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Chapter 1
Nature of Property
| Question | Answer |
|---|---|
| property | Things plus the rights of ownership Property is divided into two categories, real property/personal property |
| Personal Property | Anything that is movable/Also known as chattels Items that can load into a car when moving after the sale |
| Chattels Personal | Things such as, cars,boat,furniture,clothes,stocks,money,tools |
| Chattels Real | Items that extend to the owner an interest in real property such as, leases,mortgages,contracts to purchase and options/ are considered to be personal property |
| Bill of sale | A document which conveys ownership to personal property |
| Deed | Real property is transferred |
| Real Estate , Real Property | Land and things which are permanently attached to the land by man ( buildings ) or nature ( trees) also the legal rights and interest that go along with ownership Also known as Real Property or Realty |
| Appurtenances | Any right,interest or improvement, automatically conveys with the ownership of the property |
| Run with the Land | The automatic transfer of certain rights or encumbrances in real property when title is conveyed |
| Land | An area which starts at the center of the earth (subsurface rights ) passes through the earth's surface and extends into space (air rights ) to an indefinite height |
| Attachments | Things permanently attached to the land, physically or legally are called Tenements and are immovable by law. Can be either products of ( natural attachments ) or man-made ( artificial attachments) |
| Fructus naturales | Things grown naturally and requiring no annual cultivation ( trees,shrubbery, perennial plants) and are considered to be ( Real Property) They automatically transfer with the land |
| Fructus Industriales or Emblements | Crops planted and harvested each year ( corn,wheat, soybeans, tobacco) generally considered to be personal property+ |
| crop-producing land | To avoid confusion when crop-producing land is sold during a growing season the sales agreement should clearly state whether or not the crops are to be transterred with the land |
| Improvements | Any product of human planning or labor ( man-made) attachment to the land with the intent of being permanent ( buildings,fences,roads, pipelines, swimming pools,drive ways,mobile homes, if attached to the land, also known as arterial attachments |
| Included in the definition of ( Real Estate ) | Are the rights of ownership as ( air, mineral, water rights ) can be sold or leased separately ) |
| Water Rights | A landowners right to use and enjoy water adjacent to, underneath, or on the land |
| Percolating Water | Underground water not confined to a specific waterway, channel or stream |
| Water Table | The level at which percolating water is found. This water might be used for wells, irrigation, filling a lake on owner's land. If pure enough to drink |
| Potable Water | Water pure enough to drink |
| Riparian Rights | A landowner's right to use and enjoy the water from a river, stream, lake which adjoins the owned land. Owner may even divert water for irrigation, but only if the natural flow is not interrupted or altered. |
| Correlative Rights | The doctrine of law which allows riparian owners in certain states to use only a reasonable share of water during periods of drought |
| Prior Appropriation | doctrine of law by states The right to use riparian water is secured by permit During periods of drought the earlier permits establish priority in using adjacent water,rights run with the land when ownership is transferred |
| Navigable Waters | Rivers and oceans used for commercial shipping and are identified on government survey maps. Are open to the public |
| A riparian owner whose property borders a non-navigable waterway would typically own to | the center of that waterway |
| In the event waterway is designated as navigable | the ownership rights would only extend to the high water mark or riverbank, depending on state law |
| Littoral rights | Properties which border large navigable lakes, oceans or seas and typically involve the use and enjoyment of the shore , but not interfere with the public's right to use |
| Mineral rights | Minerals on or below the earth's surface are considered real property. Once moved they become personal property. ( coal,oil, gas,ores, are minerals |
| Right of lateral support | the right which protects the natural support of adjoining land must not be damaged in extract minerals from below the surface of the earth, also applies to improvements to property,landowner can be liable for damage caused to adjoining property |
| Laws of capture | the law which allows a well drilled on one property to extract oil or gas reserves from under adjoin properties |
| Air rights | The right to use and enjoy the air space 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. In condominiums, each individual unit occupies a separate air lot |
| Air rights | the right to use and enjoy the air space above a parcel of land, such rights may be leased or sold separate from the land, building height limitations are also restrictions commonly placed on air rights |
| Real Property defined as | land plus appurtenances |
| Personal property defined as | property that is not real. |
| Severance | describes the process by which an item of real property becomes personal property a tree grown on land is real property, but when cut down and taken to a sawmill to be processed into lumber it becomes personal property |
| Fixtures | 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 would automatically conveyed to the buyer with the purchase |
| Whether an item is or not a fixture is not always clear Five test can help make it clear | MARIA - Modification, Attachment, Relationship of the parties, Intentions of the annexing party, Agreement |
| Modification | When a building is modified to accept an article or when the article is modified to fit the building , it is probably a fixure |
| Attachment | Items that have been physically attached to a building and easier to identify as fixtures ( shelves, drapery rods ) Also consider legal attachments, relating to use ( remote control that operates a garage door opener) It's not attached but relates to eq |
| Accession | If the fixtures not removed properly by the end of the lease , the become the landlord's property |
| Agreement | A restate agent makes sure to list any fixture items the seller intends to remove or that the buyer expects to acquire in the sales agreement |
| One thing that can never become person property. This unique quality can be attributed to it's physical ant economic characteristics | Land |
| Immobility | Most distinctive characteristic of land is the fact its location cannot be changed. |
| Non-homogeneity | A characteristic of land which holds that no two parcels are exactly alike because each parcel has it's own unique location are never the same. Courts recognize this non-homogeneity by not allowing one land parcel to be substituted for another |
| Indestructibility | Distinguishing physical characteristic of land is the fact it is indestructibility, this fact tends to make land a stable investment |
| Physical Characteristics of Land | 1. Immobility 2. Non-Homogeneity 3. Indestructibility |
| Economic Characteristics of land | 1,Location, preference ( SITUS) 2.Improvement 3.Fixed Investment 4.Scarcity |
| Location. Preference (SITUS) | people's preference for a given location, because of weather,scenery,school, job opportunities shopping |
| Improvements | economic characteristic of land is the impact improvement have on value. Buildings,driveways, landscaping, residential neighborhood, airports, industrial plants, recreational facilities can influence the value surrounding properrty |
| Fixed Investment | A real estate investor is more interested in how long a building will be economically useful than how long the building can last |
| Economic Life | The return on the investment will be realized over a period of time This determines the worth of an investment in land and improvements |
| Scarcity | Demand for land. not enough land to meet demand so values are high, land might be abundant and relatively inexpensive |
| Legal Description | A description of land legally sufficient to distinguish it from all other parcels ( one that is precise and not ambiguous ) This is what the courts require in contracts - real estate sale contracts, mortgages, deeds and leases |
| Spot Survey | The survey a buyer receives at closing |
| Plat of Survey Also called a Plat Map | A map or drawing that shows the location bundaries of a land parcel, some cases how the land is subdivided into lots |
| Three different forms of legal description | Metes and Bounds, Rectangular survey, Recorded Plat |
| Metes and Bounds | A legal description identifies the parcel by describing its boundaries, ( it can be compared to a walk around the border of the property) most authoritative method but also usually the longest ,most difficult to prepare and no interpret |
| Metes and Bounds are? | Metes are distances and directions Bounds are landmarks or monuments that serve as markers each time the distance and direction must change |
| Natural Monuments | trees, rocks, |
| Artificial Monuments | mad made markers like stakes metal pins, concrete markers, roads, walls, fences |
| Before modern surveying technology was developed what was the primary method for describing land?l | land of little value or in remote ares might be describing solely by monuments |
| Typical today are descriptions that use bearings , these are ? | compass directions that us from monument to another |
| Bearings are shown in | degrees (o) minutes (') seconds (") |
| How many degrees are in a circle? | 360 degrees,each divided into 60 minutes and each minute into 60 seconds |
| Point of beginning | a metes and bounds must have a definite point of beginning (P.O.B ) that is the place in the property where the survey begins ( any uncertainty about this could make it vague and might void a contract or deed) |
| Bench Marks | A permanent( a fixed points) reference point of known location used by surveyors.a bench mark may be a point established by a government survey team or a fixed monument such as a road-of-way. they are referenced to each other by distance and direction ar |
| If a monument is destroyed or removed , it can be reestablished by | relying on the bench mark |
| Call | once the point of beginning is established, the description continues with the compass direction and distance for each boundary line |
| Closure | the metes and bounds legal description must return to the point of binning or the description is incomplete |
| Rectangular survey system also known as the government survey system 36 in all | a method of legally describing the surface of the land based upon a grid system formed by principal meridians, baselines, range lines, township lines |
| Principal Meridians | certain North -South longitude lines 36 in all , that form the the basis for East- West measurement in the rectangular survey to locate land. |
| Base Lines | certain reference lines which run East and West latitude lines 32 in all , that serve for North-South measurement ,used in the rectangular survey system to locate land |
| Range | a 6 mile wide strip of land running North-South in a rectangular survey system |
| Township | township lines that run East-West ,is 6 miles to a side or 36 square miles, A parcel of land in the rectangular survey system |
| Each Township is divided into | 36 section that are 1 mile to a side |
| Section | a parcel of land in the rectangular survey system that is 1 mile square and contains 640 acres |
| Recorded Plat ( short form ) Description | When a subdivision has been recorded, the Recorded Plat provides the most convenient legal description, a plat or map showing the location and boundaries of individual parcels of land that is filed in the public records in the county where property is lo |
| When a track of land is subdivided , most local Governments would require | that a licensed surveyor or engineer prepare a plat showing how the land would be divided into blocks and lots |
| A Recorded Plat has | letters and numbers are assigned to each block and lot, with exact sizes and dimensions shown |
| When the Recorded Plat (Plan ) is finally approved, the Plat is recorded at the | country courthouse |
| When a Recorded Plat is recorded , any future legal descriptions of lots in that subdivision need only | recite the name of the subdivision , the lots and block number , the plat book and page number, along with land lot,District,Section (if applicable) and name of the county and state |
| What Survey is not used in Ga. | Rectangular Survey |
| Ga. only uses what survey | metes and bounds method or the recorded plat ( short form ) |
| A sales person should be able to compose a short form description from a | recorded subdivision plat |
| what qualified persons should attempt to compose a metes and bounds description | surveyors , attorneys |
| When should a salesperson get the legal description of the listed property | as soon as possible |
| Legal description can be found | (1)seller's deed or in the security deed ,(2) seller's plat of survey if one is available, (3)on the subdivision plat if it is in a recorded subdivision (4) as a last resort , in the public records of the county in which the property lies |
| Three circumstances where one cannot use an existing legal description | 1. seller is not selling the entire tract, a new survey is nee(2ded 2. seller has previously sold part on the land , a new survey is needed 3. a recent survey is in conflict with the description on the deed This indicates a possible title problem. |
| Basic Requirements - Recorded Plat ( Short Form) For Legal Descriptions used in GA. | (1.)land lot (2) District (3) Section or Militia District, where applicable (4) County (5) State (6) Subdivision-lot,block,unit (7) recorded reference- book and page number (8) address of property , if available |
| Basic Requirements - Metes and Bounds (Long Form) | (1) land lot (2)district (3) section or Militia District, where applicable (4) County (5) State (6) definite point of beginning (7) compass direction and distance, form one point to the next, returning to the point of beginning ( closure) (8) address of p |
| When calculating the area of a flat surface ( a plane) you are looking for | square footage, if the figure is a square or rectangle , use length x width |
| A lot that is 50 feet by 120 feet has how many square feet | 50 x 120 = 6,000 square feet |
| Frontage is the | measurement along the road or street |
| A lot that measures 100 feet along Main Street and is 80 feet deep is said to have | 100 feet of frontage or 100 front feet |
| When calculating the area contained in a three-dimensional figure, you look for | cubic footage that is calculated by multiplying Length x Width x Depth |
| A warehouse that is 100 feet by 120 feet and 12 feet high has | 100 x 120 x 12 = 144,000 feet |
| How many square feet in an acreage | 43,560 square feet in an acre |
| Section of land in the Rectangular Survey method of land description has | 640 acres |
| How many square feet would there be in a quarter section | 640 divided by 4 = 160 acres to a quarter section 160 x 43,560 = 6,969,600 square feet |
| A lot is 240 feet by 270 feet, how many acres dose it contain | 240 x 270 = 64,800 square feet 64,800 divided by 43,560 = 1.49 acres |
| trade fixtures, patio furniture, portable dishwasher are | personal property |
| a seller wishes to remove certain shrubs planted in the front yard and not include them in the sales price of the home | the seller may do so only if permission for the removal is specifically stated in the sales contract |
| A permanent addition to a building is | real property |
| the transfer of land ownership automatically includes | fixtures |
| water rights along a large, navigable lake or ocean are known as | littoral rights |
| water table refers to the | level at which percolating water is found below the earth's surface |
| which items is considered real property | 1. natural things movable by law 2. notes secured by mortgages on real estate (3) riparian rights 4. house plants |
| all the following are appurtenances, EXCEPT | 1. riparian rights 2. a garage 3. an apple orchard (4) trade fixtures |
| Real property is changed into personal property by | 1. the right of appropriation (2.) severance 3. the law of capture 4. fructus naturales |
| Which of the following would be considered an artificial monument when used in a metes and bounds legal description | 1. a tree (2) a fence corner 3. a river 4.a large rock |
| An adequate metes and bounds description must have all of the following EXCEPT | 1. a definite point of beginning (P.O.B ) (2) four sides 3. closure 4. linear measurement and compass direction |
| The point of beginning (P.O.B) on a plat of survey is marked with reference to a | (1) benchmark 2. datum 3. meridian 4. base line |
| If a man has 6 acres of land and deeds 3/4 of it to a son and the remainder to a nephew, how many square feet of land does the nephew acquire | 1. 261,360 2. 196,020 (3) 65,340 4. 43,560 |
| how many cubic feet of space is there in a warehouse that is 600 feet wide by 140 feet deep and has 18 foot ceiling | 1. 85,400 (2) 1,537,200 3. 35 4. 2,520 |
| which of the following would be acceptable on a sales contract | 1. legal description to be attached (2) legal description attached and made a part hereof by reference 3. legal description and survey to be provided at closing 4. purchaser to be provided with legal description within 10 days |
| you have a prospective purchaser for a home and the listing agent has not been able to provide you with a legal description , what is your best course of action | 1. complain to the Real Estate Commission 2. write an offer without a legal description (3) find the legal description yourself at the courthouse or on the computer 4. contact the seller yourself |
| if the only land description you have provided on your offer is the street address | 1. this could be sufficient if there is no other street by the same name (2) this contract is probably unenforceable 4. the contract may be legal but is unprofessional |
| A metes and bounds description must have all of the following EXCEPT | 1. a definite point of beginning 2. the name of the county and state (3) the approximate square footage or acreage 4. compass directions and distances from one point to the next |
| A metes and bounds description might be insufficient if | (1) it dose not have enough sides to close 2. it is irregular in shape |
| The right of a land owner to have a reasonable use of water from an adjoining stream is known as | (1) A riparian right 2. A littoral right 3. the right of prior appropriation 4. the right to percolating waters |
| which word would you find in a metes and bounds legal description | degrees, direction, minutes |
| A right, interest , improvement that automatically conveys with the ownership of the property , it runs with the land , is called | Appurtenance |
| all of the following are physical characteristics of land, EXCEPT | (1) location 2. indestructible 3. non- homogeneity 4. immobility |
| When are metes and bounds description of property most often used | 1.0 when the property is not covered by a duly recorded plat of survey ( may not have been subdivided ) 2. when the property has a peculiar shape |
| the legal definition for a parcel of land describes | the surface of the land only |
| Which of the following would be essential to that legal description for metes and bounds for a parcel of land | A definite point of binning |
| which following , item considered personal property | 1. air space above an airport 2. ornamental rose bushes planted around a house 3. an apple orchard (4) Notes secured by mortgages |
| An improvement is considered to be | 1. anything artificial attached to the land with the intent of being permanent 2. Realty |
| Which of the following is usually automatically included with the conveyance of title to real estate | (1) fixtures 2. chattels 3. personalty 4. emblements |
| land is considered to be | 1. the surface, subsurface, air above the surface 2. immobile, permanent and nonhomogeneous |
| the economic characteristic of real estate often referred to as location or area preference | situs |
| all of the following is personal property, EXCEPT | 1. trade fixtures (2) a privacy fence 3. patio furniture 4. portable dishwasher |
| a permanent addition to a building is | real property |
| The phase ' bundle of rights' is property included in | (1) the definition of real property 2. a legal description 3. real estate transactions 4.leases for less than one year 3. |
| Real property can become personal property by | severance |
| all of the following are physical characteristics of land , EXCEPT | 1. indestructibility 2. uniqueness 3. immobility (4) scarcity |
| All of the following are economic characteristics of land, EXCEPT | 1. scarcity 2. permanence of investment (3) uniqueness 4. area preference |
| personal property can be distinguished from real property by its | mobility |
| Rights or privileges that are with real property are | appurtenances |
| The term improvements , when referring to real estate, would include | sidewalks |
| Which is not a test to identify a fixture | size of the item |
| rights of ownership of real property include the right of | compatibility |
| A statutory right a family has in its residence is called | homestead |
Created by:
1650Carl
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