale what will be included with the contract?
addendum and/ or a bill of sale will be used
What are Trade Fixtures ?
fixtures installed by a tenant in order to carry out a business, and MAY be removed from leased property before the termination of the lease.
What happens if a tenant does not remove their trade fixtures before the termination of a lease?
they become real property and pass to the landlord
In the sale of Commercial or Investment properties and there are trade fixtures present what should happen to ensure it is included in the sale?
They should be verified to protect the interests of both buyers and sellers
Crops that are cultivated annually are called ?
Emblements
Who owns the emblements in the process of selling real property?
The farmer who cultivated them
True or false: Ownership of emblements Can be transferred with a bill of sale
True
What are the 3 physical characteristics of Land?
- Nonhomogenity
- Immobility
- Indestructibility
What are the 4 Economic Characteristics of Land?
- Scarcity
- Modification
- Fixity
- Situs
How are Legal Descriptions of land created?
It is created and determined by a surveyor
What is a necessary part of a contract in order for that document to be enforceable when conveying land?
Legal Description
What is the definition of Legal Description?
a description of such certainty and accuracy that one can go to the ground and identify the land
What type of survey uses Terminal Points and Angles and always has a point of beginning?
Metes & Bounds
What is the oldest method of land description?
Metes & Bounds
What are some examples of monuments that a surveyor might use in metes and bounds?
man-made - like an iron pipe, or natural - like a stand of timber, an old oak tree, etc.
What legal description uses subdivision descriptions, and are derived from a recorded map called a Plat
Lot and Block
What is the most common description used in residential listing agreements?
lot & block
The Government Survey System is also known as?
Rectangular Survey System
What type of legal description takes into consideration baselines, meridians, townships, and sections?
Government Survey Sytem
How many sections are in 1 township
36 sections
1 section equals
640 acres or 1 square mile
How many square feet are in 1 acre ?
43560 square feet
How many linear feet is in 1 mile?
5280 feet
What are the 4 rights the government have to control the use of land?
- Police Power
- Eminent Domain
- Taxation
- Escheat
What is Police Power?
the power to regulate and control the use of property for the health, safety, and general welfare of the public.
What is the most common example of Police Power?
Zoning
If someones property violates zoning they may request a
Variance
The space between the lot line and building line is called ?
Setback
What is an area of land separating one land use from another? For example residential from commercial.
Buffer Zone
The right of the government to take private property for public use through the action of condemnation is called ?
Eminent Domain
When an individual forces the government to buy his or her property it is called?
inverse condemnation
What is the Highest priority lien on real property ?
Property Taxes
Property taxes are also known as?
Ad Valorem Taxes
When are property taxes paid At foreclosure ?
Paid First
What is the purpose of Escheat?
to ensure that no land remains unowned
What is the Legal term of Abandonment?
an act of surrendering or forfeiting rights or property
What are the most common private controls of land use?
CC&Rs or commonly referred to as Deed Restrictions or Deed Covenants.
HOAs and POAs apply to what property types?
condominium complexes and subdivisions
Why are deed restrictions created ?
to control land use, development, and methods, and materials for construction
Where are Deed Restrictions found and who are they enforced by?
Declaration of Restrictions and are imposed by the grantor
In Civil court What can be issued in the event of a deed restriction violation?
An Injunction to enforce the restrictions
True or false: Deed restrictions are permanent and do NOT expire
True
What is a limit on a property or a limit on a property’s owner’s rights?
An Encumbrance
What are 3 forms of an encumbrance?
Reservations, Encroachments, and Easements
When a grantor witholds title to a part of the land and it is described in the deed it is called?
Reservation
Two common examples of a reservation
an Easement or Mineral Rights
When a structure or improvement overlaps or trespasses onto another’s property it is called?
Encroachments
True or False: Encroachments Dont have to be disclosed
False; Encroachements MUST be disclosed
How do we determine an encroachment?
During a Survey
What allows for limited use or enjoyment of another’s land?
Easement
“use without possession” is also considered
an Easement
What are the six ways in which easements can be created?
- Express or Implied Grants- part of a sale
- Agreements- separate from a sale
- Limitation or Prescription- constant use without permission
- Reservation- seller keeps an easement
- Necessity- Granted by the courts
- Condemnation- Eminent Domain
What are the three ways through which easements can be terminated?
1.Merger- Acquiring the adjacent property
2.Release- document used to terminate
3.Abandonment- action that terminates
If a property has a road across one parcel, of land the owner who crosses over the other’s land is what type of estate?
Dominant Estate
The dominant estate __________ from the easement, while the servient estate is ________.
Benefits, Encumbered
An easment in gross is also known as an
Utility Easement
When referring to an Easement in Gross it belongs to ?
A person or corporation
True or False: In an Utility Easement No matter who owns the land, the easement still belongs to the utility company
True
What is a license?
Permission to do a particular act upon the land or property of another
Adverse Possession is also known as
Squatter’s Rights
In order for adverse posession to be considered occupancy must be …
hostile, visible or open
