Property and Property Rights Flashcards Preview

Real Eastate > Property and Property Rights > Flashcards

Flashcards in Property and Property Rights Deck (45):
0

Ad Valorem Tax

A tax " according to valuation'. Property taxes are based on the value of the property being taxed.

2

Annexation

The process of changing personal property to real estate

3

Board of Appeals

Local city or town committee that rules on matters of variances

4

Building Code

A set of rules established by state or municipal government to regulate standards in the construction trades.

5

Bundle of Rights

A concept used to describe all of the rights that an owner has in the property's owned.
1. Control
2. Possession
3. Enjoyment
4. Disposition
5. Exclusion

6

Chattel

An article of tangible personal property.

7

Chattel Personal

A Chattel (item of personal property) that is movable.
Example: Furniture - a table

8

Chattel Real

A chattel ( item of personal property) that is associated wit a piece of real estate.
Example: a lease.

9

Corporeal

Interest in property that is tangible such as buildings or trees as opposed to intangible such as an easement

10

Emblements

Growing crops that are produced annually through labor and industry. Considered personal property even before harvest. Also known as FRUCTUS INDUSTRIALES.

11

Eminent Domain

The right or government ( Federal, State or Municipal ) to take title to private property for the common good; through a process known as CONDEMNATION

12

Escheat

Process by which property reverts to the state when no will or heirs exist or when the property is abandoned

13

Fixture

An article of personal property that has become real property by being attached to the realty.

14

Heterogeneity

Physical characteristic of being. Used in reference to real property. There is no exact duplicate ( also known as Non-homogeneity

15

Improvements

Additions to real property that are intended to increase value ( more then maintenance or repairs )

16

Incorporeal

Intangible or non-possessory rights in real estate. No physical substance. Ex: right of way

17

Intangible

Having no physical or material being. Example right of way

18

Intestate

Property owner dies without a Will or with a will that is defective. Property changes ownership through the state laws of decent.

19

Location

Economic characteristic of real property that value is affected by what exact site real property occupies including abutters, neighbors and zoning.

20

Long Term Investment

Economic characteristic of real property that indicates real property will last along time, more than a mortgage , often more than a lifetime as opposed to a short time - stocks , bonds etc.

21

Mineral Rights

Subsurface rights to real property. May be granted separately from surface rights as in rights to oil, gas, mineral etc.

22

Personal Property

All property that is not real property. ( An article that is moveable and not attached to the realty) also called PERSONALTY

23

Police Power

The right of government to enforce laws, statues and regulations for the public welfare. Includes building codes and zoning ordinances

24

Possession Rights

The right to occupy real property. Often granted separately from other rights as in the case of a lease.

25

Air Rights

The right to the space above a piece of property

26

Property

The rights and interest ( known as the bundle of rights ) that an individual has in a thing that is owned. May be real or personal.

27

Real Estate

Land and whatever is attached to the land. Also known as Real Property or Realty

28

Scarcity

An appraisal principle that a reduction in the availability or supply of good will increases its value

29

Severance

The process of changing real property to PERSONALTY

31

Situs

Refers to characteristic of location. See location.

32

Subsurface Rights

Rights to real property that are beneath the surface including mineral rights, water rights and easements such as underground utilities

33

Surface Rights

Rights to real property on the surface of the property ( not including rights above ( air right ) or rights below, ( mineral and other subsurface right )

34

Tangible

Having physical or material being such as height, width, mass, weigh. ( as oppressed to intangible such as an easement )

35

Taxation

The right of government to levy charges on a piece of property. One of the government limits to rights of ownership.

36

Trade Fixture

A fixture attached to real property as a part of a tenants trade or business. Can be removed by the tenant at the end of the lease.

37

Fixture Determination

1. The intent or the parties
2. The method of annexation
3. The agreement of the parties

38

Fixture Determination

1. The intent of parties
2. The method of annexation
3. The agreement of the parties

39

Physical Characteristic of Real Property

1. Land is immobile
2. Land is indestructible
3. Land is unique.

40

Economic Characteristic of Real Property

1. Scarcity
2. Improvements.
3. Long-term Investment
4. Location ( Situs )

41

Limits to Property Right

1. Rights of others
2. Government Rights

42

Right of Other People

Quiet Enjoyment

43

Government Limits to Rights

1. Eminent Domain
2. Police Power
3. Taxation
4. Escheat

44

Police Power

1. Zoning Ordinances
2. Building Codes

45

Variance

Permission to build, convert or otherwise use a parcel of property in violation of the zoning ordinances.

46

Zoning

An exercise of police power whereby a city or town limits property rights by determining what can be built within certain sections of a municipality.