Chapter 1 Flashcards

(18 cards)

1
Q

Improvement

A

any artificial thing attached to land (building/home)

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2
Q

Real property

A

the interest, benefits and rights in the ownership of the property

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3
Q

Bundle of legal rights

A

the ownership rights of real estate

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4
Q

Title

A

evidence shown of that ownership by a deed

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5
Q

Appurtenance

A

the attachment of a right or property to a more worthy principal

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6
Q

Manufactured housing

A

motor vehicles

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7
Q

Severance

A

real property that can become personal property

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8
Q

Annexation

A

personal property that can become real property

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9
Q

Real property is conveyed

A

by a deed

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10
Q

Personal property is conveyed

A

by a bill of sale

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11
Q

Fixtures

A

any item that has been added as a permanent part of a building; personal property becomes real property

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12
Q

Steps to determine if its a fixture

A
  • method of annexation
  • adaptation of real estate
  • agreement
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13
Q

Trade fixtures

A

personal property that can be removed

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14
Q

Accession

A

trade fixtures that have not been removed or have added to the property from the tenant becomes real property of the landlord

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15
Q

Economic characteristics of real estate

A

“SLIP”

  • Scarcity
  • Location
  • Improvements
  • Permanent investment
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16
Q

Physical characteristics of real estate

A
  • Immobility
  • Indestructible
  • Uniqueness
17
Q

P.A. law on mining

A

seller must provide a coal mining notice to purchasers and this indicates that the land is not protected against any damage caused by the third party

18
Q

Purpose of real estate license laws

A

to protect the public from fraud, dishonesty, and incompetence