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Flashcards in Unit 1 Deck (19)
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1
Q

Land

A

Subsurface, surface, and airspace

2
Q

Real Estate

A

Land plus permanent human made additions. Including improvements.

3
Q

Improvements

A

Any artificial thing attached to land, such as a building fence or streets, utilities, and sewers

4
Q

Real Property

A

Real Estate plus bundle of legal rights. Conveyed by a deed.

5
Q

Bundle of Legal Rights

A
  1. Possession
  2. Control
  3. Enjoyment
  4. Exclusion
  5. Disposition
6
Q

Title

A

Ownership of real property

7
Q

Deed

A

Printed document that is evidence of ownership. It is used to transfer title to the real property.

8
Q

Appurtenance

A

Right or privilege associated with the property. It includes parking spaces in multiunit buildings, easements, water rights, and other improvements. Normally transfers to the new owner when the property is sold.

9
Q

Personal Property/ personalty

A

Can be owned and is movable. Sometimes referred to as chattels. They include chairs, tables, clothing, money, bonds, and bank accounts. Conveyed by a bill of sale or receipt.

10
Q

Factory built homes/ manufactured home

A

Dwelling that is built offsite and trucked to a building lot where they are installed or assembled. Generally considered personal property (motor vehicle). HUD specifications- Non-removable steel chassis, 8ft wide and 40 ft long, 320 sq ft of living space, capable of being lived in with or without permanent structure, red label.

11
Q

Fructas Naturales

A

Trees, perennial bushes, orchards/ vineyards, and grasses do not require annual cultivation. Considered real estate.

12
Q

Emblements/ Frustes Industriales

A

Annual cultivated crops of fruit, vegetables, and grain. Generally considered personal property. Owner or tenant is entitled to harvest their crop.

13
Q

Severance

A

Real property can become personal property by severance. Ex) owner cuts down a growing tree

14
Q

Annexation

A

Personal property becomes real property. Ex) Materials for a sidewalk become a sidewalk

15
Q

Fixture

A

Personal property that has been affixed to the land or a building, that by law, it becomes part of the real property. Includes heating plants, elevator equipment, radiators, kitchen cabinets, light fixtures, and plumbing. Intent is what determines if it is a fixture- annexation, adaptation, and agreement.

16
Q

Trade Fixture/ Chattel Fixture

A

Personal property and are not included in the sale or mortgage of real estate except by special agreement. Used in conducting business. Ex) Bowling alley, store shelves, chicken coops, tool sheds. Must be removed on or before the last day the property is rented. Trade fixtures that are not removed become the real property of the landlord. Acquiring property in this way is called accession

17
Q

Four Economic Characteristics of Real Estate

A
  1. Scarcity
  2. Improvements
  3. Permanence of investment
  4. Location or preference (situs) **
18
Q

Physical Characteristics of Real Estate

A

Immobility- fixed
Indestructibility
Uniqueness/ non- homogeneity- no two properties are exactly the same or in the same location

19
Q

Mine Subsidence

A

prices of downward land shifts due to the collapse of underground mine shafts and groundwater flows, usually resulting in sinkholes and troughs. Sellers in PA must provide a coal mining notice to purchasers indicating that a structure on the land may not be protected against damage caused by subsidence due to coal mining. Special insurance to cover these damages.