Unit 5 assingment
Landlord and tenet law
Prof: Mark Baum
What is the difference between real property and tangible personal property? Real property is property that can not be moved off the grounds. Any thing that is attached to the property is cancidered real property. Tangible personal property are things that are on the property that can be moved off the property. Real Property refers to land and things permanently attached to the land. Personal property generally refers to everything else: the items which are movable and not a part of the land. http://wiki.answers.com/Q/What_is_the_difference_between_real_property_and_personal_property
Differentiate between an ownership and a possessory interest in real estate. Ownership has a right to use the property superior to everyone in the world. Possessory interest exclusive right to possession of real property. A private party's possessory interest in real property owned by a tax-exempt public agency may be taxable if sufficiently independent, durable and exclusive of the rights held by others.
Describe and give examples of the following:
tenancy for a term of years- A tenancy more important than the monthly, and at-will tenancy, is one for a definite term of a year or longer. The necessity for having such agreements in writing is governed by the statutes of the State in which the property is located.
Read more: http://chestofbooks.com/real-estate/Real-Estate-Principles-Practices/Tenancy-For-Term-Of-Year-Or-Years.html#ixzz25LrnQdDV * fixed term lease- When you have a mortgage on your house you can have one of two things to make your payments. You can have a fixed mortgage whitch is the payment will not change it will be the same amount unitl the house is payed off. Or you can have a adjustble mortgage whitch the monthly payment could change every six months or so the payment could go up or down.
What are the Major Features of a Fixed Term Tenancy/Tenancy for Years? With...