Week 1: Section 1-3 Flashcards
the surface of the land, as well as the earth below the surface, any attached natural items, and the airspace above the land.
A parcel of land
the land itself, as well as any attached items—such as buildings, pools, and monuments.
Real estate
includes real estate, as well as the rights that are included in property ownership. These rights are commonly referred to as the bundle of rights.
Real property
Property that is movable, may be owned by a person, and is not real property
Personal property
Ex. Mia was surprised to learn that the sellers took the freestanding fountain with them. She hadn’t realized that it was personal property.
What typically includes things like furniture, fixtures, machinery, or tools?
Personal property (chattel)
equipment that is placed on or attached to real estate which the renter uses in their trade or business. An example would be display shelves installed by a business owner in a rented building.
Trade fixtures
are crops produced through cultivation that belong to the tenant during cultivation and after harvest.
Emblements
Method of annexation
Adaptability of item to land’s use
Relationship of the parties
Intention in placing item on land
Agreement of the parties
MARIA
refers to whether the item is attached to the property and how permanent the attachment is.
The method of annexation (also known as attachment)
is related to how the item is situated or adapted to the real property.
Adaptation
if there’s a dispute between the person who added the item and the person who removed it—is another element used to determine whether an item is real or personal property. In general, the courts tend to favor a tenant’s take on an item over the landlord’s, and a buyer over a seller
The relationship of the parties
Often, the intention of the party who installed the item is regarded as the most important consideration in determining whether the item should stay or go.
Intention in Placing Item on Land
the simplest and first test: If the parties have agreed that an item will stay or go, then that agreement meets the legal test. To be safe, the agreement should be in writing.
Agreement of the Parties
If land is what, its value will likely be greater than if it is plentiful?
Scarcity
What are structures, such as buildings, sheds, barns, fences, etc., that are placed on land?
Improvements: Usually, the term “improvement” refers to making something better.
The cost and nature of infrastructure improvements (roads, underground water, wastewater, natural gas, or electric installations) are sizeable and can’t be easily reversed, and these infrastructure investments have relatively stable returns over time.
Permanence of investment
A property’s value is in large part dependent on its what?
Location or area preference
We refer to both physical and economic characteristics when we discuss the concept of land.
Characteristics of Real Estate
Immobility
Indestructibility
Uniqueness
Physical characteristics of land
The geographic location of land is fixed; it can never be changed.
Immobility
While improvements may deteriorate over time, the land itself cannot be destroyed.
Indestructibility
One parcel (a piece of land) will not be exactly like another. This is the concept of non-homogeneity.
Uniqueness
A description of the land that specifies the boundaries and location of a piece of real property.
a legal description
Metes and bounds
Lot and block
Rectangular
Three Methods of Land Description
Uses monuments, compass headings, and directions
Ex. Darla laughed when she saw the metes-and-bound description of her property. Although it was a legal description, it contained terms like “west of the widow Fiona Smith’s stone wall.”
Metes and bounds
What is a measurement system mainly used in urban and suburban areas?
Lot and block also called a plat reference system
Divides land into six-mile-square townships, which can then be further divided
Rectangular government survey
A permanent physical marker that is either man-made or natural
monument
What are the direction and distance of a line forming the boundary of the property?
Metes
the physical features that define the boundaries of the land.
Bounds
Either a rectangular government survey or a metes and bounds description.
The first step of the lot and block system survey
The land is divided into lots with a numerical designation of a parcel.
The second step of the lot and block system survey
Either a metes and bounds or a rectangular survey description is always the starting point for a lot and block survey.
True
The lot and block system includes numbered or lettered blocks and lots.
True
The lot and block system doesn’t include lot measurements or distances.
False
What comes to mind when you see this image?
Rectangular Survey System or Public Land Survey System (PLSS)
Who regulates the PLSS or Rectangular Survey System?
the Bureau of Land Management under the U.S. Department of the Interior
What is the PLSS?
a series of surveys that divide land into townships that are six miles by six miles square (for a total area of 36 square miles or 23,040 acres)
What is a township?
A square that is six miles by six miles (36 square miles) and makes up the principal unit of the rectangular government survey system
The north-south line that runs through the initial point is a
true meridian (called the principal meridian)
an east-west line from which all measurements originate or through an initial point
a base line
The PLSS is used throughout the U.S.
False
Consists of 640 acres
Section
Consists of 36 one-square-mile sections
Township
North-south lines that don’t run through the initial point
Range lines
East-west lines that don’t run through the initial point
Township lines
DEEP C
Right of Disposition
Right of Exclusion
Right of Enjoyment
Right of Possession
Right of Control
include both land and water rights. This can be particularly important for land in a part of the world where water is scarce, as well as in situations where water is necessary for agriculture and farming.
Surface rights
rights pertain to the right to use underground resources, such as natural gas and minerals
Subsurface is often called mineral rights.
involve the right to use the open space above buildings up to an elevation established by law
Air rights
What is the right to harvest timber and sell it?
Right of profit
Gives the owner the right to sell or convey the property.
Disposition
Allows the owner to control the use of the property, including how others may use the property.
Control
Gives the owner the ability to use the property in any legal manner.
Enjoyment
the right to occupy the property in privacy, which belongs to the legal title holder
the right of possession
the owner controls the use of the property
the right of control
the right to decide who may or may not access the property
the right of exclusion
the right of the owner to use and enjoy the property in any legal manner
the right of enjoyment