Unit 1 Glossary Review Flashcards
All property other than real estate is known as…
Personal Property
Three things that real estate consists of
Land, Improvements, Rights
If a seller is taking a fixture, it must have been ______ from the purchase contract.
Excluded
Riparian Rights
Ownerships of rights to a creek
When articles of personal property is permanently attached to the improvements, they become______
Fixtures
Certificate of Occupancy
Must be obtained before a new building can be inhabited.
Permission to vary from strict compliance with zoning requirements may be obtained in the form of a _____
Variance
Rectangular Government Survey
Townships, sections, and meridians. Range and Township lines
Metes and bounds
Uses compass degrees and feet, begins and ends at POB point of beginning
Lot, Block, and Subdivision
Uses plats (maps)
Buffer Zone
Separates 2 very different land use zones
Deed
what is used to transfer real estate
Bill of sale
Used to transfer personal propertyW
Appurtenance
attached to and runs (transfer) with the land; once personal property is attached it becomes an appurtenance and is transferred with the deed.
Land has what three rights?
Surface, air, subsurface
Littoral Rights
Standing water such as lakes
Accretion
Addition to land through natural causes
Avulsion
Sudden loss of land, washed away
Do water rights include the right of access?
No, would need to obtain an easement to do so….
How are mineral rights held?
Often by a third party
How is real estate transfered?
By a deed
Personal property
Transferred by bill of sale, and must be included in the purchase contract to transfer with the property.
Emblements
annually cultivated crops that belong to the party who planted them, unless otherwise agreed.
A Survey is used to…..
Create or confirm a legal description of land only, not improvements
How many sections in a township?
36
A SECTION is 1 mile by 1 mile square and contains how many acres?
640 acres. Use 640 to divide by the denominators of the fractions.
How many square feet in an acre?
43,560 sq/ft
What’s an amendment?
Zoning change for an entire area
Formula for square footage
A=WxL
