Section 3: Real Property in Indiana Flashcards
What are the 5 legal tests for determining if something is a fixture?
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
Bill of Sale
A document that outlines which personal property items will be included in the sale of the estate
What is Land?
The earth’s surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects
What is Real Estate?
Includes all land plus all things permanently attached to it, either naturally or artificially
What is Real Property?
Real Estate plus all of the interests, benefits, and rights included with real estate ownership
What is an improvement?
an artificial attachment to land that can either increase or decrease its value. examples include fencing, buildings, and walkways
What are some of Real Property’s benefits?
Rights of enjoyment, disposition, possession, control, and exclusion
What are the 2 types of characteristics that land has?
Economic and physical
What are land’s economic characteristics?
Improvements, scarcity, preference/situs, permanence of investment
What are land’s physical characteristics?
Indestructibility, immobility, uniqueness
What is a fixture?
Anything that is permanently attached to the land, or permanent structures on the land
Chattel
another word for personal property
What is personal property?
Everything that is not real property
Emblements
cultivated crops planted on land. even though these are seeded into the land, they are considered to be personal property
What is severance?
Severance occurs when an item that was real property becomes personal property through detaching it from the land (opposite of annexation)
What is annexation?
Annexation occurs when an item that was personal property becomes real property by attaching it to the land (opposite of severance)
Real or personal?
Built-in fireplace
Real
Real or personal?
Built-in microwave
Real
Real or personal?
Shelves attached to brackets or screwed into the walls
Real
Real or personal?
TV attached to the wall
Real
Real or personal?
40-pound built-in fountain
Real
Real or personal?
In-ground pool
Real
Real or personal?
Built-in hot tub
Real
Real or personal?
Bathroom mirror on a bracket
Real
Real or personal?
Custom-designed window treatments and draperies; rods screwed into the wall
Real
Real or personal?
Plants and landscaping in the ground
Real
Real or personal?
Bathroom towel rods and hooks
Real
Real or personal?
Blinds
Real
Real or personal?
Built-in refrigerator
Real
Real or personal?
Built-in diswasher
Real
Real or personal?
Children’s play area set in concrete in yard
Real
Real or personal?
Dog kennel attached to the house
Real
Real or personal?
Door knocker, door knobs
Real
Real or personal?
Light fixtures
Real
Real or personal?
Built-in sandbox
Real
Real or personal?
Garage door opener and remote controls
Real
Real or personal?
Moveable fireplace
Personal
Real or personal?
Free-standing microwave
Personal
Real or personal?
Free-standing shelves
Personal
Real or personal?
Free-standing TV
Personal
Real or personal?
700-pound free-standing fountain
Personal
Real or personal?
Above-ground pool
Personal
Real or personal?
Free-standing hot tub
Personal
Real or personal?
Bathroom mirror hanging on a hook
Personal
Real or personal?
Ready-made curtains
Personal
Real or personal?
Plotted plants
Personal
Real or personal?
Unattached over-the-door hooks
Personal
Real or personal?
Free-standing refrigerator
Personal
Real or personal?
Free-standing dishwasher
Personal
Real or personal?
Play set that is moveable and not set in concrete
Personal
Real or personal?
Moveable dog house or kennel
Personal
Real or personal?
Free-standing lamps
Personal
Real or personal?
Free-standing sandbox
Personal
Real or personal?
Fireplace tools
Personal
Real or personal?
Photos, wall hangings, and artwork
Personal
Real or personal?
Brackets holding photos, wall hangings, artwork up
Real (unless negotiated otherwise)
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?
Adaptation to the land’s use
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?
Intention of the party
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?
Relationship of the parties (trade fixture that is essential to business operations)
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
Method of attachment
Adaptation to the land’s use
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?
Agreement of the parties
What is the formula for calculating area?
Length x width = sq(units)
What is the formula for calculating price per square foot?
Home’s sale price / area
How many square feet in 1 acre?
1 acre = 43,560 sqft
What is a hectare?
1 hectare = 10k sq METERS, approx 2.47 acres
What is a front foot?
the linear portion of a property that abutts a waterway, highway or street
How do you calculate front foot?
Measure the length or width of the property that is the front foot (section that abutts the road)
Formula for area of a triangle?
(1/2*base) * height
Formula for volume of a rectangular prism (i.e., a garage)?
length x width x height = x cubic (unit)
Formula for volume of a sphere?
height * pi * radius^2
pi * radius^2 is the area of the circle (base)
Formula for the volume of a cone?
(h/3) * pi * radius^2
pi * radius^2 is the area of the base
What role does the contiguous roof play in calculating square footage?
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.
How can you make outbuildings appear attractive even if they don’t contribute to square footage?
List what it could be used for, i.e., in-law suite, teen room, rec room, art studio, etc
What are the rounding standards for calculating areas?
To the nearest 10th (i.e., 1 decimal place) when calculating individual pieces, then to the nearest square foot when calculating total square footage
