Principles - Chapter 1 Study of Real Estate Flashcards
Allodial System
Right of Individual to own land freely and absolutely without obligation to any political superior
Whoever holds title to the land owns the land itself and all the right that attach to it.
Used in US for all real property
Common Law
Recognized local customs and beliefs and standards of conduct. Precedents devloped over time
Prevails in CA absent constitutional or statutory provisions
Metes and Bounds
perimeter
metes=measurement
bounds= boundariesfixed reference point (beginning/commencement) Described in distance and direction
base lines/meridians
describe lands under us govt section and township
Monuments/Markings
visible objects set by govt surveyors to establish lines and boundaries
Problem: natuaraly and manmade references could change
Informal Reference
street numbers/reference names
Pros: easily understood
Cons: not precise
Assessment and Recording of land/improvments
map describing parcel of real estate
alpha numeric code - parcel number
required to record transfers for property tax
Legal Description
Identification of real property
What are 3 methods to to describe and locate land?
Metes/Bounds
US Govt Survey (section and township-uses baseline/horizontal/eastwest and meridians/vertical/north south)
Lot, Block and Tract (Tract references) used for subdivision
Baselines
horizontal-east west
6 mile increments=range
Meridians
vertical-north south
6 mile increments=township
What are the 3 principal base lines in CA
Humbolt (no. cal)
Mt. Diable (central ca)
San Bernardino (so cal)
township
square of land 6 miles by 6 miles (36 sq miles)
subdivided into “sections”
sections are 1 sq mile or 640 acres
Government Lots
fractional “sections” divided into equally sized parcels or the sections remaining withing a township after the 36 sq miles is satisfied
Acre
43,560 sq ft
