Flashcards in 4 - Property Deck (18)
Political/economic system that allows private ownership of real property. American Indians used non-allodial.
The land, and anything attached or appurtenant to the land. Air space and above. Fixed to the earth.
Things attached to the land or deed. Fence - land. Easement - deed.
Anything that is moveable. RV, chair, etc... Not fixed to the earth.
Personal property without a physical form. Art, music, ideas.
What two things are necessary for real property to be valid?
1. Must be able to control/possess it
2. Must be able to hold title to it. Claim ownership.
Crops grown in the year of the sale. Seller is still entitled to these crops
that which is attached to a trade or business. Oven, hoods, range, ductwork, etc... Can be sold with a bill of sale.
that which is attached to the real property. Considered real property, depending on: way it was attached to the real property, how the property uses the item, intent of the owner
The process of turning real property into personal property by seperating it from the real property. The personal property has been "severed". Ex: cutting down a tree (real property), to lumber (personal property)
the opposite of severance. Adding to the real property by man or nature (hauling in dirt, or a mudslide bringing in more dirt). Improvements means made by man alone.
Something physical or tangible. Can be real or personal property.
Support given to adjoining land, such as building a retaining wall. Keeping loose items out of other peoples property.
a real property consisting of a single-family dwelling of 1-4 units
Physical Characteristics of real property
Economic Characteristics of real property