Modern Real Estate Practice: Unit 1 Flashcards
Real property includes…
land + appurtenances that benefit the land
Appurtenances are…
attached to and run (or transfer) with the land
Land includes…
Air (above), surface (here), subsurface (below) - these can be sold separately
Improvements are…
attached to the land with the intent of being permanent
Rights are in three forms…
- Rights in land (physical things)
- Right of ownership (non-physical)
- Governmental rights
water rights (or the doctrine of prior appropriation) is controlled by…
government. It determines which user’s water right have priority
Rights to landowners along Rivers/streams is known as…
Riparian
Riparian
Littoral
Addition to land by natural causes…
Accretion
Loss of land from natural causes…
Avulsion
Mineral rights are often held…
by a third party
A vertical lease…
would allow the property owner to lease all three right (mineral, surface, and air) to different tenants
Real estate is transferred by a…
Deed
Personal property is…
movable, not permanently attached to the land, and must be included in the purchase contract to transfer with the property
Personal property is transferred by a…
bill of sale
Fixture is…
formerly personal property that has been attached to become real property. It is never land and once it becomes attached it is known as an appurtenance and automatically transfers.
Test for intent of a fixture by…
- Was the object affixed with the intent of improving the land?
- Intent is proven by Attachment (built-in = fixture; free-standing = personal property) Adaptation (specific to property: keys) and Agreement (conveyed items must be written in the contract, non-conveyed fixtures must be excluded from the contract)
Personal property must be…
included in writing (contract)
Fixtures must be…
excluded in writing (contract)
Types of land description…
Metes and bounds, rectangular (government) survey and recorded plat
A survey is used to…
create or confirm a legal description. Uses monuments (visible markers) to establish boundaries, corners, ends, andPOB - point of beginning
ILC or mortgage survey will not legally set property boundaries but they will reveal…
encroachments and zoning violations, such as setback requirement
Metes to measure in…
feet
Bounds…
shapes or boundaries
Metes and Bounds…
Momuments serve as reference points, begins at POB, moves in a set direction (clockwise) to encircle the property
Rectangular (government) survey…
is a system developed by US government that locates a parcel of land within a grid system: meridians and ranges (north/south - 5 letters) and base line and tiers (east/west - 4 letters)
A township is a square formed by…
6 miles by 6 miles (the meeting of ranges and tiers)
Township has # sections…
36
A section is a…
one-mile by one-mile square or 640 acres
An acre contains…
43,560 square feet
Recorded plat map…
known as “lot, block, subdivision system” or “lot and block system” is created by survey that shows location and boundaries of lots in a subdivision
Final map approval, before building…
Must be recorded in the county office where the property is located
Plat map is most common in…
urban areas
Master development plans are used to…
control growth
Buffer zone is a land area…
that separates two different types of land zones (example: park separating commercial and residential areas)
Separate codes for…
plumbing, electrical, fire, etc
Zoning laws and ordinances are set at…
a local (city or county) level
Illegal use of building codes or a zoning violation…
does not become legal or acceptable over time; they are not grandfathered in
An amendment is a zoning change for an entire area and could cause…
nonconforming use
Nonconforming allows owners to continue present use that n longer complies with current zoning, known as…
Grandfathered or a grandfather clause (example: retail store in a residential neighborhood)
A variance allows…
an owner to vary or deviate from strict compliance with zoning in order to prevent economic hardship (example: a home allowed to be built into the setback)
Conditional use or special use permits allows…
a property to be used for special purpose that is in the public’s best interest (example: church or daycare in residential zoning)
Brokes and salespeople should explain that it is the…
buyer’s responsibility to verify: 1. current zoning meets the needs of the buyer 2. not a floodplain 3. proper access to highways and streets and 4. building permits were pulled and completed
Area square footage is calculated by…
Area = Width x Length (AWL)
The width is the…
frontage or street front of the property (the first number is the frontage)
