Unit 2 - Real Property and the Law Flashcards
Define Land
Earth’s surface extending downward toward to the center of the earth & upward toward gravity
Define Real Estate
Land plus permanent human made additions
Define Real Property
The interests, benefits & rights that are automatically included in the ownership of land and real estate
Define Appurtenance
Anything associated with the property although not necessarily a direct part of it
What’s an economic characteristic?
A characteristic that affects a lands investment value
What are the economic characteristics?
Scarcity
Improvements
Permanence of Investment
Location
What are the physical characteristics?
Immobility
Indestructibility
Uniqueness
What are the bundle of legal rights?
Possession Control Enjoyment Exclusion Disposition
Define Personal Property
Property that is movable and not affixed
Define Chattles
Items of personal property
ex. chairs, tables, clothing, money
Define Manufactured Housing
Dwellings that are built offsite and trucked to a building lot
Define Emblements
Plants that require annual cultivation
In Illinois, when is it customary for a buyer to take possession of farm land?
March 1st
Define Severance
When an item of real property becomes personal property
Define Annexation
When an item of personal property becomes real property
Real Property is conveyed by what?
A Deed
Personal Property is conveyed by what?
A Bill of Sale
Define a Fixture
Personal property that has been affixed to a land or building
What are the Legal Tests of a Fixture?
Method of Attachment
Adaption to Real Estate
Agreement
Intent
Define a Trade Fixture
Also know as Chattle, is an article owned by a tenant & attached to a rented space or building
Define Accession
Trade fixtures that are not removed & become property of the landlord
Define Attachment
Personal property that turns into real property
The practice of real estate is governed by what act?
The Real Estate License Act of 2000
What are the 7 Sources of Law?
US Constitution Rules of the Regulatory Agencies Laws Passed by Congress State Constitutions State Statues Common Law
