9. Give five examples of personal property you might see in

Real Estate Chapter 2 Flashcards The amount of money the government pays if it condemns property through the process of eminent domain Condemnation Value RefrigeratorWashing machinePortable basketball hoopAbove ground swimming poolGarage door remote control

• Give five examples of personal property you might see in

a real estate transaction:

scarcity Availability is finiteimprovements Buildings, landscaping, etc. add value to the landpermanence of investment Return on investment is considered stable over the long runsitus The location is unique

7. Explain the four economic characteristics of real estate:

Door knockerSconce light wired into the wallWork bench bolted to the garage wall

12. Give three examples of fixtures:

heterogeneity Each parcel is uniqueimmobility Land cannot be moveddurability Land is indestructible

6. Explain the three physical characteristics of real estate:

Power of government to take private property, with compensation, that is needed to benefit to the public Emnbinent Domain Everything that is moveable; everything that is not real property.

• What is personal property?

An item of personal property that is so attached to real estate that it is considered to be real estate. When it was on the shelf at Home Depot, it was personal property.When it was in the trunk of the car, it was personal property. When it was attached to the real estate, it became real property.

• What is a fixture?

The extent of an owner's interest16. What is an estate in land?The owner can take out "one stick" and still own the balance of the bundle.

• Why is the bundle of property rights considered like a

bundle of sticks?Dower is a wife's interest in the estate of her deceased husband. Curtesy is a husband's interest in the estate of his deceased wife.

• Explain the difference between dower and curtesy.

Yes, but for no longer than the extent of the life tenant's interest (that is, the lease terminates no later than when the life tenant dies).

• Is a life tenant able to lease the property in which he

has an interest to another person?So the buyer knows what he is allowed or not allowed to do with his property

• Why is it important for a buyer to be aware of the

CC&R's on a property?Fee simple absolute as it is the highest estate than an owner can have

• What is the most common type of freehold estate sold?

Municipalities have power to enact laws that do not run counter to state law Home Rule Power I Harold grant you Maude a life estate in 98 Bluebird Road.When you die, your interest passes to Maureen.

• Give an example of a life estate followed by a

remainder.

The owner has subsurface, surface and air rights. 2. Why do we say that a property owner owns real estate "from the center of the earth to the highest of heavens"?If a person dies with no will and no heirs, the property goes to the state Escheat right to erect a radio towerright to plant a gardendrill iolair rightssurface rightssubsurface rights I Archie grant you Edith a life estate in 8224 Chilton St.When you die, your interest goes back to me.

• Give an example of a life estate followed by a

reversion.Fructus industriales are the fruits of labor (annual crops) such as corn or lettuce. It is planted each season and the seller has the right to reenter the property after the sale to harvest these fruits of his labor. It is personal property.Fructus naturales are fruits of nature that do not require annual planting such as apple trees or blueberry bushes. The seller may not reenter the property after the sale to harvest these. It is real property.

• What is the difference between fructus industriales and

fructus naturales?Land and all appurtenances attached to the land. 1. Please give a definition of real estate.I Jane grant you Fred a fee simple determinable in 35 Cowbell Road so long as you use the property for raising cattle.

• Give an example of a fee simple determinable.

I Fred grant you Ethel a life estate in 4352 Freeport Circle.When Lucy dies, your interest (Ethel's interest) goes back to me.

• Give an example of a life estate pur autre vie with

reversion.The rights to sell, divide, will, gift, dedicate, control, use, cultivate, exclude, lease, possess, explore and cultivate the land.

• What is the "bundle of legal rights" of a property owner?

Registry of Deeds (also called recorder's office, clerk's office, etc.)

• Where are public records recorded?

Freehold estates involve ownership. Leasehold estates involve occupancy.

• What is the difference between "freehold" estates and

"leasehold" estates?Intent of parties, degree of attachment, adaptation to the use of the real estate, the relationship of the parties

• What are the four tests to determine if something is a

fixture?A fixture that a tradesperson or business person installs on leased premises for use in his trade or business. It is considered personal property and may be taken at the end of the lease by the tenant.

• What is a trade fixture? At the end of a commercial

lease, what may the tenant do with trade fixtures?Power of Government to make and enforce laws Police Power R3eal Property13. Is a fixture considered real estate or personal property?I Jane grant you Fred a fee simple on a condition subsequent in 54 Wonder Lane on condition that motorized vehicles never be sold on the premises.

• Give an example of a fee simple on a condition

subsequent.