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Real Estate > Property > Flashcards

Property Flashcards

0
Q

Chattel

A

Personal property

Mobility is the distinguishing characterstic

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1
Q

Property

A

Consists of things + the rights of ownership. Divided into 2 categories: real and personal

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2
Q

Chattels personal

A

Cars, boats, furniture, clothes, stocks, money, tools

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3
Q

Chattels real

A

Items that extend to the owner an interest in real property such as leases, mortgages, contracts to purchase, and options

Personal property

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4
Q

Bill of sale

A

Transfers ownership of personal property

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5
Q

Deed

A

Transfers real property

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6
Q

Real estate

A

Consists of the land itself plus those things which are permanently attached to the land by man or nature

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7
Q

Real property

A

More encompassing; includes not only things permanently attached but also legal rights and interests that go along with ownership

Land + appurtenances (trees)

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8
Q

Appurtenances

A

Any right, interest, or improvement which automatically conveys with ownership of the property
“Run with the land”

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9
Q

Land

A

3 dimensional; subsurface rights, surface, air rights

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10
Q

Tenements

A

Things permanently attached to the land, physically or legally. Immovable by law. Can be either products of nature or man made

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11
Q

Fructus naturales

A

Plants that are grown natural, shade trees, shrubbery, perennial plants….real property…transfer with the land

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12
Q

Fructus industriales

A

“Emblements”
Planted and harvested crops
Personal property

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13
Q

Improvements

A

Artificial attachments…buildings, fences, driveways, pipelines, swimming pools, mobile homes

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14
Q

Percolating water

A

Underground water that is not confined to a specific waterway…sometimes unrestricted, sometimes shared.

Perc test to determine feasibility…how quickly water is absorbed into the ground

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15
Q

Water table

A

Level where percolating water is found.

Wells, irrigation, filling a lake

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16
Q

Riparian rights

A

Property borders a river/stream…owner has right to use water for swimming, boating, fishing. Can even divert water - but only if natural flow is not interrupted or altered

Ownership: not exclusive…other boarding owners rights have to be respected

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17
Q

Correlative rights

A

Allows the owner only a reasonable share of water during times of short supply

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18
Q

Prior appropriation

A

In states where water is scare….the right to use the water is secured by permit. Earlier permits establish priority of use. Such rights run with the land when ownership is transferred

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19
Q

Navigable waters

A

Rivers and oceans used for commercial shipping and identified on gov’t survey maps

Open to the public

Non-navigable: center of waterway
Navigable: high water mark or riverbank

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20
Q

Littoral rights

A

Concern properties which border large navigable lakes, oceans, seas…right to use beach or water…but not interfere with the publics right of use

21
Q

Mineral rights

A

Real property when on or below earths surface

Personal property once removed

22
Q

Right of lateral support

A

Mining operations…natural contour of a adjoining land must not be damaged by efforts to extract minerals from below the surface.

Also applies when making improvements to property and a landowner may be liable for damage caused to adjoining property

23
Q

Law of capture

A

Oil/gas

Law that allows a well drilled on one property to extract oil and gas from under adjoining properties

24
Q

Air rights

A

Land owners rights extend into the space above the land to infinity

Can be sold or leased separately from the land itself

Building height restrictions

25
Q

Air lot

A

Condo; block of airspace measured from inside wall to inside wall

26
Q

Personal property

A

Property that is not real

27
Q

Severance

A

Process by which an item of real property becomes personal property

Tree grown on land is real property. Cut down and turned into lumber= personal

28
Q

Fixture

A

Property that was once personal and now becomes real

M- modification; bldg modified to accept an article, article is modified to fit the bldg

A-attachment; items that have been screwed into a wall; physically attached, easier to identify as fixtures
(Legal attachments too- garage remote, key)

R- relationship of parties: what relationship the person placing the item in the property has to the property
(Trade fixture-tenants personal property). (Accession- if tenant does not remove property it becomes landlords property)

I-intentions of annexing party; what did the person who placed it there intend?

A- agreement: contractual agreement on what is and what isn’t

29
Q

Characteristics of land

A

Immobility
Non homogeneity
Indestructibility

30
Q

Economic characteristics of land

A

Location, preference (situs)
Improvements (buildings, landscaping)
Fixed investment (how long a bldg can last and it’s economic life)
Scarcity

31
Q

Spot survey

A

Survey buyer receives at closing

32
Q

Plat of survey

A

Surveyor prepared

33
Q

Metes and bounds

A

Describes and identifies the parcel by describing its boundaries

Most authoritative; most difficult

Metes: distances and directions
Bounds: landmarks/monuments

Descriptions with bearings
Point of beginning
Closure

34
Q

Bench mark

A

POB is identified in relation to some permanent point of reference- standard bench mark

35
Q

Call

A

Description of property which directs you in direction and distance

36
Q

Rectangular survey

Govt survey

A

System to provide land description by imaginary lines

Not used in Georgia

37
Q

Principal meridians

A

North and south longitude lines
36 total
Form basis for east/west measurement

38
Q

Base lines

A

East west latitude

32 total
Serve as north-south measurement t

39
Q

How are townships divided?

A

36 sections that are 1 mile to a side

40
Q

Section

A

640 acres, 1 sq mile

41
Q

Recorded plat

A

A plat or map showing the location and boundaries of individual parcels of land that is filed in the public records in the county where the property is located

42
Q

Datum

A

A way to describe air rights/height

43
Q

Topographic maps

A

3 dimensional
Contour map
Vertical land description

44
Q

How many inches in a foot?

A

12

45
Q

How many feet to a yard?

A

3

46
Q

Square footage formula
Flat surface
Formula

A

Length x width

47
Q

What is frontage?

A

Measurement along the road/street

48
Q

Formula for three dimensional figure- cubic footage– warehouse

A

Length x width x depth

49
Q

How many square feet in an acre?

A

43,560

Real Estate (3 decks)

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