Chapter One Flashcards
Concepts of Property, Bundles, Vocabulary (38 cards)
What is the purpose of REAL ESTATE LICENSE?
Needed to sell another persons property that you do not own
Who are the NINE people who do not need a real estate license?
- Licensed Auctioneer
- Trustee
- Public Officer or Employee of One
- Person acting as power of attorney
- Lawyer (Technkcally Real Estate Broker)
- Someone Acting Under a court order
- Bank or Credit Union (Forclosure)
- Business for themselves
- Real Estate Manager that is salaried ( Included in the Job Description)
What are the Two Types of Property per Real Estate?
- Real Estate
2. Personal Property
What is Real Estate?
The use of a deed to convey land and everything attached to it, its meets and boundaries of said property
What is Personal Property?
Property that is movable from one location to the other, and generally belongings exclusive of land and buildings
What are two other terms used in replacement of personal property?
- Chattels
2. Personalty
When selling personal property, what kind of agreement is used to sell?
BILL OF SALE: A certificate of transfer of personal property
A Bill Of Sale is ALWAYS NEEDED when personal property costs more than___?
$500
By the General Law, Part 1, Title XV, Chapter 106, Article 2, under Section 2-201 Formal Requirements:Statue of Frauds states..?
A contract for the sale of goods for the price of $500 dollars or more is not enforceable by way of action or defense unless there is some writing sufficent to indicate that a contract for sale has been made between the parties and signed by the party against whom enforcement is sought or by his authorized agent or broker
What is an improvement?
Developments of land or structures on property that do more than merely replace, repair, restore the original condition, and become permanent while adding value to the property
What are subsurface rights and provide and example?
ALL rights to the earth below the land, and any substances found beneath the lands surface like minerals.
MINERAL RIGHTS is a type
What are air rights?
The right to build or develop in the airspace above a property
What is an Appurtenance?
A legal term denoting the attachment of a right or property to a more worthy principal.
Describes an improvement to what is usually a physical property, which then becomes the legal property of what was improved on
When does an appurtenance occur?
It occurs when the attachment becomes part of the property such as a walk way, furnace or air conditioning unit
What is an Estate?
A present of future to ownership and/or possession of real property
What is an Agreement of the Parties?
An agreement that is legally binded and generally documents the settlement, and the settlements terms and conditions. Usually what is staying in the house for the buyer and being sold by the seller
What is a Purchase of Sale Agreement?
It is a real estate contract/agreement between buyer and seller to transact real estate. The buyer agrees to pay an agreed upon amount for the property, sales/closing target date
What are two ways to determine whether it is real property or personal property?
Method Of Annexation (Is it attached)
Intent of the Owner(Was the purpose to make it part of the house?)
What is Annexation?
The addition to property by the act of attaching a smaller item to the larger property.
Attaching personal property to real property, thereby creating a fixture
What is a fixture?
Any physical property that is permanently attached (Fixed) to real property only
What is the intent of the Owner?
The person who actually annexes the object intends by so doing to make it permanent part of the real estate or benefit the real estate
What is Severance?
Taking an item that is attached to the land/real estate and removing it as personal property
What is an Emblement?
Annual crops grown by a tenant on someone else’s land. The crops are treated as the tenants personal property and not the land owners.
If a tenant somehow loses possession of the land on which the crops grow, the tenant is still entitled to finish raising the crops and harvest them.
What is a Trade Fixture?
Removable personal property that a tenant attaches to leased land for business purposes, such as a display counter.
For a commercial tenant to be able to remove a trade fixture, the item in question must be necessary for the business of the tenant , removable without damage to the property
