Property

Location

The location of the land affects its value. Location is referred to as "situs." Situs also refers to a personal preference for one location over another.

A fixture is:

Considered real estate

The definition of an emblement includes which of the following?

Crops nurtured in the year of the sale of the property

Emblements

Crops nurtured in the year of the sale or the lease. Considered personal property -When a property is sold during the growing season, the seller retains the right to harvest the crop, unless negotiated otherwise. -A landlord cannot terminate the lease of a tenant farmer without giving the tenant the right to reenter the land and harvest his crops.

Residential Property

Defined as real property consisting of, or improved by, a single- family one to four-unit dwelling.

Physical Characteristics of real property

Immobility: land is immovable Indestructibility: the property description remains unchanged; and, therefore, you have the same amount of real property. Non-homogeneous: No two parcels of real property are the same.

The American Indian had a ____________________, but capitalism is an allodial system.

Non-Allodial System

Accession

it is the process of adding to the real property by man (hauling in dirt, building a house) or nature (such as a mud slide or earthquake). Improvements is the term used to define additions made by man alone, such as buildings, utilities, roads, and landscaping.

Trade Fixtures

that which is attached to a trade or business Trade fixtures are always personal property. -They may or may not be attached to the real property, but are sold as personal property. -Any damage to the real property must be repaired after their removal.

Fixtures

that which is attached to the real property without losing its identity. Always considered real property

What is considered real property

water rights, mineral rights, air rights

Allodial System

A political/economic system that allows for the private ownership of real property is called an allodial system.

Lateral Support

Support given to adjoining land, such as building a retaining wall.

Real Property

The land, all that is attached or appurtenant to the land; the subsurface to the center of the earth, and the air space to infinity.

The transfer or sale of personal property is documented with a

"Bill of Sale."

Following are the tests the court would use to determine if the item in question is a fixture:

-Manner it was attached to the real property (annexation) -Whether the property is adapted around the item -Intent of the owner -if an agreement is in place that addresses a fixture issue, the agreement will control.

Improvements

Land can be improved or modified, adding to the value of the real property. These manmade modifications are known as improvements. Property can be over improved, thus detracting from the value.

Personal Property

Personalty, chattel. Any property that is not real property is personal property. Personal property is considered movable. It is temporary and considered a deteriorating or depreciating asset.

Appurtenant

Refers to things that are attached to the land or the deed. A fence is appurtenant to the land, whereas an easement would be considered appurtenant to the deed. Though the terms real property and real estate are used interchangeably by the most people, technically real property refers to intangible rights whereas real estate refers to the tangible or physical property. (The intangible rights referred to are discussed in detail in the Ownership class.)

Economic characteristics of real property

Scarcity, Improvements, location, residential property

Severance

The process of turning real property into personal property by separating it from the real property. Thus, the personal property has been "severed." For example, a tree growing in a yard is real property. When it is cut down, it becomes personal property by severance.

Corporeal Property

The term used to describe something which is physical or tangible. It could be real or personal property, such as a building, a car, etc. "Incorporeal" is the term for intangible assets such as an easement or leasehold right.

Scarcity

There is a fixed amount of real property. Its scarcity adds to its value. Since there is no increase in the amount of land available, and since the population continues to grow, the law of supply and demand applies.

Which of the following is an issue with trade fixtures?

They are vital to the business function

If a cabinet in a house is a fixture, which of the following is true?

Title to it passes to the buyer upon the sale of the house

An important characteristic of land is that it can be improved. These modifications become a part of and tend to increase the value of real property. Which of the following is such a modification?

Trees

In what situation may a prior owner enter the new owner's land and remove property?

When emblements are involved