Chapter 1 terms

Question 1

Personal Property (Chattels)

Answer 1

Items that can be loaded up and moved. Cars, boats, clothing, money, tools.

Question 2

Real Property (Chattels Real)

Answer 2

Items that extend to the owner an interest in real property such as leases, mortgages.

Question 3

Bill of Sale

Answer 3

When personal property is sold, ownership is transferred by a bill of sale.

Question 4

Deed

Answer 4

When real property is sold, ownership is transferred by a deed.

Question 5

Real Estate

Answer 5

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).

Question 6

Real Property

Answer 6

Includes not only those things permanently attached, but also the legal rights and interests that go along with the ownership.

Question 7

Appurtenances

Answer 7

Any right, interest, or improvement which automatically conveys with the ownership of the property.

Question 8

Tenements

Answer 8

Things permanently attached to the land physically or legally.

Question 9

Fructus Naturales

Answer 9

Crops that naturally grow and require no annual cultivation. Examples- shade trees, shrubbery, & perennials

Question 10

Emblements (fructus industrials)

Answer 10

Crops that are planted and harvested each year.

Question 11

Improvements

Answer 11

Any product of human planning or labor that is affixed to the land with the intent of being permanent. Ex- fences, driveways, swimming pools.

Question 12

Percolating water

Answer 12

Underground water that is not confined to a specific waterway.

Question 13

Water table

Answer 13

The level at which percolating water is found. This water maybe use for wells, irrigation, or for filling a lake and the owners land.

Question 14

Riparian rights

Answer 14

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.

Question 15

Correlative Rights

Answer 15

Allows an owner only a reasonable share of the water during times of short supply.

Question 16

Navigable waters

Answer 16

Rivers and oceans use for commercial shipping and are identified on government survey maps.

Question 17

Littoral Rights

Answer 17

Concern properties with the border large navigable lakes oceans or seas. Typically involves the use and enjoyment of the shore.

Question 18

Mineral rights

Answer 18

A land owners rights to such things as coal oil and gas.

Question 19

Law of capture

Answer 19

This law allows a well drilled on one property to extract oil and gas from under adjoining properties.

Question 20

Air Rights

Answer 20

A land owners rights theoretically extend into the space above the land to infinity.

Question 21

Air Lot

Answer 21

A block of air space that condominium owners own from inside wall to inside wall.

Question 22

Severance

Answer 22

The process by which an item of real property becomes personal property. Ex: cutting down a tree and turning it into firewood.

Question 23

Fixture

Answer 23

Property that was once personal but has become real. Ex: built in appliances, wall to wall carpeting, major plumbing fixtures, built in cabinets.

Question 24

5 ways to tell if an item is a fixture:

Answer 24

Acronym MARIA:

Modification, Attachment, Relationship of the parties, Intentions of the annexing party, and Agreement.

Question 25

Real Property

Answer 25

Land plus appurtenances

Question 26

3 physical characteristics of land

Answer 26

Immobility
Non-Homigeneity
Indestructibility

Question 27

5 economic characteristics of land

Answer 27

Location
Improvements
Fixed Investment (how long a building will last)
Scarcity

Question 28

Legal Description

Answer 28

Identifies a property in such a way that it cannot be mistaken for any other property.

Question 29

Metes and Bounds

Answer 29

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.

Question 30

Rectangular Survey System

Answer 30

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.

Question 31

Recorded Plat

Answer 31

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.

Question 32

Datum

Answer 32

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.

Question 33

Is a sales contract or lease without a sufficient legal description enforceable?

Answer 33

No. The street address is not enough.

Question 34

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.

Answer 34

• 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.

Question 35

How many feet to a yard?

Answer 35

3 feet

Question 36

How many square feet in an acre?

Answer 36

43,560 square feet

Question 37

When calculating the area contained in a 3 dimensional figure (a warehouse), how do you find the cubic footage?

Answer 37

By multiplying length x width x depth.

Question 38

If a lot is 240 feet by 270 feet, how many acres does it contain?

Answer 38

240 x 270 = 64,800 sq ft.

64,800 divided by 43,560 (sq ft in an acre) = 1.49 acres

Question 39

Air Lot

Answer 39

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.

Question 40

Severance

Answer 40

The process by which an item of real property becomes personal property. Ex- a tree cut down and made into firewood.

Question 41

Fixture

Answer 41

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.

Question 42

Attachment

Answer 42

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.

Question 43

Trade Fixtures

Answer 43

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.

Question 44

3 Physical Characteristics of Land.

Answer 44

Immobility, Non Homogeneity, Indestructibility.

Question 45

4 Economic Characteristics of Land.

Answer 45

Location Preference (Situs), Improvements, Fixed Investments, Scarcity.

Question 46

Situs

Answer 46

The sum of factors that affect value. Area preference, schools, shopping.

Question 47

Legal Description

Answer 47

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.

Question 48

Metes and Bounds

Answer 48

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.

Question 49

How many square feet in one acre?

Answer 49

43, 560 square feet in one acre.

Question 50

Point of Beginning

Answer 50

The place in the property where the survey begins. A metes and bounds description must have a definite point of beginning.

Question 51

Recorded Plat

Answer 51

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.

Question 52

Datum

Answer 52

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.