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Indiana Real Estate Broker > Section 3: Real Property in Indiana > Flashcards

Section 3: Real Property in Indiana Flashcards

1
Q

What are the 5 legal tests for determining if something is a fixture?

A

MARIA
M - Method of annexation/attachment
A - Adaptability of item to the land’s use (was it situated in/around lots of other fixed items, in essence treated as a fixed item?)
R - Relationship of the parties
I - Intention in placing the item on the land
A - Agreement of the parties

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2
Q

Bill of Sale

A

A document that outlines which personal property items will be included in the sale of the estate

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3
Q

What is Land?

A

The earth’s surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects

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4
Q

What is Real Estate?

A

Includes all land plus all things permanently attached to it, either naturally or artificially

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5
Q

What is Real Property?

A

Real Estate plus all of the interests, benefits, and rights included with real estate ownership

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6
Q

What is an improvement?

A

an artificial attachment to land that can either increase or decrease its value. examples include fencing, buildings, and walkways

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7
Q

What are some of Real Property’s benefits?

A

Rights of enjoyment, disposition, possession, control, and exclusion

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8
Q

What are the 2 types of characteristics that land has?

A

Economic and physical

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9
Q

What are land’s economic characteristics?

A

Improvements, scarcity, preference/situs, permanence of investment

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10
Q

What are land’s physical characteristics?

A

Indestructibility, immobility, uniqueness

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11
Q

What is a fixture?

A

Anything that is permanently attached to the land, or permanent structures on the land

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12
Q

Chattel

A

another word for personal property

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13
Q

What is personal property?

A

Everything that is not real property

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14
Q

Emblements

A

cultivated crops planted on land. even though these are seeded into the land, they are considered to be personal property

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15
Q

What is severance?

A

Severance occurs when an item that was real property becomes personal property through detaching it from the land (opposite of annexation)

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16
Q

What is annexation?

A

Annexation occurs when an item that was personal property becomes real property by attaching it to the land (opposite of severance)

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17
Q

Real or personal?

Built-in fireplace

A

Real

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18
Q

Real or personal?

Built-in microwave

A

Real

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19
Q

Real or personal?

Shelves attached to brackets or screwed into the walls

A

Real

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20
Q

Real or personal?

TV attached to the wall

A

Real

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21
Q

Real or personal?

40-pound built-in fountain

A

Real

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22
Q

Real or personal?

In-ground pool

A

Real

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23
Q

Real or personal?

Built-in hot tub

A

Real

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24
Q

Real or personal?

Bathroom mirror on a bracket

A

Real

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25
Q

Real or personal?

Custom-designed window treatments and draperies; rods screwed into the wall

A

Real

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26
Q

Real or personal?

Plants and landscaping in the ground

A

Real

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27
Q

Real or personal?

Bathroom towel rods and hooks

A

Real

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28
Q

Real or personal?

Blinds

A

Real

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29
Q

Real or personal?

Built-in refrigerator

A

Real

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30
Q

Real or personal?

Built-in diswasher

A

Real

31
Q

Real or personal?

Children’s play area set in concrete in yard

A

Real

32
Q

Real or personal?

Dog kennel attached to the house

A

Real

33
Q

Real or personal?

Door knocker, door knobs

A

Real

34
Q

Real or personal?

Light fixtures

A

Real

35
Q

Real or personal?

Built-in sandbox

A

Real

36
Q

Real or personal?

Garage door opener and remote controls

A

Real

37
Q

Real or personal?

Moveable fireplace

A

Personal

38
Q

Real or personal?

Free-standing microwave

A

Personal

39
Q

Real or personal?

Free-standing shelves

A

Personal

40
Q

Real or personal?

Free-standing TV

A

Personal

41
Q

Real or personal?

700-pound free-standing fountain

A

Personal

42
Q

Real or personal?

Above-ground pool

A

Personal

43
Q

Real or personal?

Free-standing hot tub

A

Personal

44
Q

Real or personal?

Bathroom mirror hanging on a hook

A

Personal

45
Q

Real or personal?

Ready-made curtains

A

Personal

46
Q

Real or personal?

Plotted plants

A

Personal

47
Q

Real or personal?

Unattached over-the-door hooks

A

Personal

48
Q

Real or personal?

Free-standing refrigerator

A

Personal

49
Q

Real or personal?

Free-standing dishwasher

A

Personal

50
Q

Real or personal?

Play set that is moveable and not set in concrete

A

Personal

51
Q

Real or personal?

Moveable dog house or kennel

A

Personal

52
Q

Real or personal?

Free-standing lamps

A

Personal

53
Q

Real or personal?

Free-standing sandbox

A

Personal

54
Q

Real or personal?

Fireplace tools

A

Personal

55
Q

Real or personal?

Photos, wall hangings, and artwork

A

Personal

56
Q

Real or personal?

Brackets holding photos, wall hangings, artwork up

A

Real (unless negotiated otherwise)

57
Q

The Millers loved their new gas grill, but didn’t like the look of the propane tank. They preferred the look of the outdoor living spaces they saw in the home magazines. Mr. Miller built a custom countertop around the grill, and even incorporated an electric griddle and built-in sink. With all this, they were really cooking!

What test best fits the argument that the grill is a fixture?

A

Adaptation to the land’s use

58
Q

Luke loved his outdoor fireplace, a focal point of the courtyard in the back of his home. The fact that he and his son had assembled it together—Luke, Jr. had said it reminded him of building with Legos—made it all the more special. Even though it weighed more than 1,000 pounds, he built it with portability in mind. After all, it wasn’t affixed to the concrete patio.

On what grounds can Luke claim the fireplace is personal property?

A

Intention of the party

59
Q

Sven installed an electronic moving rack at the Rent-a-Tux shop he ran for 18 years. He’s had enough of dealing with the ungrateful landlord, so he’s moving to the suburbs to open another store, Rent-a-Better-Tux. Affixed or not, he plans to take his tux conveyor with him. Which one of the tests supports his argument?

A

Relationship of the parties (trade fixture that is essential to business operations)

60
Q

Jan’s husband, Neil, is a design engineer. So when she complained about the unsightly pass-through shelves in the living room, he installed sliding fabric panels on one side, and bolted a custom-made oversize bulletin board on the other. Unsightly bookshelves? Out of sight! Now that they’re selling, Jan couldn’t wait to take her bulletin board with her. She never intended to leave it, after all.

What reason or reasons might a buyer have to argue that the bulletin board should stay right where it is? There are 2

A

Method of attachment

Adaptation to the land’s use

61
Q

Philomena loved her grandmother’s antique chandelier, which hung gracefully in the formal dining room. It was a conversation starter for all her elegant dinner parties. Even though it was affixed, she made certain that, when it was time to sell, she excluded the chandelier from the sale by putting written notice in the listing disclosures.

What is Philomena hoping to ensure?

A

Agreement of the parties

62
Q

What is the formula for calculating area?

A

Length x width = sq(units)

63
Q

What is the formula for calculating price per square foot?

A

Home’s sale price / area

64
Q

How many square feet in 1 acre?

A

1 acre = 43,560 sqft

65
Q

What is a hectare?

A

1 hectare = 10k sq METERS, approx 2.47 acres

66
Q

What is a front foot?

A

the linear portion of a property that abutts a waterway, highway or street

67
Q

How do you calculate front foot?

A

Measure the length or width of the property that is the front foot (section that abutts the road)

68
Q

Formula for area of a triangle?

A

(1/2*base) * height

69
Q

Formula for volume of a rectangular prism (i.e., a garage)?

A

length x width x height = x cubic (unit)

70
Q

Formula for volume of a sphere?

A

height * pi * radius^2

pi * radius^2 is the area of the circle (base)

71
Q

Formula for the volume of a cone?

A

(h/3) * pi * radius^2

pi * radius^2 is the area of the base

72
Q

What role does the contiguous roof play in calculating square footage?

A

Only rooms underneath the contiguous roof of the home can be counted in the square footage calculation. Additional space outside of this (detached garages, sheds, etc) do not count towards square footage.

73
Q

How can you make outbuildings appear attractive even if they don’t contribute to square footage?

A

List what it could be used for, i.e., in-law suite, teen room, rec room, art studio, etc

74
Q

What are the rounding standards for calculating areas?

A

To the nearest 10th (i.e., 1 decimal place) when calculating individual pieces, then to the nearest square foot when calculating total square footage

Indiana Real Estate Broker (2 decks)

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