Land, Real Property, and Real Estate (S2U1&2) Flashcards
Land
the earth’s surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects.
Real Estate
includes everything in the definition of land, plus all things permanently attached to it naturally or artificially.
Improvements
artificial attachments that can include things such as fencing, buildings, walkways, etc.
Real Property is also known as?
Land, Tenements, & Hereditaments
Interests, Benefits, and Rights included in Real Property? (5 in total)
1) Possession
2) Enjoyment
3) Exclusion
4) Control
5) Disposition
Possession
The right to occupy property
Enjoyment
The right to possess the land without harassment or interference.
Exclusion
The right to refuse other interest in your property
Control
The right to determine interest in the property for others.
Disposition
The right to determine how, when, and if the property is to be sold, leased, mortgaged, or transferred.
Personal Property
Also known as “Chattel” or “Personalty”; any property that is not permanently attached to the property or classified as real property.
Trade Fixtures
A removeable personal property that a tenant attaches to leased commercial premises in order to conduct business.
3 Conditions for businesses removing trade fixtures at the end of a lease.
1) TF are essential for tenant’s business operations.
2) TF is detachable without damaging the property (or the damage will be repairable.)
3) TF are moved out within a certain period of time.
5 Legal Tests of a Fixture
MARIA
1) Method of Annexation
2) Adaptability of the item to land’s use
3) Relationship of the parties
4) Intention in placing the item on the land.
5) Agreement of the parties.
Method of Annexation
refers to whether the item is attached to the property and how permanent the attachment is.
Adaptability of Item to the Land’s Use
How the item is situated or adapted to the real property.
EX: a fireplace that is free standing but would require the removal of real property around it to move it. It could be argued that the item had been adapted to the environment and must not be removed.
This would include items such as Garage Door Openers, Remotes of other built in features, and custom fixtures (drapes, lights, etc.)
Relationship of the parties
Can happen with renters. If the renters adds it to the property but the owner removes it (or vise versa). Generally courts tend to favor a tenant’s take on an item over the landlords… or buyer over a seller.
Intention in placing item on land
The intention of the party that installed the item on the land.
Things that were intended to be temporary may end up being permanent.
Agreement of the parties
The intention of the party that installed the item on the land.
Things that were intended to be temporary may end up being permanent.
Bill of Sale
an agreement in the purchase contract.
Economic characteristics of real property
1) Scarcity: How scare land is in the area.
2) Improvements: When a land’s value is positively or negatively affected by changes made to it.
3) Permanence of Investment: Long term, stable investments with relatively stable returns. (ex. Sewer, roads, and utilities)
4) Location or Area Preference: Value determined by location and market desirability.
Physical characteristics of real property
1) Immobility: The geographic location of land is fixed.
2) Indestructibility: While improvements may deteriorate over time, the land itself cannot be destroyed.
3) Uniqueness: One piece of land will not be exactly like another. This is the concept of nonhomogeneity.
Deed
A legal document conveying title to or interest in real estate. Establishes legal ownership. The deed will describe the boundaries of the property in detail
Land Surveyors
Specialize in the land and physical description of the property.
Land Survey
a professional on-site measurement of the lot lines and dimensions of a property, including the location of any improvements on the lot, any encroachments that may exist, and any easement of public records.
Legal Description
a description that specifies the boundaries and location of a piece of real property.
Appears on deeds and other legal documents.
Is sufficient to adequately describe and define a property so the courts can correctly determine ownership boundaries.
Metes & Bounds
Uses compass headings and directions
Monument System
Sometimes used in Metes & Bounds system, simply uses monuments as permanent land markers.
Lot & Block
Also called a “Plat Reference System” because it’s a description by reference, plat, or lot & block. The land is divided into lots with a numerical or alphabetical designation of a parcel including streets, access roads, and other important features.
Rectangular Government Survey System
AKA “Public Land Survey System”, “The Government Survey System”, or “The Rectangular System”
Provides a standard set of labels to identify properties within public land.
Lines that run N to S that breakup the country?
Principal Meridian
How many Principal Meridian Lines are there?
37
Lines that run E to W that breakup the country?
Base Lines
Principal Meridian Lines run?
N to S
Base Lines run?
E to W
Principal Meridian & Base Lines break the country up into what groupings?
Townships
How large are RGSS townships?
36 square miles or 640 acres
What N to S lines breakup townships?
Range Lines
What E to W lines breakup townships?
Township Lines
