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RE Chapt 1

Basic Real Estate Concepts

QuestionAnswer
Define Land The earth adn all that is on it's surface, below the surface and above the surface
Define Real Estate Land and all that is permanently attached to the land excluding the Bundle of Rights
Define Bundle of Rights The collective name for the basic rights of real property including but not limited to:- the right occupy, use, allow others to use, rent, restrict the use, keep others off, leave, abandon and convey ownership
Define Fixture an itme of personal property that has been changed to real property as a result of permanent attachment to the real property
Define Personal Property Everything that is not attached to the land and not attached to the buildings or improvements to the land. ALSO known as "Chattels" or "Personalty".
Is it possible to change an itme of real estate to personal propery? Yes
What is the term for this process Severance
Give an example of the process A tree growing on the land is considered real property. If you cut down the tree and cut it into firewood, the tree then become personal property.
The courts have established legal guidelines for defining a fixture. These guidelines include the following (4) Hint: CIAA Contract: The use of a CONTRACT to define the itemIntention: THe INTENT of making the item a permanent attachment Annexation: The means of ATTACHMENT of the item to the propertyAdaptation: the relationship of the item to the property.
List the 3 physical characteristics of Land DIFF.....Different (all parcels are different), Indestructible (esentially indestructible), Fixed (in location)
Define Severance The detaching of something affixed to real property that changes it from real property to personal property.
Define "subsurface rights" Rights to all that is below the land to the center of the earth - minerals, oil, water, etc
Define "air rights" Rights to all that is above the land into the sky with the exception of aviation
Define Trade Fixtures A special fixture that is owned & installed by a business tenant into a rental unit as a necessary part of a trade or business. It can be removed before hte lease expire. It's considered personal property
Define the Economic Characteristics of LandHint: LIPP LIPP: L: Limited Supply I: Improvements to the land P: Permanence economically feasible over the long term. P: Perference of desirability over another location, now as "situs"
The term real estate includes all of the following except:A)air rights above the landB) growing oak & sycamore treesC) tractors & treshersD) barns & fences C) Tractors & Treshers because they are not permanently attached.
Created by: mtfujimamma1
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