appraisal terms property ownership 2
Terms
undefined, object
copy deck
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FIXTURE -
a special category of real property
-an item that was initially personal property, BUT has BECOME REAL PROPERTY -
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The 3 MAJOR FACTORS determining: Pers.Prop. OR
FIXTURE (real prop) -
Remember "TRIPLE A"
*most important! is the manner of
-ATTACHMENT (a garage door is an attachment)
-ADAPTATION
-AGREEMENT -
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"TRIPLE A" -
The conditions under which personal property becomes a FIXTURE(real prop)
-attachment, adaptation, agreement -
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What takes precedence over attachment and adaptation if determination is difficult? - AGREEMENT between the seller and the buyer (the contract of sale can include a clause)
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TRADE FIXTURE -
Is PERSONAL PROPERTY as long as 2 conditions are met:
>the items must be removed PRIOR to the end of the lease
>the prop. must be returned to its original condition when the items are removed -
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What is covered when insurance is issued on REAL PROPERTY? -
-a FIXTURE is usually covered
-PERSONAL PROP may NOT be covered -
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DEED - When real prop. is sold or otherwise conveyed, the ownership is transferred thru use of DOCUMENT called a DEED.
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BILL of SALE -
When PERSONAL PROP. is sold,
it is thru a BILL of SALE -
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FRUCTUS NATURALES -
REAL PROPERTY!
Plants that grow NATURALLY
-growing plants that are part of the land
*trees, cultivated perennial plants (orange/apple trees)
*uncultivated vegetation of any kind -
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FRUCTUS INDUSTRIALES -
PERSONAL PROPERTY!
-growing plants cultivated ANNUALLY
-also called "EMBLEMENTS"
-include cultivated crops such as corn, wheat, or vegetables -
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APPURTENANCE -
"RUNS WITH THE LAND" - is permanently associated w/the land & exists as long as the land exists
-a right, privilege, or improvement associated with the LAND, not necessarily a part of the land.
EX: an assigned parking space for an individual unit ina condo dev.; stock in a mutual water company, owned by land owners, that serves the land of those owners
*Some EASEMENTS are APPURTENANCES -
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EASEMENT APPURTENANT - The EASEMENT is an APPURTENANCE to the DOMINANT ESTATE.
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EASEMENT in GROSS - The easement does NOT attach to a parcel of land, it attaches to the owner of the easement, and is NOT an appurtenance to land.
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RIPARIAN RIGHTS -
-occur when land adjoins a river, stream, or other flowing body of water
-the owner has the right to limited, noexclusive use of the watercourse
-the owner does not own the water itself, but may use it for reasonable purposes -
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RIPARIAN RIGHTS boundaries -
>If it is navigable, the land owner's property ends at the low water mark
>If it is NOT navigable, the land owner's property ends at the middle of the watercourse.