N1 Real Property Characteristics,Legal Descriptions And Property Use (9) Flashcards
____________ consist of land, improvements attached to the land, benefits, right, and ownership interest that go with the land.
Real Property
The term _______ is often used to describe the rights, privileges or improvements that belong to and pass with the land.
Appurtunence
__________ are man’s additions to the land such as buildings and landscaping.
Improvements
_________ is a right or interest in something of a temporary or movable nature and includes anything that’s classed as real property and is often called chattel or personality.
Personal property
Ownership is transferred by a __________.
Bill of Sale
Tests of a _________ include method of attachment, adaptation to the property (custom built as opposed to stock items), and the intention of the parties attaching the fixture
Fixture
The process of attaching may also be called _________.
Annexation
The process of real property becoming personal will be described by the term ______ or ______.
Severed or severance
_______________ are fixtures installed by a tenant in order to carry out a business, and they may be removed from leased property prior to the termination of the lease. If not, they become real property and pass to the landlord.
Trade fixtures
___________ are fixtures installed by a tenant in order to carry out a business, and they may be removed from leased property prior to the termination of the lease.
Trade Fixtures
________ are crops cultivated annually and are considered personal property of the farmer who cultivated them.
Emblements
The three physical characteristics of land are:
Hint: NII
Nonhomogenuity
Immobility
Indestructibility
The physical characteristic of land that states that a no two pieces of land are exactly alike where each piece of land is unique is called _________.
Nonhomogenuity
The physical characteristic of land that states that land cannot be moved - a person must go to the land is called _________.
Immobility
The physical characteristic of land that states it will always be there and speaks to its durability is called ______.
Indestructibility
The four economic characteristics of land are:
Hint: SMFS
Scarcity
Modification
Fixity
Situs
The economic characteristic stating that land is in short supply where demand is great is called ______________
Scarcity
The economic characteristic of land stating that land use and value are greatly influenced by improvements made by man to land and to surrounding parcels of land is called ________.
Modification
The economic characteristic of land describing land and buildings and other improvements to the land being considered fixed or permanent investments and not liquid assets is called ________
Fixity
The economic characteristic of land describing location preference, or location from an economic rather than geographic standpoint which may change over time as people change is called _______.
Situs
The three types of legal and descriptions are:
Metes and bounds
Lot,block and subdivision
The Rectangular Survey System
The legal description uses terminal points and angles and always has a point of beginning and uses compass directions degrees in minutes is called __________.
Metes and bounds
This legal description that uses residential listing agreements derived from recorded map called a plat is called ________.
Lot, block and subdivision
This legal description also known as a government survey system taking into consideration baselines, and meridians, townships and sections is called _________.
The Rectangular Survey System
One Township contains ___ sections
36
One section contains ____ acres
640
1 acre contains ________ square feet
43,560
The power given to a municipality to regulate and control the character and use of property for the health, safety and general welfare of the public is _________
Police Power
__________ is the most common example of police power
Zoning
A change in zoning may result in _________ which was permissible under former rules but new rules prohibit it
Nonconforming use
If your property violates zoning, you may request a ______ .
Variance
A _________ is an area of land separating one land use from another, such as residential from commercial. It is located between incompatible uses.
Buffer zone
_________ provides the government with the right to establish building codes.
Police power
__________ is the right of the government to take private property for public use through the action of condemnation. This is the only time the government must compensate property owners.
Eminent Domain
When an individual forces the government to buy his or her property, this is called _______.
Inverse condemnation
________ are the highest priority lien on real property
Property taxes
Property taxes are _____ or according to value.
Ad valorem
The term when property reverts to the state when someone dies leaving no will and no heirs or kindred is called ___________.
Escheat
The purpose of ______ is to ensure that no land remains unowned
Escheat
The most common private controls of land use are _________?
CC&R’s - deed covenants, conditions and restrictions
________ are imposed to control land-use, development in methods and materials for construction.
Deed restrictions
The court will issue an ________ to enforce restrictions
Injunction
In the case where deed restrictions and zoning both exist which ever is ________ must be obeyed
Most restrictive or limiting
An ______ is a limit on a property, or a limit on a property owners rights that may or may not also be a cloud on the title.
Encumbrance
A __________ is imposed by the grantor WITHOLDING title to a PART of the land described in the deed. An example would be mineral rights.
Reservation
When a structure or improvement overlaps or trespasses onto another’s property, it is called an _____________.
Encroachment
An _______ allows limited use or enjoyment of another’s land. It is a right in land and should be created in writing and recorded.
Easement
Easements can be created by ________ and ________ and grant agreement, reservation, limitation or prescription, necessity or condemnation.
Express (written or verbal)
Implied (by actions or evidence)
The government will take an easement by _________ for itself, the utilities or the railroads.
Condemnation
If you have two parcels of land with a road across one parcel, the owner who crosses over the other’s land is __________.
Dominant
An _________ belongs to a person or corporation. An example would be a utility easement.
Easement in gross
A ________ is a permission to do a particular act upon the land or property of another.
License
__________ occurs when the PROPERTY is ACQUIRED from the RIGHTFUL owner through the STATUTE of limitations.
Adverse possession (squatters rights)
_________ is a record of notice filed against a specific property, meaning that some form of lawsuit has been filed, but not yet resolved in court.
Lis pendens
Another name for personal property is _________ or __________
Chattel or personalty
When personal property is included in a sale, an ___________ may be attached to the contract to describe the details of the transaction
Addendum
A __________ is created and determined by a surveyor
Legal description
A ________ can be GRRANTED by a zoning committee or a deed restrictions (HOA)
Conditional use or special use
A ________ allows for a higher population density with houses clustered together, leaving more green area open for parks and recreation
PUD (Planned Unit Development) zone
The space between wetlands and construction is another example of ___________
Buffer zone
_______ taxes create an automatic lien on property
Unpaid
At foreclosure, unpaid taxes are always paid ______.
First
Property reverts to the ______ when someone dies leaving no will and no heirs or kindred.
State
_________, _________, and _________ are all examples of encumbrances
Reservations, encroachments, and easements
An easement is use with/without permission
Without
________________ which may or may not be installed, are also considered real property, such as stoves, pool equipment, etc.
Accessories
A legal description is created and determined by a _____________
Surveyor
_____________ acres is equal to 1 square mile
640
A non-conforming use is allowed to continue as it is considered _______________
Grandfathered
A ____________ is the space between the lot line and the building line.
Setback
A __________ or special use can be granted by a zoning committee or deed restrictions (HOA), benefiting the neighborhood , like a school within a residential subdivision
Conditional
When an encroachment exist on a listed property, what are the roles of the agents involved?
The listing agent discloses the encroachment, and the buyers agent recommends a survey
