Chapter 2 Real Property and the Law Flashcards
Accession
Acquiring title to fixture when it is left behind by a tenant at the termination of their lease term
Air Rights
The right to use the open space above real property, generally allowing the surface to be used for another purpose.
Attorney
One who is licensed to practice law
Bundle of Legal Rights
Ownership of all legal rights to the land, including, possession, control, disposition and enjoyment
Chattel
An item of personal property
Fixture
An article of personal property that has become real property because it has been permanently affixed to the realty
Improvement
Any man made addition to real property, such as buildings, fence, driveways
Land
The earth’s surface, downward to the center of the earth and upward indefinitely into space, including things permanently attached by nature
Personal Property
Items that do not fit into the definition of real property; movable object; chattels
Real Estate
The earth’s surface extending downward to the center of the earth and upward into space, including all things permanently attached to it, whether by nature or by people
Real Estate License Law
State statutes that establish the authority to license and regulate the business activities of real estate brokers and salespeople.
Real Property
The interests, benefits and rights inherent in the ownership of real estate.
Severance
A method of changing an item of real property to personal property, such as by chopping down a tree removing a fence from the land.
Subsurface Rights
Real estate ownership’ rights to the water, minerals, gas, oil, and so forth, that lie beneath the surface of the property.
Surface Rights
Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above it or the minerals below it.
Trade Fixture
An article installed by business tenant under the terms of a lease that is removeable by the tenant before the lease expires.
Township
36 Sections
One Section
One Square Mile
One Square Mile
640 Acres
One Acre
43,560 square feet
Air Lot
A designated airspace over a tract of land
Base Line
One of a set of imaginary lines running east and west and crossing a principal meridian at a definite point, used by surveyors for reference in locating and describing land under the rectangular (government) survey system.
Benchmark
A permanent reference mark or point established for use by surveyors in measuring differences in elevataion
Correction Lines
Provisions in the rectangular survey system made to compensate for convergence of range lines because of the curvature of the earth’s surface. Every fourth township line (at 24 mile intervals) is used as a correction line on which the intervals between the north and south (range) lines are re measured and corrected to a full six miles apart.
Datuum
A horizontal plane from which heights and depths are measured.
Guide Meridians
Lines running north and south and parallel to the principal meridians; spaced at 24 mile intervals
Government Check
The area bounded by two guide meridians and two correction lines
Government Lots
Fractional sections in the rectangular (government) survey system that are less than one-quarter section in area
Legal Description
A description of a specific parcel of real estate complete enough for an independent surveyor to locate and identify it.
Lot and Block System
A method of describing real property that identifies a parcel of land by reference to lot and block numbers within a subdivision as specified on a recorded subdivision plat.
Metes and Bounds
A legal description of a parcel of land that begins at a well-marked point and follows the boundaries (landmarks and monuments), using directions and distances around the tract back to the place of beginning.
Monument
A fixed natural or artificial object used to establish real estate boundaries for a metes-and-bounds description.
Plat Map
A map of a subdivision indicating the location and boundaries of individual properties.
Point of Beginning
In a metes-and-bounds legal description, the starting point of the survey situated in one corner of the parcel; all metes-and-bounds descriptions must follow the boundaries of the parcel back to the point of beginning
Principal Meridian
One of 35 main survey lines running north and south established and defined as part of the rectangular (U.S. Government) survey system
Range
A strip of land six miles wide, extending north and south, and numbered east and west according to its distance from the principal meridian in the rectangular survey system
Rectangular (Government) Survey System
A system established in 1785 by the federal government, providing for surveying and describing land by reference to principal meridians and base lines
Section
A portion of a township under the rectangular survey system; a township is divided into 36 numbered sections, each one square mile (640 acres) in area.
Township Line
Lines running at six-mile intervals parallel to the base lines in the rectangular survey system
Township Square
The principal unit of the rectangular survey system; a square with six-mile sides and an area of 36 square miles.
