Unit 2 Nature Of Real Estate Flashcards
appurtenant
items belong to; or are adjunctive; appended or annexed to a property. For example, the garage is appurtenant to the house, and the common interest in the common elements of a condominium is appurtenant to each unit. Appurtenant items run with the land when the property is transferred.
baseline
Baselines are one of a set of imaginary lines running east and west used by surveyors for reference in locating and describing land under the government survey method of property description.
bill of sale
A written agreement by which one person sells, assigns or transfers to another his or her right to, or interest in, personal property. A bill of sale is sometimes used by a seller of real estate to evidence the transfer of personal property, such as when the owner of a store sells the building and includes the store equipment and trade fixtures.
bundle of rights
The concept of land ownership that includes ownership of all legal rights to the land, for example, PUEDE
PUEDE
5 rights of property ownership
Right of…
Possession Control of property use Enjoyment Dispose Exclude others from prop.
community property
Community property is a system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage. This system stemmed from Germanic tribes and, through Spain, came to the Spanish colonies of North and South America.
There are nine community property states - Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. In addition, Puerto Rico is a community property jurisdiction.
correction lines
Provisions in the rectangular survey (government survey) system made to compensate for the curvature of the earth’s surface. Every fourth township line (at 24-mile intervals) is used as a correction line on which the intervals between the north and south range lines are measured and corrected to a full six miles. Range lines are only parallel in theory. Due to the curvature of the earth, range lines gradually approach each other. If they are extended northward, they eventually meet at the North Pole. The fact that the earth is not flat, combined with the crude instruments used in early days, means that few townships are exactly six-mile squares or contain exactly 36 square miles.
correlative use
Doctrine that states that property owners may use a reasonable amount of water from an underground source, but not to the detriment of adjoining property owners. Information about California water rights can be found at the Web site of the Bureau of Land Management
correlative water rights
A modern law in some states that holds that a riparian owner who has rights in a common water source is entitled to take only a reasonable amount of the total supply for the beneficial use of land (such as irrigation).
fixtures
A fixture is an article that was once personal property but has been so affixed to real estate that it has become real property.
fructus industriales
Corn, wheat and other crops that are produced annually by labor and industry, and not spontaneously. They are referred to in Latin as “fructus industriales.”
fructus naturales
Fructus naturales are the “natural fruits” of the land where they grow, such as such as timber and wild game. Under common law, fructus naturales are considered part of the real property, and not separate chattels in relation to any legal sale of the property.
government survey system
The government survey system is a system of land description that applies to much of the land in the United States, particularly in the western states; also called the geodetic or rectangular survey system. It is based on pairs of principal meridians and base lines, with each pair governing the surveys in a designated area.
guide meridian
A guide meridian is a line, marked by monuments, running North and South through a section of country between other more carefully established meridians called principal meridians, used for reference in surveying.
land
The earth’s surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.
legal description
A description of a specific parcel of real estate complete enough for an independent surveyor to locate and identify it.
littoral rights
The rights of a landowner whose land borders a pond, lake or ocean shore-line where the body of water is non-flowing. Littoral rights extend to the mean high watermark of ocean or tidal waters.
lot-and-block (recorded plat) system
A method of describing real property that identifies a parcel of land by reference to lot and block numbers within a subdivision, as specified on a recorded subdivision plat map.
marker
In the metes-and-bounds system, markers are used to clearly mark the point of beginning and the boundaries of a tract of land
meridian
A meridian is one of a set of imaginary lines running north and south used by surveyors for reference in locating and describing land under the government survey method of property description.
metes-and-bounds description
a legal description of a parcel of land that begins at a well marked point and follows the boundaries, using directions and distances around the tract, back to the point of beginning.
mineral rights
rights to the subsurface land and profits derived therein. Normally, when real property is conveyed, it includes everything above and below the surface of the land, except where specified by the grantor.
monument
a fixed natural or artificial object used to establish real estate boundaries for a metes-and-bounds description.
personal property
things that are tangible and movable; property that is not classified as real property, such as chattels. Title to personal property is transferred by way of a bill of sale, as contrasted with a deed for real property.
plat map
map of a town, section or subdivision indicating the location and boundaries of individual properties.
(POB)
point of beginning
In a metes-and bounds legal description, the starting point or point of beginning (POB) of the survey, is situated in one corner of the parcel; all metes-and-bounds descriptions must follow the boundaries of the parcel back to the point of beginning.
range
In the rectangular survey system of land description, ranges are townships running east and west of a meridian.
real estate
physical land at, above and below the earth’s surface with all appurtenances, including any structures; any and every interest in land whether corporeal or incorporeal, freehold or non-freehold; for all practical purposes, the term real estate is synonymous with real property.
real property
The earth’s surface, the substances beneath the surface, the airspace above the surface, as well as all appurtenances including buildings, fixtures, and improvements, excluding growing crops are real property. The term real property is synonymous with real estate.
rectangular (government) survey system
A system established in 1785 by the federal government, providing for surveying and describing land by reference to principal meridians and baselines. Also known as the government survey system.
right of appropriation
the right of the government to take, impound, or divert water flowing on the public domain from its natural course for some benefit to the public.
riparian rights
the rights of a landowner whose land borders on a stream or watercourse to use and enjoy the water which is adjacent to or flows over the owners land, provided such use does not injure other adjacent land owners. The property boundary would be the center line of a non-navigable river or the low waterline of a navigable stream or river.
section and township system
part of the rectangular (government) survey system of land description. A township is a division of territory that is six miles square, and contains 36 sections, each of which is one square mile. A township consists of 23,040 acres.
section(s)
the area of one square mile, or 640 acres.
A section is 1/36 of a township
subdivision
Any land that is divided or is proposed to be divided for the purpose of disposition into two or more lots, parcels, units or interests. Subdivision refers to any land, whether contiguous or not, of two or more lots, parcels, units or interests are offered as part of a common promotional plan of advertising and sale.
subdivision map
is a document showing a division of land into two or more parcels, required before a subdivision can be approved.
tier
A strip of land six miles wide, extending east and west and numbered north and south according to its distance from the baseline in the rectangular (government) survey system of legal description. Also known as a township strip.
township
Townships are part of the rectangular (government) survey system of land description. A township is a division of territory that is six miles square, and contains 36 sections, each of which is one square mile. A township consists of 23,040 acres.
Test for a Fixture
MARIA
MARIA
Method by which it is affixed
