Arizona Real Estate 2015 - Characteristics Of Property

Front 1

Real Property

Back 1

Land and anything permanently attached to it.

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Fixture

Back 2

Personal property changed to real property by permanently attaching it to the real estate.

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Personal Property

Back 3

Movable items not attached to real estate.

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Trade Fixture

Back 4

Personal property used in a business or trade that is attached to real estate.

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Contiguous

Back 5

Touching at any point.

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Abutting

Back 6

Butting against each other.

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Government Check

Back 7

In a 24-mile-square parcel, there are 16 townships.

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Plat Map

Back 8

A map that only shows lot locations and size.

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Encumbrance

Back 9

Any claim attached to real property that may lessen its value or impair its use.

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Lien

Back 10

A claim against one property owner as security for debt.

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Mechanic's Lien

Back 11

Lien placed on your property for the labor and/or materials rendered in the improvement of a property.

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Easement Appurtenant

Back 12

Easement that is attached to the land and passes with the land.

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Dominant Estate/Tenement

Back 13

The estate that benefits from the easement.

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Servient Estate/Tenement

Back 14

The estate that is the giver of the easement.

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Party Wall

Back 15

A common wall between properties.

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License

Back 16

Not an interest in land, but merely permission to use the land of another for some limited purpose.

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Encroachment

Back 17

An unauthorized intrusion of real property, reducing its value.

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Egress

Back 18

The ability to exit a property.

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Ingress

Back 19

The ability to enter a property.

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Judgment Lien

Back 20

Lien created when a court-ordered lien is placed against a property and filed with the courts when a homeowner fails to pay a debt.

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Property Characteristics

Back 21

-Describe the nature of the land

-Characteristics influence use (physical and economic)

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Mineral Rights

Back 22

Rights to everything above and below the land and its profits (usually conveyed w/ real property).

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Air Rights

Back 23

Rights to airspace above property owned (i.e. a roof-top lease)

-May be transferred by easement

-Air is not real property

-Airspace is real property when described in 3D.

Front 24

Horizontal Regimes

Back 24

In condos, it refers to airspace as horizontal planes being the floor and ceiling.

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Types of Property

Back 25

-Real

-Personal

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Test of a Fixture

Back 26

Based on:

-Removal

-Intention

-Method of adaptation and attachment

-Mutual agreement

*Transfer of real property is done by deed

*Transfer of personal property is done by Bill of Sale

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Personal Property

Back 27

-Chattel: Item of personal property

-Trade Fixtures: Must be removed before lease expiration, otherwise landlord owns them

-Transfer through Bill of Sale

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Legal Land Description

Back 28

Describes a piece of real property; used for conveyance documents accepted by state courts.

-Required to legally convey any interest or estate in real property

-A deed must clearly ID the land being conveyed

-It also ensures identity of the property in the future

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Acre

Back 29

43,560 Sq. Ft.

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Mile

Back 30

5,280 Ft.

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Principal Meridians

Back 31

North to South Line

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Range Lines

Back 32

Run North to South, parallel to Principal Meridian

- 6 miles apart

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Base Line

Back 33

West to East Lines

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Township Lines

Back 34

Run East to West, Parallel to Base Line

Front 35

Legal Description Methods

Back 35

-Government Rectangular Survey

-Metes and Bounds

-Lot, Block, and Tract

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Government Rectangular Survey

Back 36

Uses Principal Meridians and Base Lines to describe land perimeters.

-Used mainly West of Mississippi

-Not all states have this legal description

-35 Principal Meridians and 32 Base Lines across country

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Layout of Range/Township Lines

Back 37

Front 38

Metes and Bounds

Back 38

Description begins at a certain, well-defined point and then follows the exterior boundaries by directions and distances.

-Starts at Point of Beginning (POB)

-Uses points and angles

-Surveyor must be given directionals and distances

-Must return to POB

Front 39

Lot, Block, and Tract

Back 39

-Utilizes a plat map

-Most commonly used w/ subdivisions

-The sub-divider is required to file a map or plat of a tract w/ the county clerk in the county where the property is located

-Describes even the smallest parcel of land

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Township

Back 40

6 X 6 miles, 36 square miles

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Section

Back 41

Each township is divided into 36 sections:

-One square mile, each

-Containing 640 acres

-Each section can be located by its number, township, and range

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Correction Lines

Back 42

Due to the curvature of the earth, convergence of range lines and human error, it is impossible to keep all sections exactly 1 square mile:

-Adjustments every 24 miles N and S of the Baseline and E and W of the Principal Meridian

-Correction lines create 11 fractional and 25 standard sections

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Fractional Sections

Back 43

Always on the North and West side of each township (Sections 1,2,3,4,5,6,7,18,19,30,31)

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Dividing Sections

Back 44

Start by using 640 acres in a section, then work backwards

-"And" means stop and begin again

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Types of Property Restrictions

Back 45

-Encumbrances

-Lien

-Easements

-Encroachment

-CC & Rs

Front 46

Types of Encumbrances

Back 46

-Lens or mortgage liens

-Easements or encroachments

-Leases

-Unpaid taxes

Front 47

Clouds

Back 47

Any document, claim, unreleased lien or encumbrance that may impair or invalidate the marketability of the title.

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Order of Liens

Back 48

-Specific Lien

-General Lien

-Voluntary Lien

-Involuntary Lien

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Specific Lien

Back 49

A lien or change against a specific parcel of property only (i.e. property tax lien)

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General Lien

Back 50

Charge against all of the debtor's real and personal property (i.e. income taxes, judgement)

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Voluntary Lien

Back 51

Created by the intentional action of property owner (i.e. mortgage lien)

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Involuntary Lien

Back 52

Created by law (i.e. property taxes, assessment taxes)

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Specifics of a Mechanic's Lien

Back 53

-A 20 day preliminary notice is a prerequisite for filing a Mechanic's Lien

-Specific, involuntary Lien

-Gives security to those who perform labor or furnish material for improvements

-A person who furnishes labor or materials to someone other than the owner, cannot file a Mechanic's Lien

-Effective date is when work began

-Lien must be recorded in order to establish the position of the lien (i.e. time and place)

-Contractor must be able to produce proof of a contract (expressed or implied) w/ the owner's authorization

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Time Frames for Filing a Mechanic's Lien

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General Contractor - 120 days from when job is finished

Sub-Contractor - 120 days from completion of the whole job

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Specifics of a Judgment Lien

Back 55

Recordation - in the land records where the debtor owns any real property

Enforcement - Creditor must sue the debtor for a money judgment and seek to enforce it against any property the debtor may own

-Renewal - Liens can become "dormant" after a specific number of years, but can usually be renewed indefinitely

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Easements

Back 56

Actual interest in land, but not ownership

-Statute of Frauds applies (usually in the form of a separate deed or a reservation in a deed)

-Easement appurtenant (annexed to ownership)

-Has a dominant estate (or tenement) and a servient estate (or tenement)

-Party wall easement

-License (can be revoked at any time)

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Tenement

Back 57

A piece of land held by an owner

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Types of Easements

Back 58

-Easement by necessity

-Easement by prescription

-Easement in gross

-Personal Easements

-Commercial Easements

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Easement by Necessity

Back 59

Created by a court of law in cases where justice and necessity dictate:

-Usually a landlocked situation where ingress and/or egress is unavailable by legal description)

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Easement by Prescription

Back 60

Acquire land by adverse possession

-A right acquired by an adverse user to use the land of another

-Time period of use required to enact - 10 years

-User has to have adverse, hostile, open, actual, notorious, and continuous use of land

-Tacking on is acceptableq

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Tacking On

Back 61

Continuous use of land through adverse possession with different occupants

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Easement in Gross

Back 62

Limited right of one person to use another's land

-Similar to license, except that it is irrevocable for owner's lifetime

-It is personal in nature and does not attach to the land

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Personal Easements

Back 63

-Not assignable

-i.e. might be that the owner gives a neighbor permission to cross over his land to fish in a lake

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Commercial Easements

Back 64

-Assignable

-i.e. a commercial easement in gross, such as the right given to a utility company to install pipelines and power lines, is a more substantial property interest and is assignable

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Reasons for Termination of Easement

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-When the owner of the dominant estate becomes the owner of the servient estate

-Abandonment of easement

-Quitclaim deed

-Purpose of easement ceases to exist

-Taken by eminent domain or lost by adverse possession

-Improper purpose (called overburdening)

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Overburdening

Back 66

Improper or over-extended use of an easement creates an adverse situation for the servient estate, allowing termination of an easement

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Encroachment

Back 67

Physical intrusion on a person's land

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CC & Rs

Back 68

Covenants, Conditions & Restrictions:

-Private restrictions on the use of real property

-Enforced in court by property owners

-i.e. HOAs