Basic Real Estate Concepts
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| Define Land | The earth adn all that is on it's surface, below the surface and above the surface
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| Define Real Estate | Land and all that is permanently attached to the land excluding the Bundle of Rights
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| 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
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| Define Fixture | an itme of personal property that has been changed to real property as a result of permanent attachment to the real property
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| 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".
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| Is it possible to change an itme of real estate to personal propery? | Yes
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| What is the term for this process | Severance
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| 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.
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| 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.
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| List the 3 physical characteristics of Land | DIFF.....Different (all parcels are different), Indestructible (esentially indestructible), Fixed (in location)
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| Define Severance | The detaching of something affixed to real property that changes it from real property to personal property.
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| Define "subsurface rights" | Rights to all that is below the land to the center of the earth - minerals, oil, water, etc
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| Define "air rights" | Rights to all that is above the land into the sky with the exception of aviation
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| 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
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| 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"
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| 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.
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