Real Property & Personal Property

Fruit of Industry is legally named____ & means..

"Fructus Industriales" & Plants that are personal property because they require cultivation such as wheat, vegetables and corn. Also called emblements.

List the 4 ways to determine if something is a fixture:

1.) Method of Attachment 2.) Intent to be Permanent 3.) Adapted for the property like house keys or a garage opener 4.)Agreement of Parties

Give 3 examples of fixtures

A/C, Kitchen Cabinets, Light fixtueres, ceiling fans, TV mounts

Fences, sidewalks, large playground-type sets, or swimming pools are examples of ____ if on the land but were ____ blank before they were attached.

Attachments, Personal property These items may have started as personal property but have become an attachment when put on the land

Property that is readily movable and is not attached to the land is called?

Chattel

Shrubs are an example of personal property T or F

False

Real Property is movable. T or F

False, Immovable

The real estate term for improvements both on and to the land is called?

Fixtures

Plant life that does not require planting each season but grows naturally is called?

Fructus Naturales

Man made things added to the land like houses, landscaping, driveways, sewers, fences etc. are ______ to Real Estate.

Improvements

Attachment

Items attached to the property as its attached it is apart of real property when it is removed it becomes personal property. Things attached or affixed to the land, they are part of the real property unless otherwise agreed.

A mobile home that has not been permanently fastened to the land is Personal or Real Property

Personal Property

Emblements (fructus industriales) is

Personal property consisting of annual plantings or crops of wheat, corn, vegetables, and fruit.

_____ Consists of the land, and everything that is permanently attached to the land, plus all the legal rights that come along with ownership of it

Real Property

Real Property is changed through____ & Persona Property is changed through ___.

Severance, Attachment

Everything below the surface of land including, water and minerals is...

The Subsurface

Personal property used in a business and can be removed by the lessee when the lease terminate is a ___

Trade Fixture

Corn and wheat are examples of emblements. T or F

True

Up until a fixture is permanently attached it is personal property, it is only through attachment that it becomes real property. T or F

True

Plant life that requires planting each season is called _______________________?

fructus industriales

Chattel AKA ...

personal property

Tangible personal property

personal property that can be seen, touched, and possessed.

Airspace Rights

the right to the air space above the surface of land

Fruit of Nature is legally named _____ & means..

"Fructus Naturales" & Plants that are real property because they do not require cultivation i.e. trees, shrubbery & vineyards. Plants naturally taken care of by nature basically.

Legal rights associated with ownership of property are _____.

Bundle of Rights

In a real estate transaction personal property goes to the purchaser and real property goes to the seller. T or F

False, Personal Property stays with seller and real property goes to buyer

Trade Fixtures are real property, belong to owner, included if property is sold. T or F

False, Regular Fixtures

Regular fixtures are personal property, belong to the tenant, can be removed, not included in sale of property. T or F

False, Trade Fixture

The same parcel of real estate may not be owned and controlled by different parties.

False, it can

The surface, subsurface and airspace can not be sold seperately. T or F

False, they can be sold seperately

Ownership that includes earth's surface down to the center of the earth, upward to infinity and everything permanently attached by nature is what type of ownership?

Land Ownership

Describe land ownership

Ownership that includes earth's surface down to the center of the earth, upward to infinity and everything permanently attached by nature

____ property is everything permanently attached to the land or anything that grows naturally and doesn't require cultivation.

Real Property

What are the bundle of rights?

The right of possession meaning righ to live The right to use property for any lawful purpose The right to encumber property, using it as security to borrow funds The right to enjoy property without interference The right to transfer property by sale or gift

A closing took place on Friday and contractually the seller has to be out of the property by Sunday at 6:00 pm. Over the weekend as the seller is packing to move, she takes down and packs a light fixture that she got out of her grandmother's house, this is not okay because she did not agree to this in writing with the buyer. T or F

True

To qualify as a trade fixture the fixture must be removed prior to end of lease or sale, property must be returned to original condition after fixtures are removed. T or F

True

When a building is sold trade fixtures aren't conveyed to new owner. T or F

True

Intangible Personal Property

evidences of ownership of personal property such as stock of corporations, checks and copyrights. Can't be seen or touched

An item of personal property that has been converted to real property by being permanently affixed to the realty is a ___

fixture

Real estate is defined as

land at, above, and below the earth's surface, plus all things permanently attached to it as well as improvements.

An owner of property decides to sell his property. Thirty years ago the subsurface mineral rights of the property were sold by a former owner. What rights would the current owner be selling?

surface and air rights

Severance means

the act of cutting off or apart, Severance is taking an item that is attached to the land and removing it as personal property.