Session 2: Property Ownership Flashcards
Real property
Includes real estate plus interest, benefits, and rights automatically included with real estate ownership
Possession
The right to occupy the property
Enjoyment
The right to use the property in any legal way the owner desires
Exclusion
The right to refuse others entry to, or use of, the property
Control
The right to determine how the property will be used by the owner, or by others (similar to enjoyment, but extends to other parties)
Disposition
The right to dispose of (by sale, lien, easement, lease, etc) any interest in the property
Personal property
Everything that is not real property
Improvements
Artificial attachments (fences, buildings, walkways, etc)
Real Estate
Includes everything in the definition of land, plus all things permanently attached to it naturally or artificially
Land
Defined as earthed surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects
Real property
• custom
• attached
• bracketed
• in-ground
• fixture
Personal property (chattel)
• easily moveable
• clearly not related to the property (furniture, clothing, etc)
• free standing
• of personal nature (photo, wall decor)
Trade fixtures
Equipment placed on or attached to real estate that the renter uses in their trade or business * for commercial properties
Ex: display shelves installed by a business owner in a rental building
Emblements
Crops produced through cultivation belonging to the tenant during and after harvest
Attachment
How and whether the item is attached to the property
Adaptation
How the item is situated or adapted to the environment (real property)
Agreement
If the parties have agreed that an item will stay or go, then that agreement meets the legal test. Agreement should be in writing
Classes of plants
Fruits Of Nature (fructus naturales)
Plants that don’t require annual cultivation. These include trees, perennial shrubs, and some grasses. Fruits of nature are caused real estate
Classes of plants
Fruits Of Industry (fructus industriales)
Plants that require annual cultivation. These crops include fruits, vegetables, wheat, and corn. They are also known as emblements and are considered personal property even though their apart of the soil
Severance
Occurs when an item that was real property becomes personal property by detaching it (severing it) from the land
Annexation
Occurs when personal property is attached to real property, making it a fixture
A buyer that is purchasing a property that includes a farm with several cultivated crops. What should the buyer ensure is included in the contract?
The disposition of the crops
Manufactured homes are generally considered ___?
Personal property
