Module 1.1 Land and ownership

Which is NOT an example of an attachment

A basketball hoop that is moved into the garage in the winter.

Non-homogeneity

A characteristic of real property: each piece of land, each building, and each house is a different piece of real estate. Also called uniqueness

Allodial system

A concept of land ownership that allows private individuals to own property

Feudal System

A legal system under which property is owned by a lord, king, or other

Severance

A process through which fixtures are detached from the land and revert back to personal property

Real property

Also called realty is land and everything intended to remain with it.

Real property can be divided into corporeal and incorporeal. Which would be an incorporeal right?

An easement

Bill of sale

An instrument in writing that transfers ownership of tangible personal property example furniture

Trade fixture

An item of personal property that is annexed to leased property and is necessary to a trade or business. Trade fixtures are removable by the tenant prior to expiration of the lease

Is the legal term for attaching or affixing personal property to real property

Annexation

Are rights that go along with real property, or "run with the land." When real property is sold, _______________ rights are ordinarily sold along with it

Appurtenances

Attachments

Are generally considered real property and can be either natural or man-made

Annexation

Attaching personal property to land so that the law views it as part of the real property

Brett bought a farm, and two tractors were included in the sale. What is required at the settlement to transfer ownership of those tractors?

Bill of sale

When rights transfer with a deed, this is referred to as

Bundle of rights.

Personal property is also referred to

Chattel and personalty

The right of _________ allows the owner to physically alter or change the property.

Control

Physical or tangible real property is termed

Corporeal

The _______ of the item is never a factor in determining whether the item is a fixture

Cost

The transfer of title in real property in any form requires a

Deed

Gareth inherits a plot of land from Jessie. A year later, he sells half of the property to Kim. A year later, she gives her half to Alex, who sells the mineral rights. This series of events best represents the league property right of

Disposition

Another word for fructus industriales is

Emblements

The right of ____________ gives the owner the freedom to possess and use the land without interference from other people or society. However, it also includes a responsibility to make sure that their neighbors enjoyment is not hindered or adversely affected.

Enjoyment

The right of ____________ allows the owner to stop others from using the property or even from entering the property

Exclusion

Real property. Becomes part of the building. Owned by the property owner. Included in the sales contract.

Fixture

Man made attachments are called

Fixtures

The property term for crops and other vegetation that are cultivated annually or seasonally is ________

Fructus industriales (meaning fruits of industry)

Which of the following would be considered personal property?

Harvested crops

Adaptability

How does the fixture fit into the property. What is its purpose. Did the Annexor acquire the item to improve the real property or simply for personal use

Method of attachment

Identifying fixtures. How permanent is the fixture? Physical attachment of an item is considered when the court decides if something is a fixture, but it is not decisive

Agreement

Identifying fixtures. Is the agreement between parties on the fixture oral or written?

Physical characteristics of real property

Immobility Indestructibility Non-homogeneity Situs

A major fixture that significantly increases the value of the property is commonly called an

Improvement

Is any man-made attachment to the land

Improvement

Unless otherwise agreed, all real property is

Included with the transfer goes with the buyer

Non-physical attachments, such as hereditaments (rights of inheritance), right-of-way, etc are called

Incorporeal

Patents, trademarks,copyrights, and royalties are an example of

Intangible personality

A fixture

Is an item of personal property that may or may not be attached to real property but is closely associated with real property in such a way that is has and is intended to become a part of the real property

Land

Is legally considered to include the surface of the earth, the subsurface to the center of the earth, and the atmosphere above.

Attachment

Item of personal property that has been attached to or closely associated with real property in such a way that that it is now legally part of the real property. Also called a fixture

When describing _________ in legal description, only the surface is detailed the law implies the subsurface and air rights are included

Land

Trade fixtures that have not been removed by the tenant become the real property of the

Landlord

Identifying fixtures

Maria

Also called fructus naturales are plants growing on the land, They are considered real property while growing and personal property when removed

Natural attachments

Emblements

Natural things growing on land, such as trees, shrubs, or crops. Also call fructus

Unless otherwise agreed, all personal property is

Not included in the transfer

If one secures the entire bundle of rights, that person is said to be the

Owner

Is any property that is movable and not intended to remain with the land, Also called chattel or personality includes tangible objects and intangible ones

Personal property

Trade fixtures Also called business fixtures are considered

Personal property

Chattel

Personal property also called personalty

The characteristics of real property that contribute to its value can generally be described as

Physical or Economic

The right of _____________ gives the owner the right to physically occupy the land and to use the land and make it productive. Owners can use the land in any way they want as long as it is legal and does not interfere with other people's rights

Possession

Includes the actual physical land as well as all of the attachments

Real estate

The term _____________ refers to the land, the attachments (real estate), plus the legal interests, rights, privileges, associated with ownership, such as the bundle of rights

Real property

Physical land, its attachments , and its bundle of rights is known as

Real property/realty

The right of _____________ allows the owner to transfer all or some of the rights to other people.

Right to Disposition

A property owner can build a garage, tear down a fence, put in a swimming pool, etc. Of course, there could be zoning issues

Right to control

Land owners have the right to sell, lease,give away,divide and retain part of land or to dispose of it completely. This is an example of what bundle of right.

Right to disposition

Economic characteristics of real property

Scarcity Modification Fixity

An article may be changed from realty to personality by

Severance

Fixtures can be detached from the land and revert back to personal property through the process of

Severance (detachment)

Trade fixtures example

Shelving and counters are securely fastened in a leased retail store.

Otis rents an empty storefront to open a restaurant. He attaches a pizza oven to the floor and wall of the kitchen. The oven was installed by the __________and is______________property

Tenant/personal

Land ownership can be ABSOLUTE meaning

The complete bundle of rights belongs to the owner.

Jill buys a house from jack. She assumed that the curtains would be included in the price, even through they were not listed in the agreement of sale. What is the best argument Jill could make to persuade a judge if this goes to court.

The curtains were custom-made for the odd-shaped window

Allows a tenant farmer to re-enter the land to harvest crops that were planted by the tenant farmer but mature after the tenants departure

The doctrine of emblements

What is NOT an example of an improvement

The line of pine trees planted along the edge of the property

Situs

The location of a parcel of real property

The owner of ________ has rights to the surface of the land within the property's boundaries, plus everything under and above the surface

The owner of real property

Real Property

The physical land itself to the center of the earth and the sky above, and anything permanently affixed to the land, such as buildings, improvements,growing plants, and fixtures, as well as associated rights, such as water rights o easements. Also called: Realty.

Personal property of commercial tenant. Can be removed. Owned by the tenant. Addressed under a separate agreement

Trade fixture

Used in the operation of a business such as bookshelfs ovens etc these articles are owned by the tenant and can be removed by departing tenants as long as they do so before the lease expires

Trade fixtures

Which is NOT an appurtenance and, therefore, does not pass with the standard warranty deed?

Trade fixtures

A bill of sale is used to

Transfer personal property

Certain activities can interfere with a property owners bundle of rights. These actives can be categorized as

Trespass Encroachment Nuisance

Appurtenances can be sold separately for example mineral rights, and may be limited by past transactions true or false

True

Which of these is NOT considered when determining whether an item is a fixture or personal property

Value of the annexed item

Are considered personal property

What are emblements

Intent

What is the intent of the Annexor I.E e the person who installed the fixture

Relationship

What is the relationship of the fixture to the parties.

Which is an example of personal property

Wheat just harvested in the field

Real property agreements must be

Written

Are trade fixtures personal property?

Yes