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.
