Card Set Information
What are the rights of ownership?
What 2 groups is property classified?
land and everything attached permanently to the land
real property includes the right to
the surface of the earth
things permanently attached to the surface
things beneath the surface
the air above the surface
basic types of real property
property used for housing, including single-family and multi-family properties
business property, including offices and shopping centers
various types of farm lands
special purpose property
school, cemeteries, hospitals, parks, etc
any property that can be moved and rights in real property that are held for less than a lifetime, such as a lease
estate in land refers to what?
an individuals interest in the land, not the land itself or to the physical properties of the land
estate in land is
the degree, quantity, nature, and extent of one's interest in the land. It is the measure of ones right in land.
what are the 2 types of estates in land?
estates less than freehold
it is an interest in land which is held for a lifetime or longer.
it entitles the holder to both ownership and possession.
estate less than freehold
rental interest in land.
-it is held for less than a lifetime
-it entitles the holder to possession but not ownership
a "lease" of real property is?
an estate less than freehold
another name for estates less than freehold?
estates less than freehold are considered what?
the right of the government to take private property for public use
4 features of eminent domain
the land which is taken for public use or for use that is in best interest of the public.
the government must first attempt to purchase the property from the owner.
if the property cannot be purchased, it is then taken through a process called condemnation.
the government must provide compensation to the owner for property taken.
right of taxation
the right of government to impose taxes on the ownership of land.
it provides the basis for the levying of "property taxes" at the local level
the right of government to make reasonable rules for the use of the land
police power provides authority for?
safety and health codes
the right of the state to assume ownership of property when the owner dies without a valid will and without heirs or when property is bandoned
What is a fixture?
an item that initially was personal property but has become real property
what are the conditions under which personal property becomes a fixture?