Untitled Deck Flashcards
(149 cards)
*Real estate, plus the interest, benefits, and rights including ownership.
Real property
Property that is moveable, may be owned by a person, and is not real property.
Personal property
- An item that is permanently attached to real property.
Fixture
*A piece of equipment or other item that is on attached to the real estate and is used in a trade or business.
Trade fixture
*Growing crops, such as decorative trees or corn, which are produced annually; usually not considered fixtures, but are the personal property of the person who planted them.
Emblements
*Anything added to the lan which benefits the land, such as a building.
Improvement
*Automatic rights inherent in property ownership.
Appurtenance
*
Legal description
•
Metes and bounds
•
Lot and block
•
Rectangular (government) survey
*A limitation on a property title, a claim against a property by a party that is not the owner. Burdens or limits the title.
ex: A property tax lien, mortgage lien, mechanics lien, etc
Encumbrance
•
Easement (appurtenant, in gross, by necessity, by prescription)
•
Encroachment
•
License
May be placed on a deed at any time by the owner and apply to the specific property. They “run with the land” meaning they remain associated with the title and generally can’t be removed by new owners. Some may have a time limit and will no longer exist when that limit is reached, but most stay with the property forever once created*
Deed restriction
•
Zoning
•
Variance
•
Nonconforming use
•
Police power
•
Eminent domain
•
Escheat
•
Freehold estate
•
Leasehold estate
