This concludes Chapter 5. Below is a brief summary which you can review before you take your chapter quiz.
One can own the subsurface, surface or air rights to a piece of land. They can be sold individually or collectively. Selling the entire bundle of rights - Livery of Seisin.
Economic characteristics of land:
Physical characteristics of land:
Personal Property
Annexation - Changes personal property to real property.
Real Property
Severance - Changes real property to personal property.
A fixture is defined as something that once was personal, but has been installed. Therefore, it becomes real property.
A trade fixture is defined as the property of a tenant that is installed, and is necessary for their trade or business.
Building codes aim to safeguard the health and safety of the public. Zoning laws regulate lot sizes, building heights, etc.
Eminent Domain is the right of the government to take private property for a necessary public use, with compensation paid to the owner.
Taxation:
Riparian Rights relate to rivers, Littoral Rights to seashore and beaches and Doctrine of Prior Appropriation to irrigation and water sources.
Cooperatives: owns property and members own stock; individuals have long-term leases and make several monthly payments to the cooperative.
Condominiums: each person has own unit and makes own payments.
Timesharing consists of the right to occupy and use the facilities for a certain number of years.
In the next chapter, we will continue to discuss land and property, but our focus will be on the many types of property ownership. Good luck on the Chapter 5 Quiz, and we’ll see you in the next chapter!
Click here if you would like to open this summary as a pdf, which you can then print or save to your device: Chapter 5 Summary
No. | Subject | Date | Views |
---|---|---|---|
Notice | 부동산 용어사전 | 2019.04.15 | 2372 |
Notice | 부동산 용어 (A to Z) | 2019.03.03 | 1601 |
111 | TEST 18 | 2019.03.23 | 630 |
110 | Chapter 18 Conclusion | 2019.03.23 | 209 |
109 | TEST 17 | 2019.03.23 | 257 |
108 | Hudson Yards | 2019.03.16 | 106 |
107 | TEST 17 | 2019.03.10 | 237 |
106 | Chapter 17 Conclusion | 2019.03.10 | 146 |
105 | TEST 16 | 2019.03.10 | 175 |
104 | TEST 15 | 2019.03.07 | 130 |
103 | Chapter 15 Conclusion | 2019.03.07 | 448 |
102 | TEST 14 | 2019.03.07 | 116 |
101 | Chapter 14 Conclusion | 2019.03.07 | 131 |
100 | TEST 13 | 2019.03.07 | 165 |
99 | Chapter 13 Conclusion | 2019.03.07 | 108 |
98 | TEST 12 | 2019.03.06 | 353 |
97 | TEST 11 | 2019.03.06 | 159 |
96 | CHAPTER 11 | 2019.03.06 | 135 |
95 | TEST 10 | 2019.03.05 | 235 |
94 | Chapter 10 | 2019.03.05 | 252 |
93 | SUMMARY 9 | 2019.03.05 | 78 |
92 | TEST 9 | 2019.03.05 | 184 |
91 | Chapter 8 Quiz | 2019.03.04 | 144 |
90 | Chapter 8 Conclusion | 2019.03.04 | 272 |
89 | DEED | 2019.03.04 | 94 |
88 | warranty deed 여섯 가지의 covenant | 2019.03.04 | 96 |
87 | Chapter 7 (TEST) | 2019.03.04 | 153 |
86 | Chapter 6 Quiz | 2019.03.04 | 441 |
85 | TEST 5 - Correction | 2019.03.02 | 258 |
» | Chapter 5 Conclusion | 2019.03.02 | 103 |
83 | Condominium Ownership and Time Shares | 2019.03.02 | 96 |