real property - CORRECT ANSWER the tangible real estate and intangible rights associated
with the ownership of real estate
-transfers by deed or
... [Show More] will
personal property - CORRECT ANSWER a right or interest in things of a temporary or movable
nature; anything not classed as real property (chattel, personality)
-transfers by a bill of state
fixture - CORRECT ANSWER personal property that has been attached in such a way as to
make it real property
-"installed" often indicates permanent attachment
-annexation: the process of attaching
-severed: real property becoming personal property
trade fixture - CORRECT ANSWER objects affixed to leased property that are owned by and
necessary for the tenant's trade or business
-accession: acquiring property if trade fixtures are not removed prior to the termination of the
lease
legal land description methods - CORRECT ANSWER metes and bounds, the rectangular survey
system, lot-block-tract system, monuments
physical characteristics of land (DUI) - CORRECT ANSWER -durability
-uniqueness
-immobility
economic characteristics of land (SAFE) - CORRECT ANSWER -situs
-alteration
-fixity
-economic scarcity
encumbrance - CORRECT ANSWER any claim or liability attached to real property that may
lessen the owner's bundle of rights or the value of the property
-lien, claim, liability, judgment, encroachment, lease, easement, deed restriction, etc.
-release is the best way to get rid of it
lien - CORRECT ANSWER a charge against property as security for a debt
voluntary lien - CORRECT ANSWER when a person takes actions that places a lien on his or
her own property
-example: taking out a mortgage or home improvement loan
involuntary lien - CORRECT ANSWER property owner doesn't take any action to initiate them
-created by law
-can be statutory or equitable
-statutory: federal tax liens, ad valorem tax liens, judgement liens
-equitable: arise out of common law and include seller (vendor) or buyer (vendee) liens
encroachment - CORRECT ANSWER a physical intrusion on someone else's property without
direct permission
deed restrictions (CC&R's) - CORRECT ANSWER sets limits on how the property may be used
by the owner (covenants, conditions, & restrictions)
-created by the grantor
easement - CORRECT ANSWER a right to use part or all of another individual's land or
property for a specific purpose and length of time
estate - CORRECT ANSWER an interest in real property [Show Less]