Term
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Definition
Is land along with its improvements, things attached to it, and the benefits, rights, and interest included in its ownership |
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Term
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Definition
It is the earth's surface, subsurface to the
center of the earth, the space overhead, and the rights to each. |
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Term
What are the three physical characteristics of Land? |
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Definition
Immobility, Permanence and Uniqueness |
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Term
The opposite of improvement is ....... |
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Definition
waste, which is the legal term for property deterioration, abuse or destruction, generally by a negligent tenant |
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Term
What is personal property? |
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Definition
Anything that is unattached and moveable i.e. furniture, housewares, and throw rugs.
Inclusive of intangible assets, like bank accounts, stocks and many other securities and financial instruments |
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Term
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Definition
They are once removable itgems that have been attached to real property, Since attaching it may change the status from personal to real property
i.e. sink, ceiling fan, coat hook |
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Term
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Definition
are fixtures used by a business tenant that are now generally considered the tenant's removable personal property.
i.e. supermarket freezers |
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Term
Is Annexation the same as Accession? |
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Definition
| Yes; it is the term for how, by attachment, something that was formerly personal property becomes real property. Which includes additions to real property from natural causes. i.e. beach access |
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