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