UNIT 1 Flashcards
T or F? Real property is immovable and includes land plus appurtenances that benefit the land.
True
What are attached to and run(transfer) with the land?
Fixtures
Government control of water rights for beneficial use is issued under the doctrine of what?
Prior Appropriation
T or F: Mineral(subsurface) rights are often held by a 3rd party
True
Real Estate is transferred by what?
a Deed
One transfers PERSONAL property with a _____.
Bill of Sale
Y or N: Is land ever considered a fixture?
No
An item that was once personal property that has been attached to an improvement is considered a _____.
Fixture
Intent is the test for a fixture and includes it’s Attachment, Adaptation, or ________.
Agreement–in the written contract, fixtures must be excluded in the contract to not be conveyed–Size, value, and location not important
Tenant installed additions necessary for a tenant’s business are called _________.
trade fixtures
Annually cultivated crops that belong to the party who planted them are called ________.
Emblements
Personal property must be INCLUDED in writing, ________ must be EXCLUDED in writing.
Fixtures
T or F, street addresses are informal descriptions that can change, and are not considered LEGAL descriptions that convey ownership.
True
T or F: Legal descriptions do not describe improvements, only the land.
True
A _______ is used to create or confirm a legal description
Survey
Once a fixture is attached to an improvement, it becomes an ____________.
appurtenance
______ method uses monuments or visual markers to establish boundaries.
Survey
T or F: Improvement Location Certificates(ILC) or mortgage survey locate improvements on property and are used to LEGALLY set boundaries.
False–they are NOT used to legalley set boundaries
This form of legal description uses “starting at or commencing at” and has a POB, point of beginning.
Metes and Bounds
T or F: Townships are 6 miles x 6 miles squares and contain 36 sections.
T
1 acre contains how many Square feet?
43,560 sf
1 section is 1 mile by 1 mile and contains how many acres?
640 acres
What section is commonly called the school section?
16
Plat Map method is also called the _____ and ______ method.
Lot-and-block method, mostly used in subdivisions and urban areas
Master development plans are to control what?
Population and types of growth
An area of land that separates two significantly different land use zones is a _______?
buffer zone
Building permits are used to ensure property owners are in compliance with what?
Building codes
when there is a difference in law between local, state, and federal codes or restrictions, the _______is always used.
Strictest or most stringent
A _______ is given after fulfilling all the requirements of the building permit.
COs or Certificate of Occupancy
T or F: Setback requirements and building footprints will specify where improvements on your property can be made.
True
Zoning laws and ordinances are set at the ______level.
Local
this allows the owner to continue present use that no longer complies with current zoning
Non-conforming use, and can be grandfathered in…new owners will need to adhere to new zoning and may not enlarge or rebuild new improvements
This allows an owner to vary or deviate from strict compliance with zoning in order to relive or prevent economic hardship.
A variance
Zoning requirements and use is the responsibility of the buyer or seller?
the Buyer
T or F: Traditionally, Frontage is figured or is the first number in the A = W x L of a property’s area formula.
True
Real Estate consists of land, improvements, and ______.
a Bundle of Rights
Real Estate and fixtures are transferred with a what?
Deed
What is biggest factor affecting supply?
Governmental monetary policy
To be called a REALTOR and individual must hold a real estate license and be a member of?
NAR–National Association of REALTORS
Does population have more of an affect on supply or demand?
Demand
T or F: Uniqueness and Immobility and location affect supply and demand.
True
