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40 Cards in this Set
- Front
- Back
ANNEXATION
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An addition to property by uniting or joining something to it. tests to determine whether attached property becomes real property
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APPURTENANCE
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those which have been added or appended to a property which become part of it
such as RIGHT, PRIVILEGE, OR IMPROVEMENT(permanent or man made) |
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AIR RIGHTS
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right of owner of property to the space above his property
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BUNDLE OF RIGHTS
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concept of ownership including
1.POSSESSION 2.USE 3.DISPOSITION 4.CONTROL 5. QUIET ENJOYMENT |
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CHATTELS
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personal property
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CHATTELS REAL
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estate in land of less than freehold(estate for years) which descends under the rules of personal property
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CONSTRUCTIVE ANNEXATION
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such as custom fitted storm windows uninstalled, remote for garage door,, key to front door
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CONTROL
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one's privilige to have freedom to build, renovate, remodel,maintain, disassemble, remove or destroy such thing
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DISPOSITION
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to pass into control of someone else, to alienate, relinquish, part with or get rid of
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EMBLEMENTS
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annual crops that don't become part of the real estate
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TESTS OF FIXTURES
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determine whether or not personal has become real property 1. agreement 2. annexation 3. adaptation and 4.intention
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IMPROVEMENT
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the improvements to surrounding parcels as well as to the subject property will have impact on value(
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LAND
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land is immobile, cannot be moved
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LITTORAL RIGHTS
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LAKES AND OCEANS-
HIGH WATER MARK IS PROPERTY LINE-literal rights give owner right to use of the water |
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MINERAL RIGHTS
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right to subsurface land and profits
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TESTS FOR FIXTURES
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1.AGREEMENT- 2. ANNEXATION-(method of attachment)nails, screws bolts 3.ADAPTATION (how the item is being used)
4. INTENTION-was it intended to be made permanent |
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PERSONAL PROPERTY
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everything owned that is not real property (furniture)
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PERSONALTY
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personal property is sometimes referred to as personalty
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POSSESSION
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possessing or occupying property
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PRIOR APPROPRIATION DOCTRINE
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in the 8 most arid western states, riparian rights have been replaced with this. water rights are determined by priority of beneficial use
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QUIET ENJOYMENT
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ON FREEHOLD ESTATES-enjoy freedom from troubles challenges of title
ON NONFREEHOLD ESTATES-gives lessee assurance that there's no disturbance of title |
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REAL ESTATE
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the land, plus any easements, rights of way, buildings and other improvements.
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REAL PROPERTY
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property that is fixed, immovable, indestructible and unique in character
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REALTY
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Land or improvements thereon-
same as real property. |
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RIPARIAN RIGHTS
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rivers or streams-
NAVIGABLE-ownership stops at water edge NON-NAVIGABLE-ownership goes to middle of the stream |
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TRADE FIXTURES
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items of personal property that the tenant may use in the trade or business and are attached to the real estate being leased
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USE
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to use property means to hold, occupy or enjoy
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WATER RIGHTS
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people's right to use water by their property
RIPARIAN- land or stream LITTORAL- lakes and oceans |
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ECONOMIC CHARACTERISTICS OF REAL ESTATE
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1. SCARCITY
2. IMPROVEMENTS 3. LONG TERM INVESTMENT 4. SITIS (AREA PREFERENCE) |
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PHYSICAL CHARACTERISTICS OF REAL ESTATE
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1. IMMOVABLE
2. INDESTRUCTIBLE 3. UNIQUE( NONE ARE ALIKE) |
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LEGAL DESCRIPTIONS OF REAL ESTATE
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SURVEYORS USE
1. metes and bounds(POB AND MONUMENT) 2. plat system (lot and block system) |
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METES AND BOUNDS
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surveyor starts at POB, goes due north and clockwise,
Monument-is the point of beginning |
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PLAT SYSTEM
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(lot and block)tract of land is divided into streets, lots, and blocks
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BENCHMARKS AND TOPOGRAPHICAL LINES ARE USED BY SURVEYORS HOW?
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use fixed objects that the U.S. Geological Survey has set up to indicate the elevation above sea level at that location. The surveyor would use this as a POB
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BEING IMMOVABLE, INDESTRUCTIBLE AND UNIQUE ARE ALL _________CHARACTERISTICS OF LAND
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PHYSICAL
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SCARCITY, IMPROVEMENTS, LONG TERM INVESTMENT AND SITIS ARE ALL_________CHARACTERISTICS OF REAL ESTATE
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ECONOMIC
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SITUS
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LOCATION, LOCATION, LOCATION
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APPURTENANCE
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rights ,privileges and improvements that belong to and pass with the transfer of real property but not necessarily a part of the actual property
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LAND PLUS APPURTENANCE EQUALS______PROPERTY
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REAL
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FREEHOLD MEANS______
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OWNERSHIP
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