Kamienski realestate terms
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| Real Property | consists of the land plus whatever is affixed to the land
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| Personal Property | anything that is not real property
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| trade fixture | a fixture that is attached to the real estate as part of of the tenant's trade or business
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| 3 characteristics of real property | land is immobile, indistructible, and unique
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| Economic Characteristics of Real Property | Scarcity, Improvements, Long term investment, and Location
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| 5 major property rights | Control, possession, enjoyment, disposition, and exclusion
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| Chattel | an article of personal property
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| Chattel Real | stays with the property such as a lease
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| Emblements | crops that are produced annually are personal property
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| Fixture | personal property that becomes real property
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| Severance | the process of changing from real property to personal property (cutting down a tree for firewood)
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| Annexation | the process of changing from personal property to real property( installing a wall to wall carpet)
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| 3 factors for fixture determination | The intent of the parties, method of annexation, agreement of parties
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| 4 rights of government to our property | eminent domain, police power, taxation, escheat
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| police power | laws that are enforced on our property such as zoning ordinaces and building codes
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| Variance | permission to build, convert, or otherwise use a parcel of property in violation of zoning ordinances
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| Local Board of Appeals | the place where variances are granted or denied
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| Building Codes | a set of standards various trades must adhere to when renovating or building property
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| A Valorem Taxation | the right of a city or town to levy and collect taxes based on the assessed value of property
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| Escheat | if a person dies without a will disposing of his property the ownership transfers to the state
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| Corporeal | tangible rights of property ownership such as improvement on or to the land
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| Incorporeal | intangible rights such as "right of way" over adjoining land
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| Estate | bundle of rights and interests that an individaul has in land
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| Freehold estate | last for an indefinate period of time, 4 types fee simple, fee simple determinable, fee simple of condition subsequent, and life estate
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| Non-freehold estate | exist for a definate period of time
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| Fee Simple | The highest form of estate possible, the owner has all the rights and the estate may be given away, sold or inherited, has no time limit
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| Fee Simple determinable | a qualified estate where a condition is attached where if violated the estate automatically reverts back to the person who created the estate or the heirs
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| Fee simple on condition subsequent | a qualified estate where if a condition is violated the prior owner has a right to reclaim the estate but the process is not automatic
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| Life estate | an estate given by the grantor (seller) to the grantee ( buyer) for life, when the buyer dies the property is passed to a third party callled the remainderman
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| Reversionary | when the grantor names himself as a remainderman in a life estate
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| Homestead | an estate that protects the occupants of the family home from personal debt
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| Concurrent estate | when 2 or more individuals hold an estate together, 3 types: Tenancy by the entirety, Joint Tenancy, or Tenancy in Common
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| Tenancy by the entirety | reserved for husbands and wives, has right of survivorship
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| Joint Tenancy | a form of ownership where 2 or more people own the same land with right of survivorship
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| Tenancy in Common | when 2 or more people have shares in the same property with no right of survivorship
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| Easement | the right one person has ( Dominant Estate) in the land of another ( servient estate)
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| Easement Appurtenant | 2 peices of property, adjacent or not, ex. common driveway, the right to travel over other land is stated witht he deed
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| Easement in Gross | held by an individual or company, personal in nature and runs with the user of the land, when the user dies , so does the easement
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| Easement by necessity | created when land is sold that can only be reached by crossing abutting land owned by the seller (Owner must be granted access over the land of another)
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| Easement by prescription | established by 20 yrs of open, notorious use
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| License | use that is permitted by an owner of a peice of property for a specific purpose
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| Curtesy | the husbands right to 1/3 of the wifes estate
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