Flashcards in A1 Deck (17)
The concept of Ad Valorem
(In property taxes) According to Value
Ownership free of superior overlord
Runs with the land
The Right of Emblements
gives tenants - farmers - the right to harvest money crops "industrial fruits" that mature after their departure
Allows owners to borrow money against their property
permits owner to bar others from their property
Right of Transfer
Enables owners to pass title to another party
What are your Bundle of Rights
1) Transfer 2) Exclusion 3) Ecumbrances 4) Use 5) Possession
Term used to describe real property - physical or tangible
What is the legal test to determine what is or is not a fixture
1) Method of Attachment 2) Agreement 3) Relationship 4) Intent 5) Adaptability
What are the physical characteristics of real property
1) Immobility 2) indestructibility 3) non-homogeneity 4) Law of Sitis ( it is governed by the laws where is it located)
What are the economic characteristics of real property?
1) Scarcity 2) Modification 3) Fixity 4) Situs
Attachments to real property such as hereditaments (rights of inheritance), easements - the rights- of- way and the like
Governments 4 basic rights over property
1) Police Power 2) Eminent Domain 3) Taxation 4) Escheat
Who collects taxes in the county?
What are Special Assessments?
Taxes for local improvements such as streets and sewers. They are not ad valorem but based on the benefits accruing the property owner.
This is often done on a pro rata basis, in which the property owner is charged for each foot of land abutting a street under improvement.