RE Principles Ch. 3

Personal Property

All property that is not considered to be real property. That which is movable (not attached to land)

Reversion

A future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum that he/she has.

What are the elements of fixtures?

Agreement of parties -intention of the parties -relationship to the parties of the object -adaptation of the object -method of attachment

Encumbrance

Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation.

T/F Gas, oil, water are owned on purchased property are the sole property of the buyer?

False; Oil, water, gas are not owned by anyone until it is extracted.

Included, but not limited to, the soil, earth, and ground, that which is the result of nature or man-made, as well as an indefinite extent upward into the air, and downward in a direct line from the surface to the center of the earth is defined as what?

Land

Real Estate

Land + generally whatever is erected upon or affixed thereto. Improvements, such as buildings, structures, landscaping, fences, etc., are included.

Land

That which is the result of nature or man made which includes, soil, earth and ground. Also, extent upward into air and downward to center of earth.

Alienate

The capacity for a piece of property or a property right to be sold or otherwise transferred from one party to another. Another way to look at it is "once transferred, it becomes alien to you".

What rights are afforded to you in a "Bundle of Rights"?

The right to dispose (disposition) same thing as selling, conveying title/ The right to encumber: you are created a lien against it The right to possess: Has dominion and control The right to use The right to exclude others (the right of quiet enjoyment).

Bundle of Rights

The rights, or interests, that an individual has in a particular piece of property. "rights or interest" an individual has in the property"

A mobile home is being relocated to a different location and is in transit. Is the home considered real or personal property?

personal property until it is on the new land, which then would change it to real property.

Fixture

An item of personal property after being attached to real property.

Land plus improvements such as landscaping, buildings, structures is considered what?

Real Estate

Appurtenances

Something which is outside property itself but belongs to the land and adds to its greater enjoyment, i.e., a right-of-way, a barn, or a dwelling Things that run with the land Ex: water well, it adds benefit to land but cannot be moved.

Real Property

That which is immoveable, i.e., land, things affixed to land and appurtenances. Real estate plus "bundle of Rights" Lands, things affixed to land and all appurtenances.

Disposition or conveying title means?

Transferring or selling