Chapter 3

Asset

Something of value, a useful item of property, owned by a person

Fief

An estate held as a condition of service to another

resolutions passed by local REALTOR associations

All of the following are methods for regulating land for use, EXCEPT: a. building codes b. zoning laws implemented by county or city government c. deed restrictions listed in a subdivision's restrictive covenants d. resolutions passed by local REALTOR associations

Feudal System

All the land belongs to the sovereign king or queen and everyone owes rent or services to a superior

MARIA

An acronym for testing whether an item is a fixture or personal property

Fixtures

An item that was once tangible, personal property that has been attached to and made a part of the land or improvements

Fructus Industriales

Annual crops; these crops are considered personal property

Personal Property

Any property that is not real property

hereditaments

Any property, whether real or personal, tangible or intangible, that may be inherited is classified as:

hereditament

Anything capable of being inherited, bot real and personal property

trade fixtures

Articles of personal property owned by a tenant and solidly installed in his or her rented space for use in the business he or she conducts are know as.

Carl can remove the equipment installed before his lease expires.

Carl leases a building and installs shelves, cabinets and other articles for use in the business. When the lease expires.

Uniform Commercial Code

Code that requires that the sale of personal property with value in excess of $500 be in writing.

eminent domain

Condemnation of private property for public use is called the right of:

Tangible Assets

Corporeal and visible assets that have a body

Allodial System

Established absolute ownership, which means there is no obligation to pay rent or services

Police Power

Governments right to enact and enforce laws for the common good

Emblements

Growing crops

fuel in an underground storage tank

In the absence of any agreement in the sales contract, which of the following would MOST likely be considered personal property? a. wall-to-wall carpeting b. an ornamental hedge c. fuel in an underground storage tank d. custom-made window shades

Government Rights

Include police power, taxation, eminent domain, and escheat

Intangible Assets

Incorporeal or invisible assets - with-out a body

trade fixtures

It would NOT be an appurtenance describes which of the following? a. easement rights b. mineral rights c. water rights d. trade fixtures

chattels

Items of personal property are called:

Trade Fixtures

Items that are the personal property of a tenant or owner and used to carry on his or her business

Real Property

Ownership rights in land and its improvements

incorporeal - with out body

Patents, copyrights, and trademarks are BEST described as:

Fructus Naturales

Perennial crops; these crops are considered real property

enact laws for the common good

Police power is the government's right to:

Rights of Others

Private, nongovernmental limitations on the bundle of rights such as deed restrictions

Bundle of Rights

Property rights that include the rights of control, possession, quiet and peaceful enjoyment, disposition, and encumbrance

fixtures

Real property includes: a. fixtures b. trade fixtures c. emblements d. fructus industriales

Escheat

Reversion of property to the state upon the death of an owner who has no will or heirs able to inherit

Confiscation

Right of government to seize property without compensation in the interest of national security

power of eminent domain

Taking property for public use utilizing the condemnation process is allowed due to the:

power of eminent domain

Taking property for public use utilizing the condemnation process is under the:

Eminent domain

Taking property for the public welfare by paying fair market value for it

police power

The ability of the state to enact and enforce zoning ordinances is based on:

Condemnation

The act of taking private property for public use by a political subdivision through the exercise of the power of eminent domain.

the freestanding fireplace screen

The agreement DOSE NOT specify it, but a home seller can most likely remove: a. sprinkler heads that unscrew from the underground system b. prize rosebushes c. the freestanding fireplace screen d. the almost new garbage disposal

eminent domain

The government may acquire private land for the public welfare through the right of:

Taxation

The government's right to levy taxes against real and personal property in order to provide city, county, and state governmental services for the benefit of the people

condemnation

The process for implementing the taking of private property for public use wherein just compensation is paid to the owner is called:

state government

The property of a person who dies intestate and has no heirs will escheat to the:

Property

The rights of ownership; the right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.

personal property

What BEST describes chattel? a. a fixture b. personal property c. personal property that has been converted to real estate d. a mortgage on personal property

police power eminent domain taxation escheat

What are the 4 Government Rights P E T E

planning subdivision regulations zoning ordinances building codes

What are the 4 Police Power over real estate P S Z B

deed restrictions easements tenants lenders

What are the 4 Rights of Others D E T L

control possession quiet and peaceful enjoyment disposition encumbrance

What are the 5 rights included in the bundle of rights? C P Q D E

escheat

What is it called if property passes back to the state?

eminent domain

When property is taken for public use and compensation is given, then the following term would be used to describe what has happened:

taking land for a parkway

Which is NOT an example of police power? a. zoning restrictions b. building codes c. subdivision regulations d. taking land for a parkway

collect taxes

Which of the following is NOT a function of police power? a. control land use b. control rents c. collect taxes d. condemn as unfit for occupancy

tomato crop

Which of the following is NOT an "improvement" to land? a. building b. driveway c. orchard d. tomato crop

freedom

Which of the following is NOT included in the bundle of rights. a. encumbrance b. quiet enjoyment c. freedom d. control

cost of item

Which of the following is NOT used to determine whether and item is a fixture? a. method of attachment b. intent of the annexor c. cost of item d. adaptability of item

restrictive covenants

Which of the following is an example of the private control of land use? a. zoning b. restrictive covenants c. building codes d. environmental controls

mortgage note

Which of the following is personal property? a. fixture b. mortgage note c. cesspool system d. perennial shrubs

trade fixtures

Which of the following would NOT be an appurtenance? a. easement rights b. mineral rights c. water rights d. trade fixtures