Chapter 2 - Property Ownership
What is real estate or Realty?
A piece of land, including the air above it and the ground below it, and any buildings or structures on it.
What are the four types of fixtures and what they mean? Hint: I have AAA
Agreements - are the best of the four test of a fixture. Parties to the transaction can agree in the contract of sale as to whether the fixtures will remain with the property or will be removed from the property. Next line Annexation - in addition to the property by the act of joining or uniting one thing to another, as in attaching personal property to real property, thereby creating a fixture. For example, a sink become the picture when his annex to the plumbing outlet or a fence installed around the yard and is annexed to land. Adaptation - parties to the transaction must also consider the character of the item and it's at a Tatian to the real estate. If, for example, an article was fitted orchestra it's specially for a particular location or use in a house, one can argue that the article because a permanent part of the building, and thus a fixture. Intent - the test of intent will most likely be the primary test considered by the court. Contract law states that fixtures in or own the property at the time of contract is ratified, and in the absence of an agreement between the parties, must remain with the property.
What are fixtures?
Articles which were once a personal property tea or chattel but which has now become a part of the real estate because the article is permanently attached to the soil or do something attached to the soil. All things that are attached to property, such as ceiling fans, ownings, window shades and door knobs are considered pictures and are automatically included in the sale, unless specifically mentioned in the con tract as going to the seller.
What is a trade fixture?
Is a piece of equipment or personal property owner or attached to the real estate by the tenant which is used in trade or business. Trades pictures differ from other features and that they may be removed from the real estate even if attached at the end of the tendency of the business, while ordinary pictures attached to the real estate become a part of the real estate. If the trade Fisher is not removed prior to the expiration of the lease, it will become real property and belong to the landlord.
What is personal property?
Is anything that can be One that is not real property such as cars bank accounts wages securities a small business furniture insurance policy jury Patton's pets in season baseball tickets are all example of personal property. Personal property may also be called personal effects global property goods chattel eemblements and personal property
What is real property?
Land and all things attached to it. Real property is considered to be fixed, immovable, and indestructible. Real property can become personal property best of errands. (Detaching the real property from the land.)
What is land?
Linda's material of the earth that begins at the surface and includes free or occupied space for an indefinite distance upward into the air space as well as subsurface downward to the center of the earth. Landon is not considered scarce.
What are improvements?
Man-made additions to the land including buildings fences paving pipelines bridges and landscaping.
What are Appurtenances?
Our rights, privileges or improvements permanently attached to the land. Rights would include giving one the right-of-way or easement to use one's property.
