Chapter 2 - Part 2

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Author:
kaylyn63
ID:
10379
Filename:
Chapter 2 - Part 2
Updated:
2010-03-14 14:33:42
Tags:
Real Estate Practice
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Description:
Real Property and the Law
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  1. Name the 3 physical characteristics of real property.
    • 1. Immobility
    • 2. Indestructibility
    • 3. Uniqueness (heterogeneity or nonhomogeniety)
  2. Name the 4 economic characteristics of Real Property.
    • 1. Scarcity
    • 2. Improvements
    • 3. Permanence of Investment
    • 4. Location or area preference (situs) - #1
  3. What is it called when a trade fixture is not removed on or before the last day the property is rented, thus becoming the property of the landlord?
    Accession
  4. Trade fixture (chattel fixture)
    An article owned by the tenant and attached to a rental space or building and used in conducting a business.
  5. What are the 3 legal tests of a fixture?
    • 1. Method of annexation - how permanent is the method of attachment?
    • 2. Adaptation of real estate - Is the item being used as real property?
    • 3. Agreement - Have the parties agreed on whether the item is real or personal property in the offer to purchase?
  6. Personal property that has been affixed to land or an building that, by law, becomes part of the real property.
    Fixture
  7. Another word for fructus industriales which unless otherwise agreed to are considered at "personal property" of the person who planted them.
    Enblements
  8. Personal property is conveyed by ________ ___ ________.
    Bill of sale
  9. Real property is conveyed by _________.
    Deed
  10. Changing personal property to real property is called...
    Annexation
  11. An item of real property can become personal property by .....
    Severance
  12. Annual plantings or crops and which are considered as personal property unless specified....
    Fructus industriales
  13. Trees, perennial shubbery, and grasses that do not require cultivation and ARE considered real estate....
    Fructus naturales

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