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Flashcards in 4 - Property Deck (18)
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1

Allodial System

Political/economic system that allows private ownership of real property. American Indians used non-allodial.

2

Real Property

The land, and anything attached or appurtenant to the land. Air space and above. Fixed to the earth.

3

Appurtenant

Things attached to the land or deed. Fence - land. Easement - deed.

4

Personal Property

Anything that is moveable. RV, chair, etc... Not fixed to the earth.

5

Intangible Property

Personal property without a physical form. Art, music, ideas.

6

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.

7

Emblements

Crops grown in the year of the sale. Seller is still entitled to these crops

8

Trade fixtures

that which is attached to a trade or business. Oven, hoods, range, ductwork, etc... Can be sold with a bill of sale.

9

Fixtures

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

10

Severance

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)

11

Accession

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.

12

Corporeal Property

Something physical or tangible. Can be real or personal property.

13

Lateral Support

Support given to adjoining land, such as building a retaining wall. Keeping loose items out of other peoples property.

14

Residential Property

a real property consisting of a single-family dwelling of 1-4 units

15

Physical Characteristics of real property

1. Immobility
2. Indestructibility
3. Non-homogeneous

16

Economic Characteristics of real property

1. Scarcity
2. Improvements
3. Location

17

Chattel

Personal Property

18

Situs

The location of property