Unit 2 - Real Estate Basics Flashcards
What does the “bundle of rights” include?
D.E.E.P.C
Disposition, Exclusivity, Enjoyment, Possession, and Control
The right to: sell the property exclude people (no trespassing) use the property occupy the property determine how the property will be used
What test determines if something is a fixture or personal property?
Total Circumstance Test - I.R.M.A (Intention, Relationship, Method, Adaptation)
How does a trailer become real property?
- Wheels and hitch removed
- Placed on a permanent foundation
- On land that is owned
- DMV title cancelled
What is an appurtenance?
An improvement on the land (driveway, structure, utilities, etc.)
What is a trade fixture?
An item used in a trade or business (restaurant equipment or refrigeration equipment at grocery store)
Remains personal property
Tenant can remove prior to lease termination
If abandoned by tenant, it becomes a fixture
What is the Uniform Commercial Code?
A fixture that remains personal property until paid in full.
Major appliances, such as heating and cooling equipment may be financed.
What are Emblements?
Fructus Industriales (fruits of industry)
*Annual Crops
What are Riparian Rights?
Property rights that boarder a river of stream.
Navigable = State owns the waterway *Owner owns to the banks of the river
Non-navigable = Own to the center-line of the river
What are Littoral Rights?
Property rights that border an ocean or large lake.
Own to the mean (average) high water mark.
State owns the foreshore
What is Accretion?
Gradual extension of land through soil deposits
What is Reliction?
Gradual extension of land as water permanently recedes
What is Erosion?
Gradual loss of land
What is Avulsion?
Sudden and violent loss of land (hurricane or significant flooding)
What are Air Rights?
Ownership of the airspace above the land
