real estate

What is real property?

Land, improvements attached to the land, and the rights that go with it.

What is an appurtenance?

A right, privilege, or improvement that belongs to and passes with the land.

What are examples of accessories?

Stoves, pool equipment, window A/C units, remote controls, and keys.

What is a fixture?

Personal property that has been attached to real property and becomes part of it.

What is annexation?

The process of attaching personal property so it becomes real property.

What is severance?

The process of removing a fixture so it becomes personal property again.

What three tests determine if an item is a fixture?

Method of attachment, adaptation, and intention of the parties.

What is personal property also called?

Chattel or personalty.

.How is personal property transferred?

By a Bill of Sale.

What are trade fixtures?

Fixtures installed by a tenant for business purposes.

When must trade fixtures be removed?

Before the lease ends.

What are emblements?

Annual crops considered personal property.

What are the three physical characteristics of land?

Nonhomogeneity, immobility, and indestructibility.

What are the four economic characteristics of land?

Scarcity, modification, fixity, and situs.

What is a legal description?

A surveyor-created description that accurately identifies land.

What does P.O.B. stand for?

Point of Beginning.

What does PETE stand for?

Police Power, Eminent Domain, Taxation, Escheat.

What is zoning?

Local laws controlling land use.

What is a variance?

Permission to deviate from zoning requirements.

What is a PUD?

Planned Unit Development.

What is eminent domain?

Government's right to take private property for public use with compensation.

What is inverse condemnation?

When a property owner forces the government to buy property.

What is escheat?

Property reverts to the state when an owner dies without heirs.

What are CC&Rs?

Covenants, Conditions, and Restrictions.

What are deed restrictions?

Restrictions controlling land use, development, and construction.

What is an encumbrance?

A limitation on property rights.

What is an encroachment?

A structure that extends onto another person's property.

Must encroachments be disclosed?

Yes

What is an easement?

The right to use another person's land without owning it.

What are the two main types of easements?

Easement Appurtenant and Easement in Gross.