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 |
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Notice | 부동산 용어사전 | 2019.04.15 | 2084 |
Notice | 부동산 용어 (A to Z) | 2019.03.03 | 1336 |
111 | Real Estate Law 85 | 2019.05.15 | 98 |
110 | Quiz 12 | 2019.05.15 | 8858 |
109 | Quiz 12 Corrections | 2019.05.15 | 382 |
108 | accrued expenses 미지급비용 | 2019.05.15 | 100 |
107 | Real Estate Law 86 | 2019.05.15 | 108 |
106 | Real Estate Law 87 | 2019.05.15 | 147 |
105 | Real Estate Law 88 | 2019.05.15 | 103 |
104 | Real Estate Law 89 | 2019.05.16 | 65 |
103 | Real Estate Law 90 | 2019.05.16 | 133 |
102 | Real Estate Law 91 | 2019.05.16 | 989 |
101 | Real Estate Law 92 | 2019.05.16 | 79 |
100 | Real Estate Law 93 | 2019.05.16 | 88 |
99 | Chapter 13 Conclusion | 2019.05.16 | 375 |
98 | Quiz 13 | 2019.05.16 | 7291 |
97 | Real Estate Law 94 | 2019.05.16 | 73 |
96 | Real Estate Law 95 | 2019.05.16 | 472 |
95 | Real Estate Law 96 | 2019.05.16 | 75 |
94 | Real Estate Law 97 | 2019.05.16 | 76 |
93 | Real Estate Law 98 | 2019.05.16 | 86 |
92 | Real Estate Law 99 | 2019.05.16 | 92 |
91 | Real Estate Law 100 | 2019.05.16 | 353 |
90 | Real Estate Law 101 | 2019.05.16 | 106 |
89 | Chapter 14 Conclusion | 2019.05.16 | 139 |
88 | Quiz 14 | 2019.05.16 | 9446 |
87 | Real Estate Law 102 | 2019.05.17 | 216 |
86 | Real Estate Law 103 | 2019.05.17 | 120 |
85 | Real Estate Law 104 | 2019.05.17 | 181 |
84 | Real Estate Law 105 | 2019.05.17 | 128 |
83 | Real Estate Law 106 | 2019.05.17 | 110 |
82 | Real Estate Law 107 | 2019.05.17 | 293 |