Chapter 1 Flashcards
(18 cards)
Improvement
any artificial thing attached to land (building/home)
Real property
the interest, benefits and rights in the ownership of the property
Bundle of legal rights
the ownership rights of real estate
Title
evidence shown of that ownership by a deed
Appurtenance
the attachment of a right or property to a more worthy principal
Manufactured housing
motor vehicles
Severance
real property that can become personal property
Annexation
personal property that can become real property
Real property is conveyed
by a deed
Personal property is conveyed
by a bill of sale
Fixtures
any item that has been added as a permanent part of a building; personal property becomes real property
Steps to determine if its a fixture
- method of annexation
- adaptation of real estate
- agreement
Trade fixtures
personal property that can be removed
Accession
trade fixtures that have not been removed or have added to the property from the tenant becomes real property of the landlord
Economic characteristics of real estate
“SLIP”
- Scarcity
- Location
- Improvements
- Permanent investment
Physical characteristics of real estate
- Immobility
- Indestructible
- Uniqueness
P.A. law on mining
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
Purpose of real estate license laws
to protect the public from fraud, dishonesty, and incompetence