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IL-Chap 2
Real Property & Law
| Question | Answer |
|---|---|
| Land | earth's surface extending downward to the center of the earth and upward to infinity. Includes trees and water |
| Real Estate | is land at, above, and below the earth's surface, plus all things permanently attached to it. (incl trees, shrubs & grass which do not require annual cultivation) An improvement is any artificial addition to land such as a building or a fence. |
| Real Property | includes both land and real estate. Defined as the interest, benefits and rights that are automatically included in he ownership of land and real estate. Conveyed by deed. |
| Appurtenance | is anything associated with the property, although not necessarily a direct part of it. (ie parking spaces in multiunit apts, easements, water rights and other improvements) Ownership transfers to new owner when sold. |
| Surface, subsurface and air rights | surface=surface of earth. subsurface=natural rights lying below the earth's surface. air=rights to use space above the earth may be sold or leased. All can be sold or leased independently. |
| Bundle of legal rights = DEEPC | right of possession; right to control the property within the framework of the law; & right of enjoyment; right of exclusion (keep others from entering prop) & right of disposition (sell, will transfer or dispose prop |
| Personal/Real Property | also called personalty, is all property that can be owned. Distinction is that it can be moved. Referred to as chattels. (i.e. chairs, clothing, etc.) (Annually cultivated crops such as wheat/corn/veg known as emblements)Conveyed by bill of sale. |
| Manufactured Housing | dwellings constructed off-site and trucked to a building lot where they are installed or assembled. |
| Farmland | customarily sold to buyer on March 1, as it falls after the last year's crops have been harvested and before the new crops are planted. Buyer customarily assumes full payment of current year's tax bill without proration. |
| Severance | item of real property can become personal property |
| Annexation | process of changing personal property into real property |
| Fixture | personal property that has been affixed to land or a building that, by law, it becomes part of the real property. (i.e. radiators, attached bookcases, light fixtures, etc.) |
| Legal tests of a fixture | Did person who installed item intend for it to remain permanently on property or for it be be removable in future? Method of attachment; Adaptation of real estate or Agreement |
| Trade Fixtures | Article owned by tenant and attached to a rented space in conducting a business, also called chattel fixture. (ie store shelves, bars, restaurant equipment) Must be removed on or before last day rented. |
| Accession | Trade fixtures that are not removed by tenant become real property of landlord. |
| Economic Characteristics of Real Estate = PILS | Permanence of investment; Improvements; Location & Scarcity |
| Most Important Economic Characteristic | Location sometimes called situs. |
| Physical Characteristics of Real Estate = IIU | Immobility; Indestructibility & Uniqueness |
| Seven Sources of Law | 1. US Constitution 2. Laws passed by Congress 3. Rules of the regulatory agencies 4. State Constitutions 5. State statutes 6. Local ordinances 7. Common law |
| Real Estate License Act of 2000 (The Act) | established by the IL Dept. of Financial and Professional Regulation. Purpose is to protect the public from fraud, dishonesty and incompetence in real estate transactions. |
Created by:
Denise Setchel
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