Real Property and the Law Flashcards
Accession
Acquiring title to a fixture left behind by a tenant at termination of the lease.
Attorney
One who is licensed to practice law.
Air rights
The right to use the airspace above a lot.
Bundle of Rights
Rights to ownership of land, including possession, control, disposition and enjoyment.
Chattel
Personal property
Fixture
An article of personal property that has been attached to the real estate and becomes real estate.
improvement
any man made addition to real property. ex; buildings, fence, driveways, etc.
land
the earths surface, everything down to the center of the earth and above to infinity.
real estate
land plus man made improvements.
real estate license law
statutes and regulations that govern real estate brokers and salespeople.
real property
the interest benefits and rights in the ownership of real estate.
severance
turning real property into personal property (chopping a tree, removing a fence)
subsurface rights
ownership of minerals below the surface
surface rights
ownership of the surface area
trade fixture
generally personal property, an article of personal property of installed by the renter. Real property of installed by the owner.
Physical characteristics of land
immobility, uniqueness, indestructibility
Economic characteristics of land
scarcity, improvements, permanence of investment and area preference.
non homogeneity
no 2 pieces of real estate are exactly alike (Describes a physical characteristic of land.
air lot
airspace above a lot
base line
an imaginary line running east to west perpendicular to the principal meridian
benchmark
a permanent reference point for elevation
correction lines
every 4th township line is a correction line for the earth curvature. (24 miles)
datum
zero elevation
guide meridians
every 4th range line
government check
an area that is bound by 2 guide meridians and 2 correction lines(24 miles x 24 miles)
government lots
any fractional sections of the government survey system
legal description
a description of a parcel of land complete enough for a surveyor to identify it.
lot and block system
describing property based on the location of the lot and block on a plat map
metes and bounds
describing property by the distance and directions around the boundary starting and stopping at the point of beginning.
monument
a fixed natural or artificial object to assist in a metes and bounds description.
plat map
a map of a subdivision showing the location of lots and blocks.
point of beginning
a starting and stopping point of the metes and bounds description
principal meridian
one of the 25 main survey lines running north and south in the government survey system.
range
a strip of land 6 miles wide running north and south numbered from the principal meridian
rectangular (government) survey system
a system established in 1775 by the federal government to survey land based on the principal meridian and baselines.
section
one square mile of a township
township line
“tier” a strip of line 6 miles wide running east and west numbered off the baseline.
township square
a principal unit of the government survey system, made from the intersection of a township line and a range line.
a section contains _____ acres
640
one section can be divided into 4 quarters of ______ acres each
160
the school section in a township is #_____
16
how many sections in a township?
36
one square miles is _____ acres
640
one acres is ________ square feet
43,560
