Unit 1 Nature Discription And Use Of Real Estate Flashcards
What is Real Property?
Real property is defined as the land, everything attached to the land, and everything appurtenant to the land.
The Bundle of Legal Rights include:
Right of : Disposition Right of : Enjoyement Right of : Exclusion Right of : Posession Right of : Control
Land rights include:
- Surface
- Subsurface
- Air
Riparian means:
R= River
Flowing water
Littoral:
Standing water
Boundary shifts may occur due to the following:
Accretion- addition to land by natural causes.
Reliction- land acquired from receding water.
Erosion-gradual wearing away of land, may cause owner loss of land.
Avulsion-sudden loss of land. Through being washed away or other violent acts.
Real Estate is transferred by:
A Deed
Chattel
Personal Property
All property that is not real property is:
Personal property
Does not transfer with real estate
Personal property is transferred by:
A Bill of Sale.
An object that was once personal property which has been attached to an improvement so as to become real estate is a :
Fixture.
(Once attached , it becomes an appurtenance and is automatically transferred in the deed).
The total circumstances test (IRMA) is:
I ntent of the attacher
R elationship of the attacher to the property
M ethod of attachement
A daptation to real estate
A greement
A Trade Fixture is:
tenant installed additions that are a necessary part of the tenants trade or business.
True or False
If a tenant does not remove trade fixtures by lease termination they will belong to the landlord.
True
Emblements:
(Fructus Industriales) annually cultivated crops that are personal property.
Also fructus naturales.
Transferred by Bill of Sale.
To be converted to real property a mobile home or trailer must be:
- Attached to a permanent foundation
- have hitch and axels removed
- ** have a cancelled DMV title.
( must meet state contruction regulations)
Physical characteristics of land:
- immobile
- indestructible
- unique
Economic characteristics of land:
- scarcity
- improvements
- permanence of investment
True or False
Land is a liquid asset.
False
Metes and bounds are:
Most accurate method of land description in North Carolina.
POB stands for:
Point of Beginning
True or False
Description must fully enclose enclose the property; if it does not “close” the legal description is considered incomplete or imperfect.
True
An Acre of Land is how many feet?
43,560ft
Remember:
4 grey hairs driving 35 in a 60
A survey is used to:
Create or confirm a legal description.
Both survey and improvement location certificate (ILC) reveal:
Encroachments
Gov land use controls are:
Used to control growth
Land use classifications:
- Residential
- Commercial
- Industrial
- Agricultural
- Mixed
A buffer zone is used for what purpose?
Land that seperates two significantly different land use zones.
First step is new building and many renovations is:
Obtain a building permit
A certificate of occupancy shows what?
Shows that buildings are ready and fit for occupancy and provide evidence of compliance with building codes.
True or False
Zoning laws are typically set at the Federal level.
False
Zoning laws are set at the local level.
True or Flase
Illegal use, building codes or zoning violations do not become legal or acceptable because a certain amount of time has passed. Not grand fathered.
True
An amendment is a zoning change for an entire area this could cause:
Non conforming use.
Allows owner to continue a present use that no longer complies with current zoning
Brokers and sales persons should explain to buyers the buyers responsibility to verify the following:
Current zoning use and rules meet buyers needs.
Property is not a floodplain
Property had proper access to and from highway streets.
Building permits were pulled and completed if required.
Street status of subdivisions
Access or lack of access to public roads or if access is changing
Formula for area of square or rectangle:
Length x Width
Area of a triangle:
1/2 (Base x Height)
Volume or cubic feet:
Length x Width x Height
27 cubic ft=
1 cubic yard
Used in concrete
1 mile is how many feet?
5,280 linear ft.
A section is how many acres?
640 acres
Frontage is :
Street front of property
Land its improvements and the rights to own them are collectively called :
Real Estate
What are APPURTENANCES?
Are attached to the land. Is defined as a right or privilege that goes with the ownership of land.
