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Property Ownership-1
Property Ownership
| Question | Answer |
|---|---|
| Real Property | Land, improvements attached to the land, and the rights to use them |
| Personal Property | Anything not classed as real property, a right or interest in things of a temporary or movable nature |
| Chattel | Personal Property |
| Personalty | Personal property |
| Fixture | Personal property that has been installed or attached to become real property |
| Annexation | The purpose of attaching personal property so that it becomes real property thus creating a fixture |
| Severence | Real property becomes personal property when it is "severed" from the land. Uninstall, unattach |
| Trade Fixture | Personal property installed on leased property for the purpose of the tenant's occupation or profession |
| Accession | Gaining title to improvments as a resut of the annexation of fixtures |
| Physical Characteristics of Land | Nonhomogeneity, immobility, indestructibility |
| Nonhomogeniety | A physical characteristic of land stating no two pieces are exactly alike |
| Immobility | A physical characterisitic of land staing that land cannot be moved-an owner must go to the land |
| Indestructibility | A physical characteristic of land stating that the land will always be there-it is durable |
| Economic Characteristics of Land | Scarcity, modification, fixity and situs |
| Scarcity | An economic characteristic of land stating that a short supply where demand is great will cause an increase in value-usually based on geography |
| Modification | An economic characteristic of land stating that improvements made by man will alter the value of land and surround properties |
| Fixity | An economic characteristic of land stating that land, buildings and improvements are considered a fixed investment-not liquid assets |
| Situs | An economic characteristic of land stating that location preference from an economic standpoint can cause increased value-location, location and location |
| Legal description of property | A description of such certainty and accuracy that one can go to the ground and identify the land-a description prepared by a surveyor |
| Metes and Bounds | A legal description of land having a point of beginning, using terminal points and angles, degrees and minutes to outline a property |
Created by:
Shirilyn
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