agreements. The most common example of such informal

Personal Property Flashcards Unique Characteristics of RE: Under-supply/Higher priceIf their is not enough land or homes in a given area, price will almost always rise. Even if the ability to construct more, the time delay associated with construction industry cannot fill short term demand.Non-legal DescriptionsMethod of describing real property for convenience only, and not for the purpose of a deed, mortgage, or other instrument requiring a legal description. While deeds and titles require legal property descriptions, consumers often use less formal descriptions to discuss and characterize real property (can be used in advertising or listing agreements). The most common example of such informal methods is the street address. The street address is useful in locating real property, but it is insufficient to local real property borders by survey. However, the simple street address of a parcel is a sufficient description in a sales contract. Front footage is another example of a non-legal description of property (portion of land that abuts a street or water) Fixture Disputes:Relationship of parties Residential renters les likely than commercial to be able to

sever (compare trade fixtures)Ex: a firmly affixed

chandelier in a residential home sale is likely to be a fixture (barring agreement to the contrary). However, if a renter replaces his landlords light fixture with a chandelier of his own, that chandelier would likely remain the personal property of the renter upon expiration of the lease so long as the renter reinstalls the original fixture.Types of Easements: Easement Appurtenant: Servient Estate land that is subject to use (the "burden") by joining land.Right in real propertyincludes ownership rights in the surface of land, airspace, below surface, easements(use of land), and use of appurtenant (adjoining) land.Types of Easement: Easements Appurtenant Limited right of one landowner to use the adjoining land of another for a specific purpose. An appurtenant easement requires two adjoining parcels of land that are owned by different parties. These parcels of land are known as the "dominant estate" and the "servient estate". Both the benefit and the burden of an appurtenant easement generally conveys with the land.Trade fixturesarticles of tangible personal property that are necessary to a tenants trade or business. Even if a trader fixtures is firmly affixed to real estate, it remains the personal property

of the tenant. Contrast a trade fixture with a. Fixture where the ability to remove an item is limited. Trade fixtures must be removed by or before the expiration of a lease or within an agree upon reasonable time thereafter in order to remain the tenants personal property. Tenant responsible for damage to premises caused to removing or installing a trade fixture.Distinguished from a LicenseA license is a personal privilege granted by one person to use the property of another (license does not transfer with

land and may be revoked anytime)

Social iMpact of Home OwnershipIf mor people in a community own their homes, the home values tend to rise bc people tend to take mor pride in property they own versus rent. Homeownership can lower the crime rates. Activities such as voting and participation in civic organizations are stat higher among homeowners than renters. In add, as the property value increases, the chances of being able to sell the home also increase, making it possible for homeowners to improve their lives.Although business cycles affect the purchase price of a home in a number of ways, one of the primary influences on home prices is the supply and demand in the local R.E.market.

Factors affecting Real Estate Supply and Demand:

Cost/Availability of Credit if mortgage interest rates are low and financing is relatively easy to obtain, the demand for real estate will usually increase.Fructus NaturalesIncludes land, improvements (valuable additions to land such as buildings and infrastructure developments) and real estate (land plus improvements). Houses are a

common improvement. Others include: Permanent

plantings such as flowers, grasses, trees, and bushes."Fruits of nature", classified as real property, items not removed from land without an agreement.Removing Liens- Basic Concepts: Lis Pendens Latin phrase "action pending" which describes the concept of providing notice of a possible future lien. A lis pendens provides constructive notice that an action affecting particular real estate has been filed and that the R.E. is, or is about to become, involved in a lawsuit. If the suit is successful, the priority of the lien does back tot he date the lis pendens was filed (not the date of the final court decision)

Factors affecting Real Estate Supply and Demand:

Unemployment/Income If job opportunities are limited and salaries are low, the demand for homes decreases. As unemployment rises, supply may increase due to owners who are forced to sell their homes due to their inability to fulfill financial obligations. High unemployment rates also affect demand because prospective homebuyers are deterred from buying due to fears over job security.Physical Land Characteristics:Land includes the surface of the earth and the space above and below. Owners may sell or transfer surface, air, and subsurface rights. All land has the following 3 physical

characteristics that influence value: immobility,

indestructibility, uniqueness.Real Property"Real estate" synonymous with "real property". However, "land" has a narrower meaning. Land includes the surface of the earth and the space above and below it but only