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(Week 1) Chapter 1
Basic Real Estate Concepts
| Term | Definition |
|---|---|
| 4 components of LAND | 1. All that is on the surface 2. All that is below the surface 3. The space of air that is above the surface 4. Whatever is attached by nature |
| Physical characteristics of LAND | 1. All parcels of land are different 2. Land is essentially indestructible 3. Land is immobile or fixed |
| 2 categories of PROPERTY | 1. Real property 2. Personal property |
| REAL ESTATE | Land and whatever is permanently attached to the land by either land or nature |
| IMPROVEMENT | Any addition to the land intended to increase the value |
| REAL PROPERTY | Include the definition of REAL ESTATE plus the rights and interests that an owner has in the real estate |
| PERSONAL PROPERTY | Everything that is not attached to the land and not attached to the building or improvements |
| FIXTURE | Item of personal property that has been changed into real property as a result of permanent attachment to the real property |
| Legal guideline to consider in DEFINING A FIXTURE (4) | 1. Contract: use of contract to define the item 2. Intention: the intent of making the item a permanent attachment 3. Annexation: the means of attachment of the item to the property 4. Adaptation: the relationship of the item to the property |
| Agreement of Sale (fixture) | The issue of whether and item is classified as a fixture is most easily determined if the item in question is clearly defined in REAL ESTATE CONTRACT |
| What if seller wishes to take fixture such as chandelier? | It should be put into both the LISTING CONTRACT and AGREEMENT OF SALE as an item to be excluded from the sale before the contract is signing by the relevant parties |
| Put something in property... | becomes part of the property |
| SEVERENCE | The detaching of something affected to real property that changes it from REAL PROPERTY into PERSONAL PROPERTY |
| EMBLEMENT | is an annual, seasonal crop, such as a tomato plant, that is considered to be personal property even though it is attached to the land |
| TRADE FIXTURE | is a special fixture that is owned and installed by a business tenant into a rental unit as part of a trade or business. It is classified as PERSONAL PROPERTY and is removable by the business tenant before the lease expires. |
Created by:
crochetchick
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