Property Flashcards
Chattel
Personal property
Mobility is the distinguishing characterstic
Property
Consists of things + the rights of ownership. Divided into 2 categories: real and personal
Chattels personal
Cars, boats, furniture, clothes, stocks, money, tools
Chattels real
Items that extend to the owner an interest in real property such as leases, mortgages, contracts to purchase, and options
Personal property
Bill of sale
Transfers ownership of personal property
Deed
Transfers real property
Real estate
Consists of the land itself plus those things which are permanently attached to the land by man or nature
Real property
More encompassing; includes not only things permanently attached but also legal rights and interests that go along with ownership
Land + appurtenances (trees)
Appurtenances
Any right, interest, or improvement which automatically conveys with ownership of the property
“Run with the land”
Land
3 dimensional; subsurface rights, surface, air rights
Tenements
Things permanently attached to the land, physically or legally. Immovable by law. Can be either products of nature or man made
Fructus naturales
Plants that are grown natural, shade trees, shrubbery, perennial plants….real property…transfer with the land
Fructus industriales
“Emblements”
Planted and harvested crops
Personal property
Improvements
Artificial attachments…buildings, fences, driveways, pipelines, swimming pools, mobile homes
Percolating water
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
Water table
Level where percolating water is found.
Wells, irrigation, filling a lake
Riparian rights
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
Correlative rights
Allows the owner only a reasonable share of water during times of short supply
Prior appropriation
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
Navigable waters
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
Littoral rights
Concern properties which border large navigable lakes, oceans, seas…right to use beach or water…but not interfere with the publics right of use
Mineral rights
Real property when on or below earths surface
Personal property once removed
Right of lateral support
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
Law of capture
Oil/gas
Law that allows a well drilled on one property to extract oil and gas from under adjoining properties
Air rights
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
Air lot
Condo; block of airspace measured from inside wall to inside wall
Personal property
Property that is not real
Severance
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
Fixture
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
Characteristics of land
Immobility
Non homogeneity
Indestructibility
Economic characteristics of land
Location, preference (situs)
Improvements (buildings, landscaping)
Fixed investment (how long a bldg can last and it’s economic life)
Scarcity
Spot survey
Survey buyer receives at closing
Plat of survey
Surveyor prepared
Metes and bounds
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
Bench mark
POB is identified in relation to some permanent point of reference- standard bench mark
Call
Description of property which directs you in direction and distance
Rectangular survey
Govt survey
System to provide land description by imaginary lines
Not used in Georgia
Principal meridians
North and south longitude lines
36 total
Form basis for east/west measurement
Base lines
East west latitude
32 total
Serve as north-south measurement t
How are townships divided?
36 sections that are 1 mile to a side
Section
640 acres, 1 sq mile
Recorded plat
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
Datum
A way to describe air rights/height
Topographic maps
3 dimensional
Contour map
Vertical land description
How many inches in a foot?
12
How many feet to a yard?
3
Square footage formula
Flat surface
Formula
Length x width
What is frontage?
Measurement along the road/street
Formula for three dimensional figure- cubic footage– warehouse
Length x width x depth
How many square feet in an acre?
43,560
