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Real Estate Chapter 1

Terms in this set (46)

Chattels Personal
Anything of a movable nature capable of being owned that is not considered real property. Cars, boats, furniture, clothes, stocks, money and tools.
Chattels Real
Items that extend to the owner an interest in real property such as leases, mortgage, contracts to purchase and options.
Bill of Sale
A document which conveys ownership to personal property.
Deed
Transfers ownership of real property
Real Estate
Consists of the land itself plus those things which are permanetly attached to the land by man (such as buildings) or nature (trees).
Real Property
Includes not only those things permanently attached but also the legal rights and interests that go along with the ownership.
Appurtenances
anything that may be used with the land for its benefit and goes to the new owner when the ownership of the land is transferred. Mineral rights, air rights, water rights, easements, improvements, and natural attachments.
land
an area which starts at the center of the earth, passes through the earths surface and extends into space.
tenements
things permanently attached to the land, physically or legally.
fructus naturales
Growing things which require no annual cultivation.
fructus industriales/Emblements
crops that are planted and harvested each year.
improvements
any permanent, man made attachment to the land, such as buildings, fences, roads, or pipelines also known as arterial attachment.
percolating water
underground water not confined to a specific waterway, channel, or stream.
water table
the level at which percolating water is found below the earths surface.
riparian rights
a landowners right to use and enjoy the water from a river, stream or lake which adjoins the owned land.
correlative rights
the doctrine of law which allows riparian owner in certain states to use only a reasonable share of the water during periods of drought.
prior appropriation
a doctrine of law relating to riparian water rights used by states that typically experience periods of drought. The right to use riparian water is secured by permit. during periods of drought the earlier permits establish priority in using adjacent water.
navigable waters
a waterway open to the public for commercial boat traffic.
littoral rights
a landowners lawful claim to use and enjoy the water of a large lake or ocean bordering the owned property.
Mineral Rights
The landowners legal interest in minerals below the surface of his land. are considered to be appurtenant to the land and may be sold or leased seperately.
right of lateral support
the right which protects the natural support of adjacent land in mining operations to extract minerals form below the surface of the earth.
law of capture
the law which allows a well drilled on one property to extract oil or gas reserves from under adjoined properties.
air rights
the right to use and enjoy the airspace above a parcel of land. such rights may be leased or sold separately from the land.
air lot
a designated air space over a parcel of land.
severance
to remove something from the land such as minerals or timber.
fixture
an item that was once personal property but has become real property because of the manner in which it was attached to the land or its improvements.
MARIA (how to tell if the item is a fixture)
modification, attachment, relationship to the parties, intentions of annexing party, agreement.
Trade fixtures
an item of personal property attached to the land or building leased by a tenant who uses the item in a trade or business.
accession
the acquisition of title by the owner of real property to those things attached to the property by others, such as tenants or trespassers or by nature.
non-homogeneity
a characteristic of land which holds that no two parcels are exactly alike because each parcel has its own unique location.
situs
Location, refers to peoples preference for a given location. area preference.
economic life
the period of time over which a property is estimated to be profitable/ utilized; also called useful life.
spot survey
the process of locating the exact boundaries, shape and area of a parcel of land.
plat of survey
a map or drawing that shows the location and boundaries of a land parcel, and in some cases, how the land is subdivided into lots
metes and bounds
a method of legally describing land by measuring directions and distances of its boundary lines.
monuments
a fixed point or object used to denote the end point of a boundary line in a metes and bounds description.
natural monuments
trees, streams, rocks, etc.
artificial monuments
man-made objects such as streets, fences, iron pins, concrete posts, etc.
point of beginning (P.O.B.)
the starting point at one corner of the parcel of land described in a metes and bound legal description.
bench mark
a permanent reference point if known location used by surveyors.
call
the compass direction and distance for each boundary line.
closure
The metes and bounds legal description must return to the point of beginning of the description is incomplete.
rectangular survey system/Government Survey
a method of legally describing the surface of the land based upon a grid system formed by principle meridians, baselines, range lines, and township lines.
datum
a point of surface of known location from which heights and depths are measured. the basic point from which vertical land (air and mineral rights) are described.
Basic requirements- recorded plat (short form)
land lot, district, section or militia district, county, state, subdivision (lot, block, unit), recorded reference (book and pg #), address
Basic requirements- metes and bounds (long form)
land lot, district, section/militia district, county, state, definite point of beginning, compass directions and distance: from one point to the next, returning to the POB (Closure), Address
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