Amp Vocabulary Section 1

Front 1

types of water rights

Back 1

- percolating
-riparian
-surface
-littoral

Front 2

percolating water

Back 2

water that collects underground

Front 3

riparian water

Back 3

the landowner's right to use water that flows by or through his land

Front 4

surface water

Back 4

an owner's right to use and re-direct water that flows across her land

Front 5

littoral water

Back 5

water that is along land bordering a sea or ocean and that is affected by the tides

Front 6

Types of easements

Back 6

-appurtenant easement
-easement in gross
-easement by necessity
-easement by prescription

Front 7

appurtenant easement

Back 7

an easement involving adjoining parcels of land known as the dominant estate and the servant estate. The dominant estate is the tract of land that has the right to use the easement lying across the adjoining tract, which is known as the servant estate

Front 8

easement in gross

Back 8

the personal right to use someones else's property. Utility easements are examples of easements in gross

Front 9

easement by necessity

Back 9

an easement granted by the court for ingress and egress that will prevent a property from being landlocked. two requirements are that both parcels must have a common grantor and the easement must be necessary, not just convenient

Front 10

easement by prescription

Back 10

an easement by prescription arises when someone claims an easement over the objections of the property owner. in order to establish the easement, the person must prove that the easement was used in an actual, open, notorious, forcible, exclusive, and hostile way for a statutory period of time set by state law

Front 11

water can create

Back 11

-accretion
-alluvion
-avulsion
-reliction

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Accretion

Back 12

the process of acquiring additional land because of gradual accumulation of rock, sand and soil when the land fronts on a lake, river, or ocean

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alluvion

Back 13

sand soil and gravel that are deposited along the banks of flowing water

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avulsion

Back 14

loss of land caused by running water, such as a stream or creek.

Front 15

reliction

Back 15

the process of water receding from the land along the bank, effectively creating more land

Front 16

3 methods to describe real estate

Back 16

-metes and bounds
-lot and block
-government survey system

Front 17

metes and bounds

Back 17

descriptions use distances and directions and must have a beginning point and an ending point that re the same point. description must "close"

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lot and block

Back 18

are used in subdivisions that are platted

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government survey

Back 19

also known as a rectangular survey system and as a geodetic survey system. Most of the US use this system.
Uses townships, sections, principal meridians, and ranges to describe the land

Front 20

How is lot size stated

Back 20

with the road frontage being used as the first number.
ex: 100' by 150' has road frontage of 100' and depth of 150'

Front 21

what determines the exact size of a lot

Back 21

Surveys

Front 22

What shows a lot dimensions

Back 22

plats

Front 23

How many square feet in an acre

Back 23

43,560

Front 24

structures on a property are referred to as

Back 24

improvements

Front 25

steps to determine square footage of a structure

Back 25

1. draw diagram of the structure and divide the structure into rectangles, squares and triangles.
2. measure the outside of structure
3. only measure the part that is above grade (below
ground level is calculated and stated separate)
4. place measurements on drawing
5. calculate square footage fro each rect. squ. and tring. then add amounts together to find total
6. deduct square footage in garages, porches, patios and other non-livable area

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Sq. footage for rectangle and square is found by

Back 26

multiplying length times width.

Front 27

formula for determining area of a triangle

Back 27

multiply the base times the height and divide by two.

Front 28

appurtenances

Back 28

all tangible and intangible items attached to land are known as appurtenances and include rights and privileges attached to the land

Front 29

Architectural styles of construction

Back 29

ranch (one story floor plan)
one-and-a- half story
two story
split level

Front 30

4 types of roof styles

Back 30

gable,
hip
gambrel
mansard

Front 31

encumbrances

Back 31

a right or interest in a parcel of property held by someone other than the owner of the property
(liens, encroachments, restrictions).
A "cloud" on real property title. prevents from having a "clean" or "clear" title. Lessen fair market value of property
may be transferred with encumbrance: however, it remains attached to property and new owner is subject to it

Front 32

Examples of encumbrances that affect the title

Back 32

liens, taxes, judgements, licenses

Front 33

Examples of encumbrances that affect the "use" of the property

Back 33

easements, subdivision restrictions, gov't restrictions, and encroachments.
Encroachments are always encumbrances, but encumbrances are not always encroachments

Front 34

building codes

Back 34

regulations established by the government that set minimum standards for building construction. to protect the health, safety and welfare of the public.

Front 35

Certificate of occupancy

Back 35

must be obtained before the building is occupied. assures property owners that the building codes have been followed.

Front 36

ownership of land passes by

Back 36

deed and by will

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title passes by

Back 37

deed and by will even if the deed or will are never recorded

Front 38

constructive notice gives

Back 38

public notice of ownership. not the same as actual notice

Front 39

homeowners associations HOA

Back 39

typically have officers or a management company that enforces restrictive covenants, collects assessments, and manages common areas. may operate as unincorporated associations or may for corporations or LLC.

Front 40

Documents that govern homeowners associations

Back 40

depends on the form of origination, generally include declaration of restrictions, bylaws, rules and regulations and a master deed (for condo's).

Front 41

Association fees

Back 41

usually paid monthly, quarterly or annually to maintain the common areas and other operating expenses. can become liens on the property if they are not paid.

Front 42

Brokerage Fee

Back 42

paid according to the terms set forth in the listing agreement. typically paid by the seller, but may be paid by 3rd party or buyer. can be calculated in any manner agreed upon. except cannot legally agree on a net listing, they are illegal. typically a % of selling price, flat fee or for certain services. generally paid at closing. or for leasing at time of signing the lease or set periods through the lease term

Front 43

if seller "refuses" to consummate a transaction that meets the terms of the listing contract

Back 43

they still have to pay broker fee.

Front 44

under the anti-trust laws

Back 44

it is illegal for brokers to conspire to "fix prices" for the brokerage fee

Front 45

property taxes

Back 45

are also known as general estate taxes and ad valorem taxes. They are based on a property's assessed value. placed by the state and local gov't for the benefit of the gov't. single largest source of gov't revenue. assessed value is determined by the assessor. senior citizens and disabled property owners may have a reduced assessment. always a lien on the property and have the first lien priority.

Front 46

Assessor

Back 46

also known as property valuation administrator.

Front 47

taxes are based

Back 47

on the assessed value ( determined based on a comparison of values of other properties in the area) and they can be as much as 100% of that value. to find tax amount multiply assessed value by tax rate. may be stated in dollars or mills

Front 48

Assessment of property value

Back 48

1. location
2. anticipated changes (zoning and use)
3. depreciation
4. deterioration (physical)
5. Obsolescence (usefulness, outdated characteristics)
6. Improvements (additions)
7. economic trends
8. market data

Front 49

appraising

Back 49

is the process used by an appraiser to form an opinion of the fair market value of property using factual data in the market place. they are state license and/or certified

Front 50

various types of values placed on property (list)

Back 50

assessed value
fair market value
insurance value,
mortgage loan value
condemnation value
book value
liquidation value
value in use
investment value

Front 51

situs

Back 51

location of property

Front 52

Value factors

Back 52

location, expectation that changes are going to occur for the property or adjacent property (speculation value), zoning change . property value always depends on utility, scarcity, transferability, and effective demand.

Front 53

Depreciation

Back 53

occurs when improvements to property lose value for any reason, Land does not depreciate, can be curable or incurable.

Front 54

3 types of depreciation

Back 54

physical, functional and external

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physical deterioration

Back 55

Reduction in use or value of a property because its physical condition has declined. this condition is either curable or incurable depending on the economic feasibility of making the necessary repairs. caused by wear and tear or can be catastrophic events like fires, floods, tornadoes, hurricane

Front 56

obsolescence functional or external

Back 56

functional -curable and incurable depreciation caused by outdated or poor design features. desirable because of advances in construction, improvements to systems, and changes in desirability. curable or incurable depends on the economic feasibility of making necessary changes.
External obsolescence refers to negative factors not located on the property that are unlikely to imp roe sometimes referred to as locational obsolescence. this type will always be incurable because the owner cannot do anything on his property to change the adjacent property (ex pig farm next door)

Front 57

improvements

Back 57

immovable, permanently attached, objects added to the land. not always increase the value, ex house buildings, barns fences, streets, sidewalks, trees, flowers

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Economic trends

Back 58

value of property can be affected positively or negatively with the economy from factors like interest rates, taxes, employment levels, company relocations, population growth.

Front 59

market data

Back 59

approach to determining value of real property is also referred to as the caparison approach and the comparative analysis approach. this is the primary approach to rendering an opinion on the fair market value of real property. compares the "subject" property to others in area with similar characteristics that have sold recently. "comps" adjustment are made to sales price of comps when they are inferior or superior to the subject. determines a value based on what the market will be willing to pay based on what they have actually aid for comparable.

Front 60

Cost approach

Back 60

another approach used in conjunction with market approach. The cost approach determines a value based on purchasing the land and reproducing the improvements on it.

Front 61

Income approach,

Back 61

referred to as the capitalization approach is used to determine value of income producing property