Exam 1 Study Sheet

Exam 1 Study Sheet - u se and fair market val ue Kinds of...

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d use and fair market value subtract uses and fair market value Kinds of Property: Real Property – land, building, and fixtures o Fixtures are tangible personal property incorporated into land or buildings, with the intent (objectively viewed) of being made a part of the land or buildings Ex. Refrigerator depends on color o Default: seller keeps tangible personal property; buyer gets real property o Default: landlord gets real property; tenant keeps tangible personal property Ground lease: landlord keeps building on ground at end of lease Personal Property o Tangible personal property (goods) o Intangible personal property (wages, copyrights, etc) Currency (legal tender) Types of Interest in Real Property Use – infinite number of applications of property o Positive; it is clearly defined in note Possession – everything left after uses o Negative; everything that is not defined in the note o Leasehold – possession for a term-everything not in lease is grantable to tenant o Fee Simple – possession not for a term (ownership) Fee Simple – A property interest which confers possession of real property not for a term 1. Limitations on the Fee Simple a. Eminent Domain – power of government to take private property for a public purpose i. Asserted by C/A Condemnation (roads, sewers, lakes, railroads, etc) 1. Applies to possession and use 2. Public purpose does not mean public ownership 3. After condemnation, ownership is private but use is public ii. Just compensation required by the US Constitution 1. “Taking” Clauses–Federal-constitution; state-5 th amendment 2. Fair market value at the time of the taking 3. Subjective and unique economic value not considered iii. Federal Constitutional Limits on what is a public purpose 1. Determined by legislature not course iv. Recent State Limitations on public purpose 1. 35 states say no private redevelopment 2. VA compromise-private redevelopment IFF eliminates blight b. Zoning – government limitations on uses in real property by geographic zones Types of Geographic zones: 1. M2 – Steel Mills 2. M1 – Wilderness 3. B3 – Shopping Centers 4. B2 – Single Stores 5. B3 – Professional Offices 6. R3 – Apartments 7. R2 – Duplexes 8. R1 – Single Family Homes ii. Zoning as a Taking – elimination of existing use is a take 1. Non-conforming uses may continue of right a. Grandfather rights – keep the existing uses 2. Elimination of a potential use is not a take UNLESS all economic benefit is removed (called Lucas take) c. Non-Zoning Government Regulation of Uses of Real Property i. Ex. Fire code, Building code, Environmental Building Statutes ii. NOT a taking of existing or potential use if: 1. Substantially advances a LEGITIMATE state interest 2. Does not eliminate economic means completely d. Deed Restrictions – privately enforced limitations in the uses of real property placed in a deed to real property (private zoning) i. Enforced by anyone intended (objectively viewed) to be beneficially affected
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Exam 1 Study Sheet - u se and fair market val ue Kinds of...

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