Real Estate Nature And Description Of Real Estate (Chapter 2)

Personal property, also called CHATTELS, is characterized by the fact that it can be easily removed from the property.

Real Property refers to the land and everything attached to it, such as buildings, trees, and minerals. It includes both the surface of the earth and the space above and below it. This definition encompasses all things that are naturally or artificially connected to the land. Additionally, real property includes the various rights and benefits associated with owning and possessing land. Therefore, the statement that Real Property is defined as the earth's surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature or by people, as well as the interests, benefits, and rights inherent in its ownership, is true.

A legal description is a specific type of description that uniquely identifies a property and allows a surveyor to locate it accurately. It is comprehensive enough to provide all necessary information for the property's identification and does not refer to any other property. This ensures that there is no ambiguity or confusion when identifying the property. The statement correctly states that there are three legal descriptions used in America, implying that these descriptions are standardized and widely recognized in the legal system. Therefore, the answer "True" is correct.

A metes-and-bounds description must begin and end with the point of beginning, thus completely enclosing the described property.

A legal description is a specific and accurate description of a property that allows a surveyor to locate it on the surface of the earth. It is unique to the property in question and does not describe any other property. This means that a competent surveyor can use the description provided to accurately find and identify the property without needing any additional information. Therefore, the statement is true.

Trade fixtures are items that are attached to a property for business purposes, such as machinery or equipment. These fixtures are generally considered personal property because they can be removed by the tenant when they vacate the premises. Unlike real property, which is permanently attached to the land, trade fixtures are movable and do not become part of the real estate. Therefore, the statement that trade fixtures are considered personal property is true.

A licensed surveyor is sometimes the only one who can locate the monuments and boundary lines, especially when the metes-and-bounds land description is long and confusing.

The correct answer is "chattel, chattle, chattels, chattles". These terms are synonyms for personal property. Chattel refers to movable personal property that is not real estate, while chattels is the plural form of chattel. Chattle and chattles are common misspellings of chattel and chattels, respectively.

When the commercial lease expires and the tenant has not removed trade fixtures, they become the landlord's property by accession., The tenant has no right to re-enter the property after the lease expires.

Real property includes the land and improvements plus the bundle of rights. Trade fixtures are personal property.

A metes and bounds refers to monuments and benchmarks but MUST RETURN to the point of beginning.

When the trees were growing on land, they were real estate; once cut into lumber, they became personal property; once the deck is complete, the lumber will have returned to real estate as a permanent improvement.

Accession refers to the legal principle that when trade fixtures are not removed from a rented business property by the last day of the lease, they become the real property of the landlord. This means that the fixtures are permanently attached to the property and are no longer considered personal property of the tenant.

The bundle of rights of ownership are still subject to police power, eminent domain, taxation, and escheat.

Deck furniture is a type of movable property that can be easily transported and is typically used for outdoor seating or dining on a deck or patio. Unlike wall to wall carpeting, flag pole, and chandelier, deck furniture is not permanently fixed or attached to a structure. It can be easily moved and is considered a chattel, which refers to personal property that is not permanently affixed to land or a building.

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A subdivision plat shows property divided into block and lot numbers.

All items permanently attached to the land are considered part of the real estate.

The cost of the item has no bearing on determining whether or not it is a fixture.

The heat pump, although it could be removed, is an essential part of the property, as such, is a fixture.

LAND includes air rights and subsurface rights.

The answer is correct because it is indeed possible to convert an item of personal property into real property. This can be done through a process called "affixing," where the personal property is permanently attached to the real property, such as by building a structure on the land. On the other hand, it is also possible to convert an item of real property into personal property through a process called "severance," where the item is detached from the land and becomes movable personal property.

Metes and bounds is the correct legal description used in Massachusetts. This method uses physical features and measurements to describe the boundaries of a property. It involves starting at a designated point, called a point of beginning, and then tracing the perimeter of the property using distances and angles. This description is commonly used for irregularly shaped parcels of land or in areas where the rectangular survey system is not applicable.

Emblements are growing crops that the seller of the property has the right to harvest.

The correct answer is "take them with me when I leave as long as it is before the expiration of the lease." This is because trade fixtures, such as the sink and built-in shelving, are items that are attached to the property but are intended to be removable by the tenant. As long as the tenant removes these fixtures before the lease expires, they have the right to take them with them. Once the lease expires, however, the fixtures become part of the property and cannot be removed.

A fixture is an item that was once personal property but is now affixed to the real estate in such a way as to become part of the real property.

The Bundle of Legal Rights, also known as Property Ownership Rights, includes possession, control, quiet enjoyment, exclusion, and disposition. Possession refers to the right to physically occupy and use the property. Control refers to the right to make decisions about the property, such as how it is used or modified. Quiet enjoyment refers to the right to use and enjoy the property without interference. Exclusion refers to the right to exclude others from the property. Disposition refers to the right to transfer or sell the property. Therefore, the correct answer is all of the above.

The correct answer includes items that are considered personal property. Personal property refers to movable items that are not permanently attached to real estate. In this case, the car, laundry, deck furniture, furniture, trade fixtures, and growing crops are all examples of personal property. The other items listed, such as the flag pole, wall to wall carpeting, and chandelier, are considered fixtures and are typically considered part of the real estate.