What is the test for determining if something is a fixture or personal property? - Total Circumstance Test - IRMA (intention, relationship, method, and adaptation). Remember that AGREEMENT beats IRMA., Is the seller obligated to leave personal property offered in the MLS but not listed in the purchase contract? - No. The purchase contract is the final expression between the parties. The buyer must include the personal property in the offer., How does a trailer become Real Property? - Wheels and hitch removed, placed on a permanent foundation, on land that is owned, and DMV title cancelled, What is an appurtenance? - An improvement on the land that is attached to the property (driveway, structure, utilities, etc.), What is a trade fixture? - An item used in a trade or business. Remains personal property. Tenant can remove prior to lease termination. If abandoned by a tenant, it becomes a fixture., What is the Uniform Commercial Code? - A fixture that remains personal property until paid in full. Notice is filed with the Register of Deeds office in the county where the property is located., What are emblements? - Fruits of industry. Annual crops that must be planted each year., What are riparian rights? - Rights for property that border a river or stream. Navigable = State-owned waterway. Non-navigable = Ownership extends to the center-line of the river., What are littoral rights? - Property rights that border an ocean or lake. Own to the mean (average) high water mark. State owns the foreshore., Water terms that add to land - Accretion = Gradual extension of land through soil deposits (allluvium/alluvion) Reliction = Gradual extension of land as water permanently recedes, Water terms when land is lost - Erosion = Gradual loss of land. Avulsion = sudden and violent loss (significant flooding), What are air rights? - Ownership of the airspace above the land. May be severed to allow a cell tower on top of a building.,

Unit #2 - Flashcards - Property Basics

Yazdır
Yerleştir

Skor Tablosu

Hafıza Kartları açık uçlu bir şablondur. Bir lider panosu için skor oluşturmaz.

Görsel stil

Seçenekler

Şablonu değiştir

Otomatik olarak kaydedilen geri yüklensin mi: ?