Barney Fletcher Cram Notes Booklet Exam

Barney Fletcher Cram Notes Booklet Exam deed - Answer-the instrument used to transfer real property Title - Answer-Ownership and the owner's rights Real Estate - Answer-Land + improvements (appertenances) Physical Characteristics of Land - Answer-1. Immovable 2. Indestructable 3. Non-Homogenous (unique) Economic Characteristics of Land - Answer-1) Situs 2) Improvements 3) Fixed Investment 4) Scarcity Personal Property - Answer-anything that is not real property; Chattel Severance - Answer-Remove from the land Make real property into personal property Fixture - Answer-Tests MIAA 1. Method of attachement 2. Intention of attaching party 3. Adaptation to the article 4. Agreement (seller's disclosure statement best to use altho not law) Trade Fixtures - Answer-Personal property used in a business and can be removed by the lessee when the lease terminates. Emblements - Answer-Crops/ Fructus Industriales: Real Property (tree, shrub) Fructus Naturalus: Personal Property, not part of land Severalty - Answer-Personal, sole ownership; can be corprate Concurrent Ownership - Answer-Ownership by two or more persons at the same time 4 Types of Concurrent Ownership - Answer-1. Tenancy In Common 2. Joint Tenancy 3. Tenancy by Entireties 4. Community Property