real estate law test 1 sheet

real estate law test 1 sheet - Property -Property is a...

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Property -Property is a Constitutional right in the U.S. Cannot be taken away without due process and compensation 1. Real Property: raw, undeveloped land, improvements on land, subsurface of land, air, water, crops. Transfer with a deed. Subject to taxes. 2. Personal Property: everything that is not real property, moveable. Tangible and intangible (patents, trademarks, copyrights, stock). Mostly tax free. 3. Fixtures: tangible personal property that is converted into real property (by being attached). Included in the sale of real property unless otherwise noted. How to determine if something is a fixture: a. annexation- removal would damage the real estate. You must fix any damage if you remove a fixture. b. adaptation- was the piece of property adapted for use on real estate or allow you to enjoy use of the real estate. c. intent- what was the intent of the person who placed it on the real estate. Everything needs to be in writing. -wrongful annexation- if you did something wrongful (thief) and you must give it back and it results in annexation, it can be annexed since it was done wrongfully in the first place. -mistaken annexation- property was attached by mistake, and the person who made the mistake does not get the property back. The person who made the mistake though can sue if it improved the value of the property. -tdr- transferrable development rights Air Rights -nuisance- interference with another’s right to use and enjoy property. -commercial airspace belongs to the federal govt. You can sell the air over your property if you want Subsurface Rights -own subsurface of which you can make reasonable use of. Free to sell subsurface rights w/out selling surface. When you transfer subsurface rights, you also transfer the right to use the surface in a reasonable fashion to use the subsurface. -capture doctrine- if you drill an oil well and cause the oil to migrate to your property you have not trespassed. But if you send water down across to the other property to get the oil, that is trespassing. Oil is allowed to migrate naturally (via vacuum) Water rights -severable. Navigable water is water that can be used as a highway of commerce. Gov’t owns navigable waters. If water is non-
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This note was uploaded on 01/25/2011 for the course MGT 4803 taught by Professor Staff during the Fall '08 term at Georgia Institute of Technology.

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real estate law test 1 sheet - Property -Property is a...

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