Estates and Intrest

Real property

Includes land plus building and fixtures permanent attached

What are the 5 tests for fixture ?

Method Adaptability Relationship Intention Agreement

Define Alienation

A change of ownership of real property. Owner has right to sell property

indefeasible fee

A title that cannot be defeated. Example: fee simple absolute.

Fixture

An article that was once personal property but has been so attached to real estate that it has become real property.

Fee determinable

An estate that will end automatically when the stated event or condition occurs. The interest will revert to the grantor or the heirs of the grantor.

What are the 3 types of personal property appraisals?

Cost approach, Sales Comparison approach, income approach

Fee Simple Estate

Highest form of ownership/entitiy one can have in real estate

Define Real estate

Land and everything that is permanently attached to land.

Define latorial lands

Land that borders pools or body of water

What is income approach?

Method that allows investors to estimate the value of a property based on the income the property generates.

Reversion

Property law is future intrest that is retained by the grantor after the conveyance of an estate or a lessor quantum that he has (such as the owner fee simple granting a life estate or lease hold estate)

Personal Property

Property that is movable. Also called chattels

Cost Approach

Real estate valuation method estimates the price of a buyer should pay for a piece of property is qual to the cost to build an equivalent building.

Define Riparian land

Refers to land which borders a flowing water source like water source like a rive,r, adjacent to streams, rivers, lakes.

Define Easement

Right to do something on someone's property

What is the sales comparison approach?

an opinion of market value developed by comparing properties similar to the subject property that have recently sold, are listed for sale, or are under contract.