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Basic principals
real estate basic principals
Question | Answer |
---|---|
Bundle of Rights | Right to sell, use, mortgage, lease, give away, and the right to refuse to exercise any of these right. |
Real property | All things attached to the land. All things inherent in the land. Generally immovable. |
Personal Property | Generally movable. goes with the person ex: a chair |
Severance | Changing an item from real property to personal property by detaching it from the land. |
Annexation | Attaching a smaller item to the larger property. Attaching personal property to real property. (becoming a fixture) ex: a sink |
Appurtenance | Belonging to the land and transfer with the land either attached or not. ex: a barn attached to house, easement on land. |
Fixture | personal property that becomes real property when attached in permanent manner ex: ceiling fan |
Trade fixture | used in the operation of a business and remain the tenants property. ex: a pizza oven |
Emblements | annual crops produced by the cultivation legally belonging to the tenant. |
The doctrine of emblements | Guarantees the farmers right to reap and carry away the fruits of his labor even is he loses title to the land of which they are grown. |
OR rule | OR is the giver, seller, conveyor (GrantOR, lessOR, optionOR, vendOR, makes me the givOR of the propetOR for your pleasOR) |
EE rule | receives, purchase, acquire (grantEE, lessEE, optionEE, vendEE give mEE propertEE which makes me happEE) |