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51 Cards in this Set
- Front
- Back
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Property
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The physical article owned and the rights or interests involved in its use and ownership.
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Bundle of Legal Rights
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When a person purchases a parcel of real estat, he or she is actually buying the rights of ownership, which includes the rights of
-possession; -control within the framework of the law; -enjoyment in any legal manner; -exclusion (to keep others from intering or occupying the property; -disposition (to be able to sell or otherwise convey the property. Also include right to sell, will, mortgage, exchange, ect. |
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Land
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The earth's surface extending downward to the center of the earth and upward to infinity, including those things permanently attached by nature, such as trees and water.
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Real Estate
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The earth's surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature (natural attachments)or by people (artificial attachments).
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Natural attachments
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Items attached to the land by a root system.
*Products of the earth that require annual planting or cultivation are considered personal property. |
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Artificial attachments
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Things that have been placed on the land by people. They have been either:
-embedded in the land, such as walls, pools, gas & water lines; -placed or resting upon the land such as driveways & patios; or -erected on the land such as buildings and towers. |
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Real Property
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The earth's surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature (natural attachments)or by people (artificial attachments), as well as the interests, benefits, and rights inherent in its ownership (bundle of legal rights).
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Appurtenance
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Anything that, by right, is used by the land for its benefit:
-subsurface (mineral) rights; -air rights; -easements appurtenant; and -water rights. |
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Subsurface (mineral) Rights
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Ownership of real property includes rights of ownership in all minerals and other substances located below the surface of the land.
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Air Rights
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Rights to the air space above the land. These rights are now limited by law.
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Water Rights
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In the U.S., the ownership of water and the adjacent land is determined by the doctrines of riparian rights, littoral rights, or prior appropriations.
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Riparian Rights
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Rights granted to owners of land located along the course of flowing water (river or stream) and to owners who have water locatedwithin the subsurface of their land (percolating water).
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Littoral Rights
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Rights granted to owners of land that borders on large, navigable but nonflowing lakes and oceans, allowing reasonable use of the available waters but only own the land adjacent to the water down to the mean high-water mark.
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Prior Appropriation
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Under prior appropriation, the right to use water for any purpose other than limited domestic use is controlled by the state because water is scarce.
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Fixtures
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Personal property that has becomes affixed to real estate or improvements that are part of the real property.
Five tests that are used to determine whether an article has become a fixture: MARIA: -Method (of attachment); -Agreement (between parties); -Relationship (between parties); -Intention (at the time of attachment); -Adaptation (made custom for house). |
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Trade Fixtures
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An article attached to a rented space or building by a tenant for use in conducting a business.
Tenants must remove trade fixtures before the expiration of the lease. |
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Personal Property / Chattel
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Movable property such as furniture, clothing, trade fixtures, plants, and growing crops (emblements).
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Emblements
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Growing crops that are produced annually as a result of someone's labor such as wheat.
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Characteristics of Real Estate
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Two broad categories:
-Physical characteristics -Economic characteristics Physical characteristics are broken down into three basic physical characteristics of land: -immobility; -indestructibility; and -nonhomogeneity. Economic Characteristics are broken down into four basic economic characteristics of land: -relative scarcity; -improvements; -permanence of investment; and -area preferences. |
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Immobility
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Rigid and fixed.
Land's geographic location can never be changed. |
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Indestructibility
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Durable.
Land is durable. |
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Nonhomogeneity
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All parcels of land differ geographically and no two parcels are ever exactly the same.
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Relative Scarcity
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Available land in a given location or of a particular quality may be limited.
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Improvements
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Changes made to one parcel of land has an effect on the value and utilization of other neighboring tracts and whole communities. These changes may be favorable or unfavorable and may affect the land use, value, or price of the land.
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Permanence of Investment
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Capital and labor expenditures for improvements are a fixed investment and the income return on such investments extends over the economic life of the improvement. Examples: drainage,electricity, water, sewage, ect.
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Area Preferences/Situs
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People's choices and preferences for a given area and these choices and preferences are constantly changing. Example: Moving to suburban areas then back to urban areas.
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Physical and Economic Factors that Affect Land Use (5)
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1. Contour and elevation
2. Prevailing winds 3. Transportation 4. Public Improvements 5. Availability of Natural Resources |
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Mile
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5,280 feet; 1,760 yards; 320 rods
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Rod
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16.5 feet; 5.50 yards
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Square Mile
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640 Acres
(5,280 x 5,280 = 27,878,400 divided by 43,500) |
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Acre
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43,560 square feet; 160 square rods
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Cubic Yard
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27 cubic feet
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Square Yard
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9 square feet
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Square Foot
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144 square inches
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Chain
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66 feet; 4 rods; 100 links
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Legal Description
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Description that describes no other property but the one in question and that characterizes the property in such a manner that a competent surveyor could locate it, as it appears on the surface of the earth. Descriptions of real property are classified as being informal or formal.
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Informal Descriptions
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Adequate fo locate and identify a parcel of real estate, but are not accepted as legal descriptions by the courts, and title companies will not insure the title to real property in this manner. Examples: street numbers, name of building, or blanket.
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Formal Legal Description
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Three basic types;
1. Metes and Bounds 2. Rectangular Survey 3. Subdivision lot and block (plat). |
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Metes and Bounds
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Discriptions that start at a specifically designated point called the point of beginning (POB) and proceed around the boundaries of the track reference to linear measurements and directions.
-metes (distance and direction) -bounds (landmarks, monuments) These discriptions tend to be lengthy and it is important to have the land surveyed by an authorized surveyor in order to clearly establish the tract's boundaries. In metes-and-bounds descriptions, the boundary must return to the point of beginning so that the tract being described is fully enclosed (closure). |
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Monuments
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Fixed objects used to establish real estate boundaries. They can be natural (rocks, trees, lakes, and streams) or artificial (roads, fences, canals, iron pins, or posts).
Used in Metes and Bounds Legal Descriptions. |
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Benchmarks
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Mark used when establishing a point of beginning. Local surveyors may use street intersections as benchmarks, however standard benchmarks have been established throughout the country by the U.S. Geological Survey.
Used in Metes and Bounds Legal Descriptions. |
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Rectangular Survey
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Based on two sets of intersecting lines: principal meridians and base lines.
Principal Meridians are north and south lines. Base Lines run east and west. |
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Principal Meridians
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North and south lines on a grid that are used along with base lines as reference points to divide land into ranges, townships, and sections, so that a parcel of land can be identified in a rectangular survey.
Each principal meridian has a name or a number and is crossed by its own base line. Used in Rectangular Surveys in Legal Descriptions. |
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Base Lines
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East and west lines on a grid that are used along with principal meridians as reference points to divide land into ranges, townships, and sections, so that a parcel of land can be identified in a rectangular survey.
Used in Rectangular Surveys in Legal Descriptions. |
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Ranges
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The six-mile-wide strips of land running north and south on either side of a principal meridian. They are designated by consecutive numbers east or west of the principal meridian.
Range 1 > 0-6 miles Range 2 > 6-12 miles Range 3 > 12-18 miles Range 4 > 18-24 miles |
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Township
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Strips of land or tiers formed when township lines run east and west of the base line six miles apart. Townships are six miles square, 36 square miles, called Sections.
Townships are designated by consecutive numbers north or south of the Base Line. Township 1 > 0-6 miles. Township 2 > 6-12 miles. Township 3 > 12-18 miles. Township 4 > 18-24 miles. Each township contains 36 sections. |
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Sections
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One square mile of land (640 Acres) formed when dividing a Township into 36 equal parts. Sections are numbered consecutively, 1-36, with section 1 being in the upper right-hand corner of the township. By law, each section numbered 16 has been set aside for school purposes and is called a school section.
1 section = 640 acres 1/2 section = 320 acres 1/4 section = 160 acres and so on. Used in Rectangular Surveys in Legal Descriptions. |
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Subdivision Lot and Block
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Land description where land is subdivided by its owner by a licensed surveyor or engineer by preparing a plat map survey. On this plat, the land is devided into lots and blocks, and streets or acess roads for public use are indicated. Lots and blocks are assigned numbers or letters. The approved plat is recorded. In contracts, land is described by the lot and block number, name or number of the subdivision plat, plat book number and page number,and name of the county and state are used.
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Plat Acts
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Regulate the minimum size tract that may be conveyed without a subdivision plat being prepared, approved, and recorded.
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Air Lots
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Airspace within specific boundaries located over a parcel of land.
Found in titles to tall buildings that are located on air rights (over railroad tracks) and on subdivision plats for condominiums. |
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Datum
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Point, line, or surface from which elevations are measured or indicated.
The U.S. Geological Survey uses the mean sea level at New Youk Harbor as datum. |
