Study sets matching "term:personal property = any property that is not real property"

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Study sets matching "term:personal property = any property that is not real property"

41 terms
GA PROPERTY & CASUALTY INSURANCE TEST - COMMERCIAL PROPERTY
Commercial Lines Property
Commercial Lines Policy Structure
Building & Personal Property Forms
Coverage A- Building(s)
Buildings housing other than personal lines activities. ... (off…
1. Declarations ... 2.Conditions ... 3. Cause of Loss Form - indica…
-Coverage A Building(s) ... -Coverage B Business Personal Proper…
-Attached fixtures ... -Floor coverings ... -Machinery & equipment…
Commercial Lines Property
Buildings housing other than personal lines activities. ... (off…
Commercial Lines Policy Structure
1. Declarations ... 2.Conditions ... 3. Cause of Loss Form - indica…
Real Estate - Realty & Personal Property
Personal Property
Realty
Land
Fructus naturales
Definition: Anything that is NOT realty (Land)... AKA: chattel... T…
Definition: Land, Real Estate and Real Property... Transferred b…
From the core of the earth upward in the shape of a cone incl…
Definition: What grows naturally
Personal Property
Definition: Anything that is NOT realty (Land)... AKA: chattel... T…
Realty
Definition: Land, Real Estate and Real Property... Transferred b…
Real Property Vs. Personal Property
What are the two terms for plants eith…
Fructus naturales
Fructus industriales
Emblements
Fructus naturales... Fructus industriales
Trees, grasses, bushes that do not require annual cultivation…
Annual crops known as emblements, which are considered person…
Plants that are considered personal property.
What are the two terms for plants eith…
Fructus naturales... Fructus industriales
Fructus naturales
Trees, grasses, bushes that do not require annual cultivation…
13 terms
Property
Absolute Title
Convey
Conveyance
Vest
Perfect title; unencumbered title
To transfer, realty to another person
The transfer of land from one person to another
To give a right to
Absolute Title
Perfect title; unencumbered title
Convey
To transfer, realty to another person
Real Estate - Realty & Personal Property
Personal Property
Realty
Land
Fructus naturales
Definition: Anything that is NOT realty (Land)... AKA: chattel... T…
Definition: Land, Real Estate and Real Property... Transferred b…
From the core of the earth upward in the shape of a cone incl…
Definition: What grows naturally
Personal Property
Definition: Anything that is NOT realty (Land)... AKA: chattel... T…
Realty
Definition: Land, Real Estate and Real Property... Transferred b…
24 terms
Legal Terminology - Unit 25 - Real and Personal Property
real property
personal property
chose
chose in action
fixed and immovable assets; land, houses, buildings, barns, f…
movable assets; anything that is not real property or permane…
French word meaning thing; personal chattel
a personal right not reduced to possession, but recoverable b…
real property
fixed and immovable assets; land, houses, buildings, barns, f…
personal property
movable assets; anything that is not real property or permane…
388 terms
Property
Each co-owner is entitled to simultane…
Forms of Concurrent Tenancies
Tenancy in Common created involuntaril…
Has undivided, fractional share in ent…
Unity of possession
Tenancy in Common; Joint tenancy; Tenancy by the entirety
a severance ends a joint tenancy or a divorce ends a tenancy…
Tenancy in Common
Each co-owner is entitled to simultane…
Unity of possession
Forms of Concurrent Tenancies
Tenancy in Common; Joint tenancy; Tenancy by the entirety
Personal property vs real property
Personal property
Other words for personal property
Emblements are considered to be person…
Trade fixtures
Personal property is not attached to the land, it is movable,…
Chattel, personality
Corn is an emblem on, emblements are crops which require annu…
Trade fixtures are any attached installed equipment the tenan…
Personal property
Personal property is not attached to the land, it is movable,…
Other words for personal property
Chattel, personality
Property Law
Remainder
Vested Remainder
Adverse Possession
Wild Animals
A future interest, in someone other than the grantor, that wi…
no condition precedent AND at time of creation of interest it…
Adverse/ Hostile... Continuous... Required Time... Exclusive... Claim of…
mere pursuit is not enough, need capture. Once captured, and…
Remainder
A future interest, in someone other than the grantor, that wi…
Vested Remainder
no condition precedent AND at time of creation of interest it…
11 terms
Personal Property
homeowner's insurance
real property
personal property
types of homeowner's insurance coverage
A policy that protects against risk of loss to a home and its…
Permanent structures, such as buildings.
The contents of your home - such as furniture, appliances, cl…
Fire and Other hazards... Criminal Activity... Personal Liability
homeowner's insurance
A policy that protects against risk of loss to a home and its…
real property
Permanent structures, such as buildings.
Real Property vs Personal Property
Personal Property
Major distinction between personal and…
Chattels
Examples of Chattels
all the property that can be owned and that does not fit the…
personal property is movable
items of personal property
chairs, tables, clothing, money, bonds and bank accounts
Personal Property
all the property that can be owned and that does not fit the…
Major distinction between personal and…
personal property is movable
Real and Personal Property Chapter 3
Ownership System: Fedual System
Ownership System: Allodial system
Name the five bundle of rights.
Name the four government powers (PETE)
Land that belongs to Kings and everyone owes rent or services…
Establishes absolute ownership, which means there is no oblig…
Control-Total control within the law... Possession-Right to have…
Police power-Right to enact laws for common good includes zon…
Ownership System: Fedual System
Land that belongs to Kings and everyone owes rent or services…
Ownership System: Allodial system
Establishes absolute ownership, which means there is no oblig…
10 terms
Real Property vs. Personal Property
Real property
Personal Property
Manufactured homes
Modular Homes
The land, everything attached to the land and everything appu…
Everything that is not real property.
A Structure, transportable in one or more sections, is eight…
Are gAre constructed in factories off-site according to state…
Real property
The land, everything attached to the land and everything appu…
Personal Property
Everything that is not real property.
65 terms
Chapter 3 - personal property
chattels
four different ways to acquire rights…
the rule of capture
wild animal = ferae naturae
tangible personal property
(a) capture; (b) find; (c) adverse possession; and (d) gift.
awards property rights to the person who brings a wild animal…
unowned while roaming in their natural habitat.
chattels
tangible personal property
four different ways to acquire rights…
(a) capture; (b) find; (c) adverse possession; and (d) gift.
45 terms
Unit 8 (Law) Real and Personal Property
Real Property
Fee simple estate
At the death of the owner, the estate…
Life estate
Land and those objects permanently attached to land.
Creates absolute ownership of the property and entitles the o…
Fee simple estate
A freehold estate where ownership is limited to the duration…
Real Property
Land and those objects permanently attached to land.
Fee simple estate
Creates absolute ownership of the property and entitles the o…
14 terms
Property and Casualty Chapter 11
Unfortunately the biggest risk that an…
As an employer you can protect yoursel…
In a Fidelity Bond it is the employee…
Coverage on a bonded employee automati…
Employees
Fidelity Bonds
Principal, Obligee, Surety or Guarantor.
Dishonest
Unfortunately the biggest risk that an…
Employees
As an employer you can protect yoursel…
Fidelity Bonds
86 terms
Property and Real Estate Law Quiz 4
Lien
Increments
Notice of Commencement
Equitable lien/voluntary lien
A special encumbrance that makes real property the security f…
Construction mortgages disperse money in increments or all at…
In FL all liens properly filed date back to this:
Lien created through a mortgage
Lien
A special encumbrance that makes real property the security f…
Increments
Construction mortgages disperse money in increments or all at…
Ch. 1 Real Property & The Law
accession
air rights
air rights
annexation
Acquiring title to additions or improvements to real property…
The right to use the open space above a property, generally a…
May be sold or leased independently, provided the rights have…
The process of converting personal property into real propert…
accession
Acquiring title to additions or improvements to real property…
air rights
The right to use the open space above a property, generally a…
40 terms
Mod 6 Real/Personal Property, Contracts
A buyer may do what if the seller brea…
Which if the following would be regard…
A personal property clause would be us…
Linda, a tenant in the main street pro…
-Terminate the contract... -File a suit for specific performance…
Emblements
A portable dishwasher
An assignor
A buyer may do what if the seller brea…
-Terminate the contract... -File a suit for specific performance…
Which if the following would be regard…
Emblements
28 terms
Unit 2 -Real Property and the Law
accession
water rights
accretion
trade fixture
acquiring title to additions or improvements to real property…
common law rights held by owners of land adjacent to rivers,…
addition of land by the deposit of sand or soil washed up nat…
an article installed by a tenant under the terms of a lease a…
accession
acquiring title to additions or improvements to real property…
water rights
common law rights held by owners of land adjacent to rivers,…
114 terms
Real Property II final review
Taxes based on the assessed value of t…
Affidavit
special assessment
a form of disability insurance that wi…
ad valorem taxes
written statement of fact that is sworn to by the person maki…
An individual charge placed against a particular parcel of la…
Credit insurance of protection plan addendum
Taxes based on the assessed value of t…
ad valorem taxes
Affidavit
written statement of fact that is sworn to by the person maki…
79 terms
Real Estate - Realty & Personal Property
Personal Property
Realty
Land
Fructus naturales
Definition: Anything that is NOT realty (Land)... AKA: chattel... T…
Definition: Land, Real Estate and Real Property... Transferred b…
From the core of the earth upward in the shape of a cone incl…
Definition: What grows naturally
Personal Property
Definition: Anything that is NOT realty (Land)... AKA: chattel... T…
Realty
Definition: Land, Real Estate and Real Property... Transferred b…
18 terms
Property and Casualty Chapter 7
The tendency for people who have a hig…
Under the National Flood Insurance Pro…
All residential _____, _____, and ____…
Under the Flood program the standard d…
Adverse selection.
Federal government
Dwellings, Farm, and Commercial
$1000, contents
The tendency for people who have a hig…
Adverse selection.
Under the National Flood Insurance Pro…
Federal government
54 terms
Freehold Estates - Real Property
Devisable
Descendible
Alienable
Fee Simple absolute
Meaning it can pass by will
Meaning it will pass by the statutes of intestacy
Meaning it is transferable inter vivos or during the holder's…
"To A and his heirs." or "To A." Absolute ownership of potent…
Devisable
Meaning it can pass by will
Descendible
Meaning it will pass by the statutes of intestacy
39 terms
Real & Personal Property Law
Real Property
Land
Tenements
Appurtenances
Land plus the tenements, improvements and appetences transfer…
Surface, Subsurface, Air Rights. (All can be sold and or leas…
man made improvements to land
Rights, privilege or improvements attached to the land.
Real Property
Land plus the tenements, improvements and appetences transfer…
Land
Surface, Subsurface, Air Rights. (All can be sold and or leas…
31 terms
CH 1 Real Property Quiz
Things which the law considers to be p…
Property which is not considered to be…
What must be determined to classify so…
would perennial shrubs be considered p…
fixtures
personalty
the cost of the article, and intention of having it
Yes
Things which the law considers to be p…
fixtures
Property which is not considered to be…
personalty
Property Law
First Possession
Encourage Labor
Economic Maximization of utility
Democracy
Bright line rule still governs Intellectual Property. Creatio…
property rights conferred if work done by P to land
human happiness; tendency of people to improve or max value o…
redistribution of property
First Possession
Bright line rule still governs Intellectual Property. Creatio…
Encourage Labor
property rights conferred if work done by P to land
Property Law
Property
Real property
subsurface rights
plant life and vegetation
the set of rights and interests of a person or entity in rela…
immovable or attached to immovable land or buildings. include…
these are mineral rights to the earth located beneath surface…
these are considered real property until they are harvested.…
Property
the set of rights and interests of a person or entity in rela…
Real property
immovable or attached to immovable land or buildings. include…
5 terms
Terms - Personal and Real Property
Bailee
Chattels
Exclusive Possession
Fee Simple
party in a bailment that is in temporary possession of the ba…
movable tangible property
possession of real property to the exclusion of others
ownership rights in land where the owner can do what he desir…
Bailee
party in a bailment that is in temporary possession of the ba…
Chattels
movable tangible property
Real Property and the Law:real and personal property
Personal property
Manufactured housing
To sell manufactured homes in GA
When in GA would a manufacture home be…
sometimes called personalty, is all the property that can be…
dwellings that are not constructed at the site but are built…
Every retailer and retail broker who sells or offers for sale…
Under Georgia code (O.C.G.A. § 8-2-183.1), there are conditio…
Personal property
sometimes called personalty, is all the property that can be…
Manufactured housing
dwellings that are not constructed at the site but are built…
23 terms
Property and Casualty Chapter 4
____ policies are designed to protect…
Liability policy benefits are paid by…
The physical destruction or injury to…
The physical destruction or damage to…
Liability
third party (The Other Guy), BI, PD
Bodily Injury
Property damage
____ policies are designed to protect…
Liability
Liability policy benefits are paid by…
third party (The Other Guy), BI, PD
25 terms
Property and Casualty Chapter 2
An insurance company that is owned by…
An insurance company that has no stock…
A type of mutual insurance company tha…
Businesses that join together in order…
Stock
Mutual
Fraternal
Risk retention
An insurance company that is owned by…
Stock
An insurance company that has no stock…
Mutual
Property Definitions
Real property
Personal property
First in Time, First in Right
Acquisition by Discovery
Something that does not move or is attached to the ground (i.…
Things that can be moved
The person to discover the land first is the person who has t…
The sighting or finding of unknown or uncharted territory
Real property
Something that does not move or is attached to the ground (i.…
Personal property
Things that can be moved
39 terms
Property and Casualty Chapter 6
Most individuals who drive private pas…
Virtually ____ can buy a Personal Auto…
A private passenger automobile means a…
A Family Member (or _____) is a person…
Personal Auto Policy
Anyone
Four
Relative
Most individuals who drive private pas…
Personal Auto Policy
Virtually ____ can buy a Personal Auto…
Anyone
37 terms
Property and Casualty Chapter 5
In contrast, Dwelling policies are ava…
While the general rule for Homeowners…
The ____ is for condominium owners.
The HO-4 has no Property coverage on t…
Rent
HO-4
HO-6
Insurable interest
In contrast, Dwelling policies are ava…
Rent
While the general rule for Homeowners…
HO-4
34 terms
Property and Casualty Chapter 3
The first standardized property insura…
The Standard Fire Policy is the only P…
In property insurance the specific eve…
In a Named Peril policy, should a loss…
Standard Fire Policy
p.m. and a.m.
Peril
Policy owner/insured
The first standardized property insura…
Standard Fire Policy
The Standard Fire Policy is the only P…
p.m. and a.m.
8 terms
Real Property
Bundle of rights
Real property
Constructive severance
Doctrine of emblements
The combined rights, tangible and intangible, that are associ…
Land and everything attached or appurtenant to the land. Also…
When an interest in the land has been sold or transferred sep…
The rise of a tenant farmer, under a lease of unspecified len…
Bundle of rights
The combined rights, tangible and intangible, that are associ…
Real property
Land and everything attached or appurtenant to the land. Also…
35 terms
Personal property, real property
Personal property
two parties in exchange of gifts
inter vivos
causa mortis
all property that is not land or personally affixed to land
donor... donee
gifts that are given during a person's lifetime
-gift given in contemplation of one's death... -Gift given becau…
Personal property
all property that is not land or personally affixed to land
two parties in exchange of gifts
donor... donee
42 terms
Property Ownership
Inchoate
License
Trade Fixture
Tenancy In Common
Incomplete or right not yet perfected
Revocable permission to use another's land
A commercial tenant's removable fixtures
No right of survivorship where the heirs inherit the deceased…
Inchoate
Incomplete or right not yet perfected
License
Revocable permission to use another's land
138 terms
Property Law
Rule of Capture
manucaption
What can constitute possession of a wi…
Exceptions to rule of capture
pursuit alone doesn't establish possession... 1) deprive animal…
physical possession
manucaption (all jurisdicitons)... mortal wounding (Barbeyrac) (…
1) Trespassing (unless a man starts an animal on his own land…
Rule of Capture
pursuit alone doesn't establish possession... 1) deprive animal…
manucaption
physical possession
CB (3) - Owning Personal Property
List four ways of attaining rights in…
Rule of Capture
Policy Rationale for Rule of Capture
Animae Revertendi
(1) find, (2) capture, (3) gift, (4) adverse possession
Pierson v. Post: applies to wild animals (ferea naturae)... Prop…
(1) Encourages killing of wild animals for benefit of society…
"Habit of returning." The capture rule does not apply to thes…
List four ways of attaining rights in…
(1) find, (2) capture, (3) gift, (4) adverse possession
Rule of Capture
Pierson v. Post: applies to wild animals (ferea naturae)... Prop…
42 terms
Property and Casualty Chapter 9
The first module of the Commercial Pac…
The Commercial Property Policy is comp…
The Commercial Property Policy, just l…
The eleven Basic perils include Windst…
Commercial Property Policy
Building and Business Personal Property, Extra Expense
Broad and special
Riot, Explosion, Lightning, Fire, Smoke
The first module of the Commercial Pac…
Commercial Property Policy
The Commercial Property Policy is comp…
Building and Business Personal Property, Extra Expense
57 terms
SC PSI Real Estate Real Property Study Guide
real property
real estate
land
personal property
* land plus things permanently attached by nature or man... * t…
any interest in land
surface of the earth extending down to center of the earth an…
* anything movable... * transfer with a bill of sale... * aka: pers…
real property
* land plus things permanently attached by nature or man... * t…
real estate
any interest in land
148 terms
Property Management
Cash Flow Report
Cash flow
Legislature
Real Estate Commission
the single most important financial report. A financial repor…
An item in a property's financial operating reports that repr…
makes laws
enforces laws
Cash Flow Report
the single most important financial report. A financial repor…
Cash flow
An item in a property's financial operating reports that repr…
10 terms
Property and Casualty Chapter 12
The Commercial Property module of the…
The Boiler and Machinery (B and M) mod…
B and M policies are written on an ___…
The Boiler coverage is best described…
Explosion or Mechanical
Buy back
Accident
objects against accidents
The Commercial Property module of the…
Explosion or Mechanical
The Boiler and Machinery (B and M) mod…
Buy back
24 terms
Chapter #2 Real Estate Property Ownership/Interest
estate in land
leasehold estate
freehold estates
estate in years
the degree, quantity, nature, and extent of interest a person…
the lessee's right to possess and use real estate during the…
have a potentially indefinite duration and do not involve an…
a lease with a definite duration
estate in land
the degree, quantity, nature, and extent of interest a person…
leasehold estate
the lessee's right to possess and use real estate during the…
17 terms
Real Property Chapter 18
lease
rent
landlord
tenant
An agreement by which a landlord gives the right to a tenant…
the payment, usually monthly, that the tenant pays to the lan…
A person who owns property and rents it to another.
one that pays rent to use property owned by another
lease
An agreement by which a landlord gives the right to a tenant…
rent
the payment, usually monthly, that the tenant pays to the lan…
23 terms
Legal Terminology - Unit 26 - Real Property
homestead
Homestead Exemption Law
abstract
abstract of title
the permanent residence of the head of a family, together wit…
exempts a homestead from seizure or forced sale to meet gener…
from Latin meaning to draw from; a condensed or abridged vers…
a summary the successive title deeds to a piece of real estate
homestead
the permanent residence of the head of a family, together wit…
Homestead Exemption Law
exempts a homestead from seizure or forced sale to meet gener…
Property
Lost property
mislaid property
abandoned property
possessor duty of care for mislaid and…
-accidentally and involuntarily parted with possession and do…
-intentionally placed and forgotten... -owner of premises gets i…
-voluntarily relequished all rights... -look at time place and m…
-duty to find owner in a reasonable manner if finder knows ow…
Lost property
-accidentally and involuntarily parted with possession and do…
mislaid property
-intentionally placed and forgotten... -owner of premises gets i…
131 terms
Property
Real Property
Acquisition
Creation
Conquest
1. Actual plot of land... 2. Anything permanently attached to th…
1. Voluntary: purchases, sale, trade, or gift... 2. Involuntary:…
An original
1. Taken by force... 2. Uninhabited... 3. If conqueror, must respec…
Real Property
1. Actual plot of land... 2. Anything permanently attached to th…
Acquisition
1. Voluntary: purchases, sale, trade, or gift... 2. Involuntary:…
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