876 IAC 2-12-2 - Property ownership and interests
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 2.
(a) The
competency and instructional level for subdivisions (1) through (5) is Level 3.
The following describes the concept of property:
(1) The "bundle of rights" concept.
(2) Real property.
(3) Personal property.
(4) Lands, minerals, fruits of the
soil.
(5) The following fixtures:
(A) Definition.
(B) Criteria for determining if item is a
fixture. (Students should be able to apply these criteria to common fact
situations.)
(C) Trade and
agricultural fixtures.
(D) Effect
of Uniform Commercial Code concerning security interests in fixtures.
(b) The competency and
instructional level for subdivisions (1), (2)(A)(i)(AA), (2)(A)(i)(CC),
(2)(A)(ii)(AA), and (2)(B) is Level 2. The competency and instructional level
for subdivisions (2)(A)(i)(BB) and (2)(A)(ii)(BB) is Level 1. The following are
concepts of estates in real property:
(1)
Definition of "estate".
(2) The
following types of estates (characteristics of each):
(A) Freehold estates as follows:
(i) The following estates of inheritance:
(AA) Fee simple.
(BB) Determinable, base, or qualified
fee.
(CC) Estate for life of
another.
(ii) The
following estates not of inheritance (life estates):
(AA) Estate for tenant's own life
(conventional life estate).
(BB)
Marital life estates.
(B) Nonfreehold (leasehold) estates. (Cover
in greater depth in section 7 of this rule.)
(c) The competency and instructional level
for subdivisions (1) and (2)(B) through (2)(D) is Level 2. The competency and
instructional level for subdivisions (2)(A) and (3) is Level 1. The following
are concepts of ownership of real property:
(1) Severalty (sole) ownership.
(2) The following concurrent (joint)
ownership (characteristics of each method):
(A) Joint tenancy.
(B) Tenancy in common.
(C) Tenancy by the entirety.
(D) The following hybrid forms of ownership:
(i) Condominium ownership.
(ii) Cooperative ownership.
(iii) Townhouse ownership.
(iv) Time share ownership.
(v) Planned unit development (PUD).
(3) The following
ownership by a business organization:
(A)
Advantage over ownership by individual(s).
(B) The following types of organizations:
(i) Corporation.
(ii) Partnership (general and
limited).
(iii)
Syndicate.
(iv) Real estate
investment trust (REIT).
(d) The competency and instructional level
for subdivisions (1)(A), (1)(C), and (2) through (5) is Level 2. The competency
and instructional level for subdivision (1)(B) is Level 1. The following are
concepts of encumbrances to real property:
(1) The following liens:
(A) The following specific liens:
(i) Mortgages (deeds of trust). (Mention
only, cover in depth under
876 IAC 2-14-3.)
(ii) Real estate tax and assessment
liens.
(iii) Mechanics' liens
(statutory liens).
(B)
The following general liens:
(i) Judgment
liens.
(ii) Personal property tax
liens.
(iii) State tax
liens.
(iv) Federal tax
liens.
(C) Lien
priority.
(2)
Restrictive covenants. (Cover in depth under section 7 of this rule.)
(3) Lis pendens (notice of pending
litigation).
(4) The following
classifications of easements:
(A) The
following classification of easements:
(i)
Appurtenant easements.
(ii)
Easements in gross.
(B)
The following creation of easements (types by method of creation):
(i) Express.
(ii) Implied.
(iii) Arising by operation of law.
(C) Termination of
easements.
(D) Party wall (cross
easements).
(5)
Encroachments.
(e) The
competency and instructional level for subdivisions (1) through (3) is Level 2.
The following are concepts of appurtenances:
(1) Easements and restrictive
covenants.
(2) Riparian
rights.
(3) Air and subsurface
rights.
(f) The
competency and instructional level for subdivisions (1) through (2) is Level 4.
The following are concepts of property taxation in Indiana:
(1) The following topics concerning property
tax:
(A) Tax rate and calculations.
(B) Property subject to taxation.
(C) Listing property for taxation.
(D) Appraisal and assessment.
(E) Timetable for listing and tax
collection.
(F) Property tax
lien.
(G) Special priority of tax
liens.
(H) Exemptions.
(I) Records.
(J) Payment.
(2) The following special assessments:
(A) By counties.
(B) By cities and towns.
(C) Special assessment liens.
Notes
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