Chpt 1 - Property Rights: Private & Governmental Flashcards
What is Ad Valorem?
a) concept for property taxes
b) means according to value
What is Allodial System?
a) concept of land ownership
b) allows private individuals own property
__________ is attaching personal property to land so law views it as part of the real property.
Annexation
Property taxes are paid in __________.
Arrears
__________ is when one owes payment on something they have use of but has not yet paid for.
Arrears
Arrears is also known as __________.
Accrued Expenses
__________ is a percentage of the market value (for property tax purposes).
Assessed Value
In Arizona, what is the assessed value percentage for: a) residential property; b) raw land; and c) commercial property?
a) 10% residential property
b) 15% raw land
c) 18% commercial property
A court ordered seizure of a defendant’s property to satisfy a judgment is known as __________.
Attachment
In the case of real property, attachment creates a __________.
Lien
__________ is a written instrument that transfers ownership of tangible personal property.
Bill of Sale
A tract of land between two differently zoned areas is known as a __________.
Buffer Zone
Personal property is known as __________.
Chattel
What is a Community Facilities District (CFD)?
a) special purpose public improvement district in AZ
b) ability to levy long-term bonds
c) finance & provide public infrastructure (e.g. water, sewer, schools, streets)
The act or process of taking private property for public use is __________.
Condemnation
Condemnation is also known as __________ and is an example of government’s power of __________.
a) Appropriation
b) Eminent Domain
__________ is a declaration that a structure is unfit for occupancy and must be closed or demolished.
Condemnation
__________ is when title to property passes by operation of law to heirs of one who dies without will.
Law of Descent
__________ are also known as Fructus Industriales
Emblements
Farm crops that require annual cultivation are known as __________.
Emblements
Can emblements be removed by a tenant farmer if the owner sells land?
Yes
Emblements are considered __________ property.
Personal
How are emblements transferred?
Bill of Sale (since they are personal property)
The power/right of government to take private real estate for public use upon payment of just and equitable compensation is _____________.
Eminent Domain
The legal process of taking private property via eminent domain is called __________ or __________.
1) Condemnation
2) Appropriation
__________ is when a person dies without a valid will or heirs and the property reverts to the state.
Escheat
__________ is when real property is owned by a lord, king, or other sovereign.
Feudal System
An old rule continues to apply to an existing situation while a new rule will apply to all future cases. This is known as _________.
Grandfathered
__________ is when a person dies without a will causing his/her estate to pass on by the laws of descent and distribution.
Intestate
__________ is a characteristic of real property in which each piece of land, building and/or house is a different piece of real estate.
Non-homogeneity
Non-homogeneity is also known as __________.
Uniqueness
__________ is the right of the government to pass legislation protecting the safety, health and welfare of the public.
Police Power
Real Property consists of:
a) __________
b) __________
c) __________
d) __________
a) Physical land itself to center of earth
b) Sky above
c) Anything permanently affixed to land (buildings, improvements, growing plants, fixtures)
d) Associated rights (water rights, easements)
Real Property is also known as __________.
Realty
The distance between a lot’s boundary lines and improvements is a __________.
Setback
Process through which fixtures are detached from land and revert back to personal property.
Severance
__________ is the location of a parcel of real property.
Situs
A tax levied against properties that benefit from a public improvement to cover the cost of said improvement.
Special Assessment
Special Assessments create a(n) __________ lien.
Involuntary Lien
Item of personal property that is annexed to leased property and necessary to a trade or business is known as a __________.
Trade Fixture
When can a tenant remove a trade fixture?
Prior to expiration of lease.
What are the two basic systems of property ownership?
- Feudal
2. Allodial
In a __________ system of ownership the king owns all the land.
Feudal
In a __________ system of ownership individuals own the land.
Allodial
With the allodial system comes the __________.
Bundle of Rights
What is included in the Bundle of Rights?
"DEEP C" Disposition Exclusion Enjoyment Possession Control
If a person secures the entire Bundle of Rights they are said to be the __________.
Owner
The right that allows an owner to transfer all or some of the rights to other people.
Disposition
The right that allows an owner to stop others from using or entering the property.
Exclusion
The right that allows an owner the freedom to possess and use the land without interference from other people or society.
Enjoyment
The right that gives an owner the right to physically occupy the land, use the land and make it productive.
Possession
The right that allows an owner to physically alter/change the property.
Control
Land consists of __________, __________ and __________ rights.
a) surface
b) subsurface
c) air
Real Estate consists of __________ and __________.
a) Land (surface, subsurface, air)
b) Attachments (items and property attached to the land)
Real Property consists of __________, __________ and __________.
a) Land (surface, subsurface, air)
b) Real Estate (Land + Attachments [items and property attached to the land])
c) Legal interests, rights, privileges (Bundle of Rights)
The actual surface of the earth including everything under the ground to center of earth and everything over the land into the air.
Land
The physical land itself to center of earth, sky above and anything permanently affixed to the land (e.g. buildings, improvements, growing plants & fixtures).
Real Estate
Real property that can be touched (e.g. land, buildings & improvements)
Corporeal
PHYSICAL / TANGIBLE
Non-physical right associated w/ownership of property (e.g. hereditaments, rights of way, easement, water right)
Incorporeal
NON-PHYSICAL ATTACHMENTS / INTANGIBLE
An __________ is something that belongs to property and passes with property. It does not need to be attached.
Appurtenance
What “runs with the land”?
Appurtenance
Law classifies all property as __________ or __________.
- Real
2. Personal
Real Property is also known as __________.
Realty.
Personal Property is also known as __________ or __________.
- Chattel
2. Personalty
Property that is movable and not intended to remain with the land.
Personal Property
aka Chattel or Personalty
Personal Property includes __________ and __________ objects.
- Tangible
2. Intangible
Personal Property objects that can be touched are __________.
Tangible (e.g. beds, chairs, tables)
Personal Property objects that cannot be touched are ___________.
Intangible (copyrights, patents, trademarks)
Document used to transfer title in real property.
Deed
Document used to transfer title in personal property.
Bill of Sale
The two (2) types of real property attachments.
- Natural Attachment
2. Man-Made Attachment
Natural Attachments are also known as __________.
Fructus Naturales
Things growing on land (trees, shrubs, crops).
Natural Attachments (aka Fructus Naturales)
When a Natural Attachment is growing on land it is considered __________ property.
Real
When a Natural Attachment is removed from land it is considered __________ property.
Personal
Crops and other vegetation that are cultivated annually or seasonally are known as __________.
Fructus Industriales (aka Emblements) (fruits of industry)
Emblements are also known as __________.
Fructus Industriales
Fructus Industriales (aka __________) are considered __________ property.
- Emblements
2. Personal
The ___________ allows a tenant farmer to re-enter land to harvest crops planted by tenant farmer but mature after tenant’s departure.
Doctrine of Emblements
Man-Man Attachments are also known as __________.
Fixtures
Fixtures are __________ property.
Personal
A man-made attachment that is an item of personal property attached to or closely associated with real property in such a way it becomes legally part of real property.
Fixture
An __________ is a major fixture that significantly increases value of property.
Improvement
The four (4) government powers are:
- __________,
- __________,
- __________, and
- __________.
PETE P = Police Power E = Eminent Domain T = Taxation E = Escheat
The right of the government to pass legislation protecting the safety, health, and welfare of the public is __________.
Police Power
1 of the 4 types of government powers
Federal, State and Local Govt
e.g.: zoning, bldg code, subdivision regs, environmental laws
The power or right of governmental bodies to take private real estate for public use upon payment of just and equitable compensation to the owner is __________.
Eminent Domain
Federal and State Govt
1 of the 4 types of government powers
The right of government to tax private property to pay for the costs of government and area improvements is __________.
Taxation
1 of the 4 types of government powers
State and Local Govt
The right of government to take back property if owner dies without will or heirs or if property is abandoned is called __________.
Escheat
1 of 4 types of government powers
State and County Govt
The state has the power to pass legislation under __________ power.
Police
Local governments get their authority through legislation passed by the state called __________.
Enabling Acts
The purpose of zoning ordinances is to __________.
Regulate types of activity that may be undertaken in different areas.
The dimension across the access side of a parcel of land is called the __________.
Front Footage
aka Frontage
Front Footage is also known as __________.
Frontage
When referring to lot size, __________ is the first number.
Front Footage
aka Frontage
The legal rights conferred to owners of real property (including rights to mortgage, sell, make improvements, enjoyment, lease and use property).
Bundle of Rights "DEEP C" Disposition Exclusion Enjoyment Possession Control
Police Power = __________.
Without Compensation
__________ is the ratio of land to improvements.
Density
__________ occur when land use does not conform to current zoning laws but is allowed because land use was established before the new laws were enacted.
Non-Conforming Uses
The use of a site or structure that was legal before a change in zoning and is permitted to continue, though it does not comply with current zoning law.
Non-Conforming Use
__________ is a permit obtained from local zoning authority allowing holder to use property/build a structure in a way that legally violates the zoning ordinance.
Variance
