Unit 2 - Real Estate Basics / Property Rights (from LTP) Flashcards
What is the test for determining if something is a fixture or personal property?
Total Circumstance Test (IRMA)
Intention
Relationship
Method of Attachment (glued, nailed, screwed, buried)
Adaptation
However, what’s in the contract trumps the Total Circumstance Test
A seller advertises the washer, dryer and refrigerator will transfer with the house.
A buyer makes an offer and does not mention of the personal property.
The seller accepts the offer as written.
Is the seller obligated to give the personal property to the buyer?
NO, the seller is not obligated to leave the personal property.
The advertisement is an offer to leave the property. The buyer did not accept the offer by INCLUDING the PERSONAL property in the OFFER to purchase.
The offer to purchase is the final expression between parties.
How does a trailer (mobile home) become real property?
- Wheels and hitch removed
- Placed on permanent foundation
- On land that is owned
- DMV title canceled
What is an Appurtenance?
An improvement on/to the land that attaches (is fixed) to the property (intended to be permanent)
Example: Driveway or other improvement (structure, utilities, pool, fence, patio, etc.)
What is a trade fixture?
An item used in trade or business.
Remains personal property.
Tenant can remove prior to lease termination.
If abandoned by a tenant, it becomes a fixture (real property).
What is the Uniform Commercial Code?
A fixture that remains personal property until paid in full.
(and then notice is filed with Register of Deeds).
What are emblements?
Fruits of industry
Annual crops
What are riparian rights?
Property rights that border a river or stream
Who owns navigable waterways?
State
To what point does an owner own non-navigable waterways?
Center-line of water (river, stream, creek)
What are littoral rights?
Property rights that border an ocean or lake, that has a tide
Own to the mean (average) high water mark.
State owns the foreshore.
What is accretion?
Adds to land.
Gradual extension of land through soil deposits (alluvium/alluvion)
What is reliction?
Adds to land.
Gradual extension of land as water permanently recedes.
What is erosion?
Loss of land
Gradual loss of land.
What is avulsion?
Loss of land
Sudden or violent (significant flooding)
