Flashcards
Ch. 1&2
Cards in this deck (68)
- 1Landall that is: on the surface, below the surface, above the surface, and attached by nature
- 2Physical Characteristics1. Different
2. indestructible
3. fixed - 3Economic Characteristics1. Limited Supply
2. improvements
3. permanence
4. situs - 4Situspreference of a particular location
- 5Two categories of propertyReal and Personal property
- 6Real Estateis defined as land and whatever is permanently attached to the land either by man or by nature. (excluding the bundles of rights)
- 7improvementis any addition to the land or a building that is intended to increase the value and/or utility of the land or building
- 8real propertyincludes the definition of real estate but adds the rights and benefits
- 9personal propertyis everything that is not attached to the land and not attached to the buildings or improvements on the land. It's usually moveable
- 10Chattels (or personalty)personal property
- 11bill of saletransfer of ownership
- 12fixtureis an item of personal property that is changed into real property as a result of permanent attachment to the land or building
- 13Legal guidelines (in defining a fixture)1. Contract
2.Intention
3.Annexation
4.Adaptation
(CIAA) - 14Contract for a fixturethe use of a contract to define the item
- 15Intention of a fixtureThe intent of making the item a permanent attachment
- 16Annexation of a fixtureBoth real property and personal property can change categories. The definition of a fixture that can be changed from personal property into real property
- 17Adaptation of a fixtureThe relationship of the item to the property
- 18severancereal property can be be changed into personal property
- 19Pennsylvania Association of Realtors (PAR)recommended for agreement of sale; if a seller wishes to take a desire fixture, it's recommended that the particular fixture be clearly identified in writing as an item that is not to be included; has to be put into the listing contract and agreement of sale before contract is signed by the relevant parties
- 20emblementis an annual, seasonal crop; considered to be personal property
- 21trade fixtureis a special fixture that is owned and installed by a business tenant into a rental unit as part of a trade or business; classified as personal property and is removable by the business tenant before the lease expires
- 22Bundle of RightsDeposition
Enjoyment
Exclusion
Possession
Control
(DEEP C) - 23Dispositionright to dispose of property
- 24exclusionallowed to exclude somebody from our land
- 25government powerslimitations to the bundle of rights, limitations imposed by the law and the government
- 26PETEPolice power
Eminent Domain
Taxation
Escheat - 27Police Poweris the right of the government to make and enforce laws for the good of the general public
(page 7 for excess info) - 28Zoning LawsCONTROLS building USE
- 29Setback requirementsthe minimum distance from property boundary lines to the point that buildings can be constructed
- 30buffer zonesseparate one property from another having a different zoning use
- 31Densitythe ratio of people in proportion to land size
- 32different types of propertiesResidential
Commercial
Industrial
Agricultural - 33VarianceImprovements (to real property) that violate the current zoning laws are prohibited unless a property owner applies to the zoning hearing board for an exception to the laws and is granted this exception
- 34Nonconforming useany building use that violates the current zoning laws because of its existence before the passage of the zoning law
- 35Building CodesStandards of construction imposed by local governments; to protect the health, safety, and welfare of the public
- 36building inspectorbuilding codes enforcer, through building permits; such as limits of structural stress, fire protection, and electrical, heating, lighting and plumbing requirements
- 37Certificate of Occupancy________________ must be issued before actual use or possession
- 38Environmental protection lawsgovernment police powers
- 39Subdivision Regulationsrules adopted by local governments through planning commissions to provide for the consistent organized growth of developments
- 40percolation testsoil drainage test for areas without public sewers
- 41Environmental Impact Statement (EIS)a report to give the community advance knowledge of the development and its impact prior to the hearing process
- 42Master or Comprehensive Plana regional, county or city planning commission can develop a long range land use plan; a total view of the growth pattern of the area over the next 15 to 25 years to achieve balanced growth and development including social, economic, housing, transportation and environmental concerns
- 43Interstate Land Sales Full Disclosure ActInvolving the sale of out-of-state land; This law requires that persons selling or leasing land of 25 or more lots file a statement of record with the federal Department of Housing and Urban Development
- 44Eminent DomainRight to take; it's not a sale; government takes private property for the public good with just compensation
- 45Suit for CondemnationIf an owner refuses to sell the property, the government can then exercise its right of eminent domain by filing a ___________________
- 46Taxationto provide municipal services they have to do __________
- 47Ad valoremtax on real estate according to the the value
- 48Special assessmentadditional tax, public improvements (check the quiz from class)
- 49Escheat"return to the state"; the process of having all the real and personal property of an owner returned to the state government when an owner dies without a will and without any heirs
(continue with FC on page 10) - 50testateA person who dies with a will
- 51deviseethe person who receives the title through the will
- 52deviseis the gift of real property through a will
- 53Intestatea person who died without a will
- 54Pennsylvania Intestate Actdefines who will receive the title to real and/or personal property if there is no will
- 55Heira recipient of property when a person dies intestate
- 56deed restrictionis limitations that exists on real property owners other than the government limitations. Stays with the property as it passes from owner to owner.
- 57restrictive covenantsBuilders and developers constantly use in residential subdivisions to maintain development conformity
- 58lachesif a violation of restrictive covenants is not acted upon within a reasonable period of time, one's right to enforce the restrictive covenants may be lost through the court doctrine known as this
- 59mortgage agreementssometimes do include provisions that require a property owner to get the written permission of the lending institution before making any substantial structural alteration, change or improvement to the real property.
- 60prior appropriationThis right of the government to control the use of water is exercised through the principle; under severe drought conditions the state may place these limitations
- 61riparian rightsthe property boundary line would depend upon whether the body of water is: navigable or non-navigable
- 62navigablefor commercial purposes, the property boundary line would be the water's edge
- 63non-navigablesmall stream next to the land, owner owns the land underneath the water to the center of the bed
- 64littoral rightshuge bodies of water such as oceans, seas and large lakes
- 65erosionthe gradual wearing away of land by natural action of the wind or water
- 66accretiona gradual buildup of soil
- 67accessionincrease of ownership and title to real property
- 68avulsionthe dramatic effect of natural disasters; sudden and dramatic devastation of land and real property
Information
- Description
- Basic Real Estate Concepts & Real Property Rights and Limitations
- Created by
- Laila Enchante
- Views
- 17
- Rating