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87 Cards in this Set
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Property
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Property consist of things plus the rights of ownership, which is called the "Bundle of Legal Rights".
Propert is divided into two categories, Personal and Real. |
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Bundle of Legal Rights
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Right of possession
Right of Enjoyment Right of control Right of Disposition |
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Personal Property
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Distinguishing characteristic: Mobility
Known as chattels Cars, Boats, clothes, money. Chattels personal Chattels real, extend to the owner and interest in real property |
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Real Property or Real Estate
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Land plus things attached to the land by nature (such as trees) or man (buildings) and the legal rights of ownership that go with the land.
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Appurtenances
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Trees, buildings, or legal rights of ownership that go with the land.
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When a person buys real estate it is not necessary to mention these.
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Bill of Sale
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Transfer personal property from one owner to the another
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Deed
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Transfers Real Property from one owner to another
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Land
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A parcel of land is an infinitely slender triangle that starts at the earths center (subsurface rights), passes through the surface and extends into space above the surface (air rights) to an infinate height.
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Tenements
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Things permanently attached to the land physically or legally.
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Synonomous with appurtanances
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fructus naturales
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Plants that grow naturally and require no annual cultivation.
Real Property |
naturales= natural
shade trees, shrubbery or perennial plants |
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fructus industriales or emblements
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Crops that are planted and harvested each year.
Considered personal property |
Industriales = industry = work
corn, soybeans, wheat |
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improvements
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Artificial attachments. Products of human planning or labor that is affixed to the land with the intent of being permanent.
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buildings, fences, driveways
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Rights of Ownership
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Air Rights, mineral rights and water rights
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air, water and mineral rights can be sold or leased separately
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Percolating Water
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Underground water that is not confined to a specific waterway
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Water table
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The level where percolating water is found
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Riparian Rights
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Right to use the water in a stream, lake or river within the property boundaries or on its borders for boating, fishing or swimming.
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Extend to the land under the water (typically to the center of the waterway).
class note - deal with flowing waterways |
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Corelative Rights
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Allows the owner only a reasonable share of water during times of short supply.
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Prior appropriation
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The right to use water by license or permit.
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Usually used where water is scarce.
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Navigable Waters
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Rivers and Oceans used for commercial shipping and identified on government survey maps.
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littoral rights
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The right to use the beach or water of a navigable waterway. The owner cannot interfere with the publics right of use.
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Usually owns to the high tide mark or riverbank.
Littoral owners have the same non exclusive rights as riparian owners but the ownership of such land does not extend to the middle of the waterway. Ownership stops at high tide. |
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Mineral rights
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The land owners rights to such things as oil, coal, gas and ores
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Minerals on or below the earths surface are considered real prop. Once they are removed they are considered personal prop.
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Implied Right to access
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The owner of the mineral rights can access the land to extract the minerals unless there is a specific written agreement to the contrary.
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Right of Lateral Support
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The natural contour of adjoining land must not be damaged by efforts to extract minerals from below the surface.
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Law of capture
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This law allows a well drilled on one property to extract oil and gas from under adjoining properties.
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All land owners have an equal right to drill for oil and gas
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air rights
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The land owners rights theoretically extend into space above the land to infinity
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may be sold or leased separately than the land itself
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air lot
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Condomininium owner owns a block of air from inside wall to inside wall.
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Severance
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describes the process by which an item of real property becomes personal property
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Fixture
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Property that was once personal that has become real
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MARIA (Acronym)
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Five tests that can help clear up issues regarding fixtures in real estate transactions:
1 - Modification 2 - Attachments 3 - Relationship to the parties 4 - Intentions of the Annexing party 5 - Agreement |
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Modification (MARIA)
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The building is modified to accept an article or the article is modified to fit in the building.
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RED - Chap 1 page 5 Fixtures
MARIA |
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Attachment (Fixtures)
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Items such as shelves, drapery rods that have been screwed into the wall. Also legal attachments of use such as the garage door remote or the keys to the front door
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RED Chap 1 page 5 Fixtures
MARIA |
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Relationship of the Parties
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Chap 1 page 5 Fixtures
MARIA Trade fixtures The relationship the person placing the item in the property, (seller, buyer, landlord, tenant), has to the property |
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Trade fixtures
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Trade fixtures are personal property of the tenant as long as they are new additions and are not replacements for what was already there.
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RED Chap 1 page 6 Fixtures
MARIA Trade fixtures |
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Accession (Fixtures)
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Process by which trade fixtures become the property of the owner if the tenants does not remove it by the end of the lease.
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RED Chap 1 page 6 Fixtures
MARIA Trade fixtures |
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Intentions of Annexing Party
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The status of a fixture can also depend on whether the person who places it in property does or does not intend it to be part of the real estate
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RED Chap 1 page 6 Fixtures
MARIA Trade fixtures |
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Agreement (Fixtures)
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The seller and buyer agree in writing as to the dispostion of fixtures
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Physical Characteristics of Land
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1 - Immobility - the most distinctive characteristic of land is that its location cannot be changed.
2 - Non Homogeneity - No two parcels of land are exactly alike. 3 - Indestructibility |
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Economic Characteristics of Land
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Location, Preference (SITUS) - People prefer a particular location because of weather, scenery, job opportunities, etc. The sum of these factors that affect value is call situs.
2 - Improvements - Buildings, driveways or landscaping have an impact on value 3 - Fixed investment - Economic Life - the return on investment over a period of time. 4 Scarcity - The value of land impacted by the abundance of lack of usable land. |
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Legal Description
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Since no two parcels of land are the same the legal description must be precise and not ambigous. That is what courts require in contracts such as real estate contracts, mortgages, deeds and leases.
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Three forms of Legal Description
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1 - Metes and Bounds
2 - Rectangular Survey 3 - Recorded Plat (Short Form) |
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Metes and Bounds
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Identifies the parcel by describing it boundaries.
Metes are distances and directions. Bounds are landmarks or monuments that serve as markers |
Compared to a walk around the border of the property.
Monuments can be natural or man made |
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Metes and Bounds description must have?
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Point of Beginning (P.O.B) that is the place where the property survey begins.
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Bench Mark
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Fixed points set in place by the US geological Survey. Bench Marks are the permenant point of reference when establishing a POB
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Call
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Compass direction and distance for each boundary line.
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Closure
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A metes and bounds description must return to the POB. If closure cannot be achieved the legal description is incomplete.
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Rectangular Survey
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Also called government survey, designed in 1785.
Certain north south longitude lines were selected as principal meridians (36) that form the basis for east-west measurement and certain east-west latitude lines (32) were selected as base lines to serve for north-south measurement. This waffle iron of squares is further divided into townships by range lines that run north-south and by township lines that run east to west. The township has 6 miles to a side or 36 sq miles |
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Township
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A square 6mi X 6 mi = 36 square miles, containing 36 1 sq mi sections
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recorded plat
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Short form legal description.
Subdivisions divided in blocks and lots. Letters and numbers are assigned to each block and lot, with exact sizes and dimensions shown. Once the plan is approved the plat is recorded at the county courthouse |
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datum
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A base point from which the height or depth can be measured.
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The US Geological Survey has eastablished the mean sea level in the NY Harber as its official datum
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topographic map
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Another method of vertical land description. Topographic maps are three dimensional, showing the shape of the earths surface
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also called contour maps
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Guidelines for Legal Description in Georgia
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Rectangular Survey is not used in Georgia. We use only metes and bounds and recorded plat. (short form).
A sales contract or lease without a legal description is not enforceable. The street adress is not enough. A salesperson should be able to compose the short form description from the recorded subdivision plat |
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Three circumstances where one cannot use an existing legal description
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1. When the seller is not selling the entire tract. A new survey is needed.
2. When the seller has previously sold part of the land. A new survey is needed. 3. When a recent survey is in conflict with the description on the deed. This may indicat a possible problem with the title. Contact your broker. |
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Checklists for Legal Descriptions in Ga. (short form)
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Basic Requirements for Recorded Plat (short Form)
1. Land Lot 2. District 3. Section or Militia District, where applicable. 4. County 5. State 6. Subdivision - lot block, and unit. 7. Recorded reference - book and page number. 8. Address of property if available |
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Checklists for Legal Descriptions in Ga. Metes and Bounds
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Metes and Bounds Long form:
1 - Land Lot 2 - District 3 - Section or Militia District, where applicable 4 County 5 - State 6 - Definate POB 7 - Compass direction and distance from one point to the next returning to the POB. 8 - Address of the property |
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Section
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Part of a township containing 640 acres 1 sq mile
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640 acres
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1 sq mile
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1 sq mile
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640 acres
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43560 sq ft
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1 acre
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1 acre
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43560 sq ft
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36 sq miles
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1 township
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5280 ft
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1 mile
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1 mile
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5280 ft
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Chap 1 question 1
Which of the following best describes a parcel of land. a - The surface of the earth includes all things permenantly attached and the control of all mineral and substances beneath. b - The surface of the earth extending down to the center and up to infinity c - The earths surface clearly marked by certain boundaries d The surface of the earth, extending down a reasonable distance and up into the air a reasonable distance |
B. The surface of the earth extending down to the center and up to infinity.
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Chap 1 question 2
In determining wheter an item is a fixture, which of the following would not be considered? a. Method of attachment b. Adaptation to the real estate c. value of the item d. Legal interest of the annexing party |
C. Value of the item
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Chap 1 question 3
The characteristics that distinguishes personal property from real property is: A. Mobility B. scarcity C. durability D. flexibility |
A. Mobility
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Chap 1 question 4
When used in a deed or other real estate document, a legal description describes only the land because: A. A bill of sale is used to convey title to the buildings and other improvements B. Artificial attachments, such as buildings, cannot be adequately surveyed C. building and other improvements are considered to be part of the real estate. D. a street address is used to identify the buildingd and improvements. |
C. buildings and the other improvements are considered to be part of the real estate.
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Chap 1 question 5
An item that was personal property but has been attached to and become part of the real property is known as: A. a trade fixture B. an emblements C. fructus industriales D. fixture |
D. a fixture
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Chap 1 question 6
Crops planted and harvested each year are: A. Personal Property B. emblements C. Fructus industriales D. all of the above |
D. all of the above
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Chap 1 question 7
The most distinctive characteristic of land is? A. homogeneity B. immobility C situs D. improvements |
B. Immobility
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Chap 1 question 8
All of the following are real property EXCEPT: A. oil below the earth's surface. B. a concrete driveway C. cut timber D. air rights. |
C. cut timber
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Chap 1 question 9
The law of capture refers to the: A: process of removing oil and gas from the land B: government's right of eminent domain C: landowners right to keep the trade fixtures id not removed D. responsibility of lateral support while removing solid minerals |
A: Process of moving oil and gas from the land
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Chap 1 question 10
The sum of all factors that affect value is called: A: location B: accession C: situs D: scarcity |
C: situs
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Chap 1 question 11
Ownership of personal property is transferred by: A: deed B: chattel deed C: bill of sale D: sales agreement |
C: bill of sale
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Chap 1 question 12
A landowners right to use water from a bordering stream or river is called: A: littoral right B: Right of prior appropriation C: Riparian right D: Correlative right |
C: Riparian right
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Chap 1 question 13
If Smith builds a fence on Jones land by mistake, in good faith, and thinking the fence is on Smith's property, then: A: Jones automatically aquires ownership of the fence by accession B: Jones may sell the fence and keep the proceeds C: Jones may require Smith to remove the fence and/or pay for damages D: Both A and B |
C: Jones may require Smith to remove the fence and/or pay damages
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Chap 1 question 14
The fact that an acre of land in a rural area cannot fulfill as many needs as an acre of urban land describes the economic characteristic of: A: scarcity B: situs C: improvements D: location |
A. Scarcity
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Chap 1 question 15
All of the following are true about a trade fixture except: A: It is personal property B: it is chattel real C: it may be removed only after the lease expires D: it belongs to the property owner if not removed in a timely manner |
C: It may be removed only after the lease expires
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Chap 1 question 16
Dawson sold his 500 acres farm to Harris but reserved the right to drill for oil. Later, when Dawson arrives with the oil drilling equipment, he is denied access to the land. Which Party has correctly interpreted the agreement: A: Dawson because he has an implied right to access B: Harris because the agreement was silent as to the right of entry. C: Dawson, but he must pay Harris a reasonable fee for the right of access and reimburse him for any damages caused by the drilling operation D: Harris, but he may be liable if his denial was unreasonable. |
A: Dawson because he has an implied right to access
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Chap 1 question 17
A township contains how many square miles: A: 6 B: 16 C: 640 D: 36 |
D: 36
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Chap 1 question 18
Which of the following statements about air rights is true: A: Air rights can be leased but not sold unless the entire parcel is being sold. B: The owner can sell the air rights and still retain the surface and the subsurface rights C: Govermentment controls such as zoning have no effect on the air rights. D: Structures are rarely erected in air lots. |
B: The owner can sell the air rights and still retain the surface and the subsurface rights
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Chap 1 question 19
A custom made storm window would most likely be considered a fixture because of: A: its adaptation to the building to which it is attached. B: the method of attachment C: the annexing party's intent to make it permenant D: the annexing party's interest in the real property |
A: its adaptation to the building to which it is attached
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Chap 1 question 20
The method of land description which identifies a parcel by specifying its boundary lines along with the terminal points and the bearing of each side is known as: A: lot, block and tract B: recoded plat C: government survey D: metes and bounds |
D: metes and bounds
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Chap 1 question 21
Which of the following is NOT an acceptable method of legally describing a parcel of real estate? A: Street address, county and state B: Metes and bounds C: Rectangular Survey D: recorded plat |
A: Street address, county and state
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Chap 1 question 22
A base point to which height or depth can be measured to descripe air rights or subsurface rights is a: A: topographic B: Bench Mark C: point of origin D: datum |
D: datum
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Chap 1 question 23 Approximately how many acres are there in a farm that measures 470 ft along the road and 556 ft in depth?
A: 261 B: 6 C: 50 D: 320 |
B: 6
470ft X 556ft = 261,320sq ft 261,320sq ft since 1 acre = 43560 sq ft divide 261320/43560 = 5.99 acres |
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Chap 1 question 24
If Mr Shern's lot has 65 front feet and contains 7150 sq ft, how deep is it: A: 110 ft B: 100 ft C: 65 ft D 464750 ft |
A: 110 ft
Length X Depth = Area L = 65 ft A = 7150 sq ft 65ft* x = 7150 sq ft x = 7150 sq ft/65 ft x = 110 ft |
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Chap 1 question 25
Real estate investors are not generally interested in how long a building will last, but in how long they will be profitable. The characteristic is called: A: Life expectance B: profit margin C: net return D: economic life |
D: Economic Life
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