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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…
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…
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…
19 terms
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…
76 terms
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…
12 terms
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…
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.
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
38 terms
Real Estate Dynamics CH 1 Definitions - Property
Accession
Air Lot
Air Rights
Appurtenance
The acquisition of title by the owner of real property to tho…
A designated air space over a parcel of land. In condominiums…
The right to use and enjoy the air space above a parcel of la…
Anything that may be used with the land for its benefit and g…
Accession
The acquisition of title by the owner of real property to tho…
Air Lot
A designated air space over a parcel of land. In condominiums…
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…
32 terms
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…
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
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
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
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.
Chapter 1 Real Property and Ownership
Real Property
Appurtenances
Bundle ofRrights
Chattels
All property that is not personal property. Includes land plu…
Rights, benefits and improvements that transfer with title are:
All of the legal rights incident to ownership of property inc…
Items of personal property, an item of movable personal prope…
Real Property
All property that is not personal property. Includes land plu…
Appurtenances
Rights, benefits and improvements that transfer with title are:
45 terms
Real Property
Property
Real Property
Personal Property
Fixtures
the right to posses, use, and enjoy a determinate thing
land and anything growing on attached to, or erected on it.
Any movable or intangible property
goods that become attached to real property. An object is a f…
Property
the right to posses, use, and enjoy a determinate thing
Real Property
land and anything growing on attached to, or erected on it.
39 terms
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
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
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
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
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
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
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
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.
44 terms
Principles of Real Estate Chapter 2, Real Property and the Law
accretion
real property
riparian rights
easement by implication
the increase or addition of land by the deposit of sand or so…
the interests, benefits, and rights inherent in real estate o…
an owner's rights in land that borders on or includes a strea…
an easement that occurs when a party's actions reflect the in…
accretion
the increase or addition of land by the deposit of sand or so…
real property
the interests, benefits, and rights inherent in real estate o…
9 terms
Personal Property
Personal property
Personal property
Emblements
Trade Fixtures
chattel, personalty
Not attached to land, is movable, it does NOT pass w/ the lan…
Personal property of the one who did the planting-CORN
Business Fixtures
Personal property
chattel, personalty
Personal property
Not attached to land, is movable, it does NOT pass w/ the lan…
10 terms
Owning Real Property
Adverse Possession
Adverse Possession Policy Justification
CL Elements of Adverse Possession
Actual Possession
Process through which a person who uses property for a statut…
- Punishes owners who sit on rights without being productive…
Actual Possession... Exclusive Possession... Open and Notorious P…
Must physically use the particular parcel in the same manner…
Adverse Possession
Process through which a person who uses property for a statut…
Adverse Possession Policy Justification
- Punishes owners who sit on rights without being productive…
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
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…
14 terms
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…
53 terms
Property Law
Estate
Ownership
Possession
Lease
The net worth of a person at any point in time alive or dead.…
A person's legal right to possession of property which gives…
The control a person intentionally exercises toward a thing;…
A contractual arrangement calling for the lessee (user) to pa…
Estate
The net worth of a person at any point in time alive or dead.…
Ownership
A person's legal right to possession of property which gives…
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…
45 terms
Objective 6.02 - Property Law
Accession
Adverse possession
Assignment
Bailee
the right of an owner of property to an increase in that prop…
when the land of another private person is adversely and excl…
a tenant's transfer of the remaining time on a lease
the party who accepts temporary possession and control of ano…
Accession
the right of an owner of property to an increase in that prop…
Adverse possession
when the land of another private person is adversely and excl…
27 terms
Property and Casualty Chapter 1
A chance of loss is called ___?
Gambling is an example of ____.
Insurance will only cover ____ risks.
The transfer of risk from an individua…
Risk
Speculative risk
Pure
Insurance
A chance of loss is called ___?
Risk
Gambling is an example of ____.
Speculative risk
21 terms
Chapter 1 - Introduction to the Law of Real Property
real property
fixture
riparian rights
appropriation
real property is land and things such as buildings that are p…
item of personal property that becomes real property because…
rights of the owners of lands adjoining streams, rivers, and…
in regard to water law, doctrine stating that water belongs t…
real property
real property is land and things such as buildings that are p…
fixture
item of personal property that becomes real property because…
22 terms
Chapter 1 - Real Estate and Personal Property
Land
Real Estate
Real Property
Bundle of legal ... rights
the surface of the earth,... the airspace above to infinity and…
the natural land along with all human-made improvements
includes the surface, subsurface, air space, any improvements…
rights of ownership held by the seller
Land
the surface of the earth,... the airspace above to infinity and…
Real Estate
the natural land along with all human-made improvements
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…
113 terms
Property and Casualty Exam
Bailee
Hazard
Market Value
Insurable Interest... (limit of liability)
An individual or organization who has taken into its care, cu…
Something that increases the chance or likelihood of a loss o…
A property policy provision that changes the valuation method…
Specifies that the insurer will not be responsible for an amo…
Bailee
An individual or organization who has taken into its care, cu…
Hazard
Something that increases the chance or likelihood of a loss o…
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.
13 terms
Chapter 19- Federal Income Taxation of Real Property Ownership
adjusted basis
basis
boot
capital gain
The owner of a property can add to the cost basis the cost of…
The financial interest that the IRS attributes to an owner of…
Money or property given to make up any difference in value or…
the taxable profit earned from the sale of a capital asset su…
adjusted basis
The owner of a property can add to the cost basis the cost of…
basis
The financial interest that the IRS attributes to an owner of…
17 terms
Leasing Real Property
Discrimination
4 Nonfreehold Estates
Term of Years Tenancy
Periodic Tenancy
Generally, L may refuse to rent to any prospective tenant unl…
Term of Years Tenancy... Periodic Tenancy... Tenancy at Will... Ten…
Fixed Duration agreed upon in advance... Once term ends, posses…
Automatically renewed for successive periods UNLESS landlord…
Discrimination
Generally, L may refuse to rent to any prospective tenant unl…
4 Nonfreehold Estates
Term of Years Tenancy... Periodic Tenancy... Tenancy at Will... Ten…
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
35 terms
Real Property and the Law
accession
accretion
air rights
allodial system
Acquiring title to additions or improvements to real property…
The increase or addition of land by the deposit of sand or so…
The right to use the open space above a property, usually all…
A system of land ownership in which land is held free and cle…
accession
Acquiring title to additions or improvements to real property…
accretion
The increase or addition of land by the deposit of sand or so…
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…
20 terms
Virginia Real Estate Principles - STUDY GUIDE: Classification of Property
Property
Personal Property
Real Property
Land
Property is anything that may be owned and gained lawfully. P…
Personal property, sometimes known as chattel (derived from t…
Real property, or real estate, is any interest or estate in l…
Land includes airspace, surface rights, and subsurface rights…
Property
Property is anything that may be owned and gained lawfully. P…
Personal Property
Personal property, sometimes known as chattel (derived from t…
93 terms
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…
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…
42 terms
chapter 1 property real estate dynamics
Water test
Water Table
Riparian Rights
Littoral Rights
underground water, percolating water, perc test used to deter…
level at which water is found underground.
border a river and/or stream own 1/2 into the water
borders lake or ocean own to permanent water mark or high tide.
Water test
underground water, percolating water, perc test used to deter…
Water Table
level at which water is found underground.
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