Shared Flashcard Set

Details

Real Estate
Principles and Practices of Real Estate
10
Real Estate & Planning
Undergraduate 1
10/05/2011

Additional Real Estate & Planning Flashcards

 


 

Cards

Term

 

 

Real Property

Definition

 

 

Is land along with its improvements, things attached to it, and the benefits, rights, and interest included in its ownership

Term

 

 

What is Land?

Definition

 

It is the earth's surface, subsurface to the

center of the earth, the space overhead, and the rights to each.

Term

 

 

What are the three physical characteristics of Land?

Definition

 

 

Immobility, Permanence and Uniqueness

Term

 

 

The opposite of improvement is .......

Definition

 

 

waste, which is the legal term for property deterioration, abuse or destruction, generally by a negligent tenant

Term

 

 

What is personal property?

Definition

Anything that is unattached and moveable i.e. furniture, housewares, and throw rugs.

Inclusive of intangible assets, like bank accounts, stocks and many other securities and financial instruments

Term

 

 

What are Fixtures?

Definition

 

 

They are once removable itgems that have been attached to real property, Since attaching it may change the status from personal to real property

i.e. sink, ceiling fan, coat hook

Term

 

 

Trade Fixtures....

Definition

 

are fixtures used by a business tenant that are now generally considered the tenant's removable personal property.

i.e. supermarket freezers

Term

 

 

Is Annexation the same as Accession?

Definition
Yes; it is the term for how, by attachment, something that was formerly personal property becomes real property. Which includes additions to real property from natural causes. i.e. beach access
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