Real Estate
The first thing included in real estate (real property) is land. This includes?
The surface of the earth, the sky above, and everything to the center of the earth.
What makes something immobile?
When it cannot be moved.
What is property tax?
The right of a government entity to tax private
property?
What are the legal interests or rights in land?
Estate
What is an encumbrance?
Any impediment to a clear title.
What is personal property?
A right or interest in things of a temporary or movable nature; anything not classified as real property.
What is nonhomogeneity?
When no two parcels on the land are exactly alike.
Eminent domain gives the government the right to?
Take private property for public use upon payment
of just compensation.
What is real estate ownership in actuality?
The ownership of rights to land.
What does a lien stop you from doing with your property?
Being able to sell it.
What is a fixture?
When an object that was once
personal property is attached to
land, becoming part of
the real estate.
Scarcity is?
Shortage of land in a given geographic area where demand is high.
What were the 2 historical systems used to determine land rights?
Feudal and Allodial system.
What gives value to real estate?
The property rights to the real estate.
What is an encroachment?
The unauthorized intrusion of a building or other improvement onto another person’s land.
Improvements: anything affixed to the land with the intent to be permanent.
What is a modification?
Man-made improvements surrounding the parcels that influence the value of the parcels.
Police power is?
The right of a government entity to regulate private property for the protection of the general public.
What is fee simple?
The largest, most complete bundle of rights one can hold in land ownership.
A license is?
A personal privilege given to someone to use land?
What 3 things can cause misunderstandings about ownership on a property?
Prior liens against fixtures, Leases against fixtures, ownership of plants, trees, and crops.
What is situs?
Location impacts that influence the economic value of the parcel.
What is it called when a person dies and leaves no heirs and no instructions as to how to dispose of real and personal property? What happens to the property?
Esceat: ownership of property passes to the/a
government entity.
The title of an item includes?
The right of ownership and evidence of ownership over an item.
What does a easment do? What does it stop you from doing?
Gives a portion of land a special puropse stopping you from building over it.