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Property Ownership-1

Property Ownership

QuestionAnswer
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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