Section 876 IAC 2-12-2 - Property ownership and interestsAuthority: 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.(4) Lands, minerals, fruits of the soil.(5) The following fixtures: (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: (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): (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: (ii) Partnership (general and limited).(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: (ii) Personal property tax liens.(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.(B) The following creation of easements (types by method of creation): (iii) Arising by operation of law.(C) Termination of easements.(D) Party wall (cross easements).(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.(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.(G) Special priority of tax liens.(2) The following special assessments: (C) Special assessment liens.Indiana Real Estate Commission; 876 IAC 2-12-2; filed Dec 1, 1989, 5:00 p.m.: 13 IR 657; errata filed Jun 2, 1998, 11:33 a.m.: 21 IR 3940; readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul 19, 2007, 12:57 p.m.: 20070808-IR-876070067RFA