Chapter 1 terms Flashcards
Personal Property (Chattels)
Items that can be loaded up and moved. Cars, boats, clothing, money, tools.
Real Property (Chattels Real)
Items that extend to the owner an interest in real property such as leases, mortgages.
Bill of Sale
When personal property is sold, ownership is transferred by a bill of sale.
Deed
When real property is sold, ownership is transferred by a deed.
Real Estate
Consists of the land itself plus those things which are permanently attached to it, wether by man (such as buildings) or nature (such as trees).
Real Property
Includes not only those things permanently attached, but also the legal rights and interests that go along with the ownership.
Appurtenances
Any right, interest, or improvement which automatically conveys with the ownership of the property.
Tenements
Things permanently attached to the land physically or legally.
Fructus Naturales
Crops that naturally grow and require no annual cultivation. Examples- shade trees, shrubbery, & perennials
Emblements (fructus industrials)
Crops that are planted and harvested each year.
Improvements
Any product of human planning or labor that is affixed to the land with the intent of being permanent. Ex- fences, driveways, swimming pools.
Percolating water
Underground water that is not confined to a specific waterway.
Water table
The level at which percolating water is found. This water maybe use for wells, irrigation, or for filling a lake and the owners land.
Riparian rights
Concerning a property that borders a river or stream. The owner has the right to use the water for such things as swimming, boating, or fishing.
Correlative Rights
Allows an owner only a reasonable share of the water during times of short supply.
Navigable waters
Rivers and oceans use for commercial shipping and are identified on government survey maps.
Littoral Rights
Concern properties with the border large navigable lakes oceans or seas. Typically involves the use and enjoyment of the shore.
Mineral rights
A land owners rights to such things as coal oil and gas.
Law of capture
This law allows a well drilled on one property to extract oil and gas from under adjoining properties.
Air Rights
A land owners rights theoretically extend into the space above the land to infinity.
Air Lot
A block of air space that condominium owners own from inside wall to inside wall.
Severance
The process by which an item of real property becomes personal property. Ex: cutting down a tree and turning it into firewood.
Fixture
Property that was once personal but has become real. Ex: built in appliances, wall to wall carpeting, major plumbing fixtures, built in cabinets.
5 ways to tell if an item is a fixture:
Acronym MARIA:
Modification, Attachment, Relationship of the parties, Intentions of the annexing party, and Agreement.
Real Property
Land plus appurtenances
3 physical characteristics of land
Immobility
Non-Homigeneity
Indestructibility
5 economic characteristics of land
Location
Improvements
Fixed Investment (how long a building will last)
Scarcity
Legal Description
Identifies a property in such a way that it cannot be mistaken for any other property.
Metes and Bounds
Identifies a parcel of land by describing its boundaries.
Metes= distances and directions.
Bounds= landmarks or monuments that serve as markers each time the distance and direction must change.
Rectangular Survey System
Uses imaginary lines as it’s landmarks/monuments.
Principal Meridians are north-south longitude lines, 36 in all, that form the basis for east-west measurement.
Certain east-west latitude lines were selected as base lines, 32 in all, that serve for north-south measurement.
Recorded Plat
Shows how the land will be divided into blocks and lots for a subdivision.
Letters & Numbers are assigned to each block and lot, with exact sizes and dimensions.
Datum
The base point from which height or depth can be measured.
A way to give legal description to air lots.
Referenced in length and width, along with height.
Is a sales contract or lease without a sufficient legal description enforceable?
No. The street address is not enough.
Where can the legal description of a property be found?
A listing salesperson should get the legal description of the listed property as soon as possible.
- In the sellers deed or in the security deed.
- On the sellers plat of survey, if one can be found.
- As a last resort, in the public records of the county in which the property lies.
How many feet to a yard?
3 feet
How many square feet in an acre?
43,560 square feet
When calculating the area contained in a 3 dimensional figure (a warehouse), how do you find the cubic footage?
By multiplying length x width x depth.
If a lot is 240 feet by 270 feet, how many acres does it contain?
240 x 270 = 64,800 sq ft.
64,800 divided by 43,560 (sq ft in an acre) = 1.49 acres
Air Lot
Condominium ownership involves air rights because of the fact that each owner owns a block of air space measured from inside wall to inside wall.
Severance
The process by which an item of real property becomes personal property. Ex- a tree cut down and made into firewood.
Fixture
A property that was once personal but has become real is called a fixture. Becomes the buyer’s with purchase. Ex- appliances in the kitchen, wall to wall carpeting, major plumbing fixtures, built in cabinets.
Attachment
Shelves or drapery rods which have been screwed into the wall, are physically attached to a building is an attachment. Legal attachments are also included. Ex- garage door opener.
Trade Fixtures
Items which are new additions and not replacements for things that were already there. The tenant can remove them as long as they are removed before the lease ends and any damage cause by the removal is repaired. If not removed, they become the owners property by accession.
3 Physical Characteristics of Land.
Immobility, Non Homogeneity, Indestructibility.
4 Economic Characteristics of Land.
Location Preference (Situs), Improvements, Fixed Investments, Scarcity.
Situs
The sum of factors that affect value. Area preference, schools, shopping.
Legal Description
Identifies a property in such a way that it cannot be mistaken for any other parcel and can be found at a later date in spite of changes that may occur. No two parcels of land are the same.
Metes and Bounds
identifies a parcel by describing its boundaries. Metes are distances and directions, and Bounds are landmarks that serve as markers each time the distance and direction must change.
How many square feet in one acre?
43, 560 square feet in one acre.
Point of Beginning
The place in the property where the survey begins. A metes and bounds description must have a definite point of beginning.
Recorded Plat
When a tract of land is subdivided, such as in a subdivision, this recorded plat shows how the land would be divided into blocks and lots.
Datum
Base point from which the height or depth can be measured. This is for when air rights or subsurface rights need description, such as in condominium units.
