Real Estate AZ - Prop & Government Rights 1 Flashcards Preview

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Flashcards in Real Estate AZ - Prop & Government Rights 1 Deck (29)
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1

Movable Property such as Potted Plants, Furniture, Autos, and Documents such as

  1. Le_____
  2. Con_____
  3. D____ of Trust
  4. Prom_____ Notes

Personal Property Transfered by a "Bill of Sale"

Chap 1

Chattel (Personal Property) -

Movable Property such as Potted Plants, Furniture, Autos, and Documents such as

  1. Leases
  2. Contracts
  3. Deeds of Trust
  4. Promissory Notes

Personal Property Transfered by a "Bill of Sale"

Chap 1

2

State Trust Land: Article X - AZ Constitution -

  1. Land transferred from F_____ Government to AZ (in 1910) held in trust.
  2. Land Held in Tr____ and Managed by AZ State Land Dept to be Sold and Leased.
  3. Benefits Sc_____

Chap 1

State Trust Land: Article X - AZ Constitution -

  1. Land Transferred from Federal Government to AZ in 1910 held in trust.
  2. Land held in Trust and Managed by AZ State Land Dept to be Sold and Leased.
  3. Benefits Schools

Chap 1

3

Appurtenances -

Rights and Imp_________ "Transferred" with Land, Unless Reserved or Excepted.

  1. Imp________ (Buildings, Fences, Trees, Sidewalks, Plants)
  2. Emb_______ (Tenant Farmer Harvesting Crops after Lease Expires)
  3. Bundle of R_____ (Mineral, Air, Riparian, Littoral Rights)

Appurtenances -

Rights and Improvements "Transferred" with Land, Unless Reserved or Excepted.

  1. Improvements (Buildings, Fences, Trees, Sidewalks, Plants)
  2. Emblements (Tenant Farmer Harvesting Crops after Lease Expires)
  3. Bundle of Rights (Mineral, Air, Riparian, Littoral Rights)

Chap 1

4

C_________

Process of Changing Property to Real or Personal. By Agreement Can Become Personal Property.

If Court Decides, will ask seller intent:

  1. Was the Article Permanently Attached?
  2. Will Damage Occur if Item Removed?
  3. Cost has No Bearing!

Conversion (of property) -

Process of Changing Property to Real or Personal. By Agreement can become Personal Property.

If Court Decides, will ask seller intent:

  1. Was the Article Permanently Attached?
  2. Will Damage Occur if Item Removed?
  3. Cost - has No Bearing!

Chap 1

5

Govern Rights (P.E.T.E) -

  1. P -
  2. E -
  3. T -
  4. E -

Govern Rights (P.E.T.E) -

  1. P - Police Power,
  2. E - Eminent Domain,
  3. T - Taxation,
  4. E - Escheat

6

Right to Enact Laws for Health, Safety and Welfare of Public.

Zoning Laws, Health Codes, Building Codes, and Right to License Brokers/Agents

Police Power (Health, Safety, and Welfare of Public) -

Right to Enact Laws for Health, Safety and Welfare of Public.

Zoning Laws, Health Codes, Building Codes, and Right to License Brokers/Agents

7

  1. Right To Take "Private Property" for Public Use with just Compensation Paid.
  2. Note: 20 Day Notice of Court Action, Written Offer and Appraisal

Eminent Domain - (Right to Take)

  1. Right To Take "Private Property" for Public Use with just Compensation Paid.
  2. Note: 20 Day Notice of Court Action, Written Offer and Appraisal

Chap 1

8

Reversion of Property to State when Owner Dies Intestate - No Will. Heirs have 7 years to Claim Proceeds of Sale.

 

 

Escheat -

Reversion of Property to State when Owner Dies Intestate - No Will. Heirs have 7 years to Claim Proceeds of Sale.

Chap 1

9

D__________

Transfer of Privately Owned Land to Public, With No Consideration, with Intent for Public Use.

Example: Developer Grants a Right-of-Way Across his Property for Public Streets

Chap 1

Dedication -

Transfer of Privately Owned Land to Public, With No Consideration, with Intent for Public Use.

Example: Developer Grants a Right-of-Way Across his Property for Public Streets

Chap 1

10

 

Intangible Rights and Privileges, such as Mineral Rights, Air Rights, Riparian Rights, Littoral Rights, and Easements

Bundle of Rights -

Intangible Rights and Privileges, such as Mineral Rights, Air Rights, Riparian Rights, Littoral Rights, and Easements

Chap 1

11

C__________

"Process or Act" of Taking Property

  1. 20 Day Notice - to Owner Before Court Action
  2. Written Offer and Appraisal
  3. Compensation

Chap 1

Condemnation-

"Process or Act" of Taking Property

  1. 20 Day Notice - to Owner Before Court Action
  2. Written Offer and Appraisal
  3. Compensation

Chap 1

12

D___

Written Instrument by which a Property Owner (Grantor) Conveys (To Grantee) an "Ownership Interest in Real Property.

  1. Grantor - Give Deed
  2. Grantee - Receives Deed

 

Deed -

Written Instrument by which a Property Owner (Grantor) Conveys (To Grantee) an "Ownership Interest in Real Property.

  1. Grantor - Give Deed
  2. Grantee - Receives Deed

Chap 1

13

 

Land and Everything Attached to It, such as Rights, "Immovable." Transfered by Deed?

 

 

Real Property (Real Estate)

Land and Everything Attached to It, such as Rights, "Immovable." Transfered by Deed?

Chap 1

14

Who gives a Deed?

Grantor -

Gives the Deed

Chap 1

15

Who received the Deed?

Grantee -

Recieves the Deed

Chap 1

16

 

Ownership extends to the Sky and to Center of Earth, includes "Air Rights" and "Subsurface Rights"

Ownership:

  1. Federal Gove 42.2%
  2. Native American - 27.6%
  3. Private - 17.5%
  4. State Trust Land 12.7%

 

Land -

Ownership extends to the Sky and to Center of Earth, includes "Air Rights" and "Subsurface Rights"

Ownership:

  1. Federal Gove 42.2%
  2. Native American - 27.6%
  3. Private - 17.5%
  4. State Trust Land 12.7%

Chap 1

17

Tearing Away of Land due to Natural Causes is called what two things?

Chap 1

Erosion / Avulsion -

Tearing Away of Land due to Natural Causes

Chap 1

18

The Increase of Land due to Natural Causes is called?

 

Accretion -

The Increase of Land due to Natural Causes

Chap 1

19

No Two Parcels of Land are the Same

Heterogeneity -

No Two Parcels of Land are the Same

Chap 1

20

Right of a Tenant Farmer to Harvest Crops after the Lease has Expired.  Also known as Annual Crops - Fructus Naturales.

 

Emblements -

Right of a Tenant Farmer to Harvest Crops after the Lease has Expired.  Also known as Annual Crops - Fructus Naturales.

Chap 1

21

Water Rights Next to a River or Stream are called?

 

Riparian Rights -

Water Rights Next to a River or Stream

Chap 1

22

Water Rights Next to a Lake or Ocean is called?

 

Littoral Rights -

Water Rights Next to a Lake or Ocean

Chap 1

 

23

F______ -

Item which was Personal Property but has been Permanently Attached to and Has become Real Property.

  1. Agmt of Parties - Will Allow these Items to become Personal Property again.
  2. No Agrmt - Court Decides  by asking:
    1. Was it Permanently Attached?
    2. Will Damage Occur if removed?
    3. Cost has No Bearing

Fixture -

Item which was Personal Property but has been Permanently Attached to and Has become Real Property.

  1. Agmt of Parties - Will Allow these Items to become Personal Property again.
  2. No Agrmt - Court Decides  by asking:
    1. Was it Permanently Attached?
    2. Will Damage Occur if removed?
    3. Cost has No Bearing

Chap 1

24

Af_____ of A_______ -

Document used to Make Mobile/Manufactured Home "Real Property," and Must be Recorded?

Notes:

  1. Vehicle Titles must be Surrendered
  2. Real Estate Licensees may:
    1. May List (New/Used) Unaffixed Mobile/Manufactured Homes
    2. Represent Dealers or Private Sellers

Affidavit of Affixture -

Document used to Make Mobile/Manufactured Home "Real Property," and Must be Recorded?

Notes:

  1. Vehicle Titles must be Surrendered
  2. Real Estate Licensees may:
    1. May List (New/Used) Unaffixed Mobile/Manufactured Homes
    2. Represent Dealers or Private Sellers

Chap 1

25

Charge Against Property to Bear Cost of Muncipal Functions

Chap 1

Taxation  -

Charge Against Property to Bear Cost of Muncipal Functions

Chap 1

 

26

AZ S____ L___ D____ -

Managed Land Held in Trust to be Sold and Leased

AZ State Land Dept -

Managed Land Held in Trust to be Sold and Leased

Chap 1

27

S___ T___ L____ P_____ -

Benefit Schools and Other Entities

State Trust Land Proceeds -

Benefit Schools and Other Entities

Chap 1

28

State Trust Land (AZ Constituion - Article 10) -

This Land was Transfered When and by Whom?

Chap 1

State Trust Land (AZ Constitution - Article 10) -

Land Transfered - In 1910 by "Federal Government" to AZ

Chap 1

29

What Transfers "Personal Property?"

Bill of Sale -

Transfers "Personal Property"

Chap 1