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Chapter 1
Real Estate Fundamentals - WA Rockwell Book
| Term | Definition |
|---|---|
| Real Property | Land and everything attached to or appurtenant to it |
| Personal Property or chattels | Any property that is movable; not affixed to land |
| Appurtenance | A right of interested that goes along with or pertains to a piece of land |
| Air Rights | An appurtenance that gives owners the right to a certain amount of airspace without interrupting air traffic |
| Water Rights | An appurtenance that provides riparian rights and appropriative rights |
| Riparian Rights | The water rights of a landowner with respect to water that flows through or adjacent to her property |
| Littoral Property | Property located beside a lake or ocean |
| Appropriative Rights | Someone who wants to use water fro a particular lake or stream applies to the state government for a permit |
| Overlying Rights | the landowner is allowed to make reasonable use of the ground water, but not to transport the water for use on land outside the ground water basin from which it was removed |
| Solid Mineral Rights | Considered to be real property until removed, then they become personal property - these rights can be sold |
| Oil and Gas Rights | Governed by the "Rule of Capture" |
| Rule of Capture | Landowners own all of the oil and gas produces from wells on his property |
| Support Rights | The right to the natural support provided by the land beneath and beside property |
| Lateral Support | Support from adjacent land |
| Subjacent Support | Support from underlying earth |
| Natural Attachments | Attached to the earth by roots |
| Doctrine of Emblements | The legal rule that gives an agricultural tenant the right to enter the land to harvest crops after the lease ends |
| Fixtures | Articles attached to the land by people |
| Bill of Sale | Conveys personal property from one to another |
| If property is personal property or a fixture | These court tests distinguish what? /method of attachment, adaptation of the item to the realty, the intention of the annexor, and the relationship of the parties |
| Method of Attachment | Court test to distinguish if an item is a fixture that determines whether the item is able to move without damage to property |
| Adaptation of the Item to the Realty | Court test to distinguish if an item is a fixture that determines if an item was designed to be specifically used for a property |
| Intention of the Annexor | Court test to distinguish if an item is a fixture that determines why the person installed the item |
| Relationship of the Parties | Court test to distinguish if an item is a fixture that determines the nature of each persons interactions |
| Trade Fixtures | Items installed by a tenant so he can carry on a business |
| Title Elimination | In order for a mobile home to become real property, it must go through this procedure, changing it's status from vehicle to home |
| Metes and bounds, government survey, and lot & block | These three methods provide a legal description of land |
| Metes and Bounds | Provides a legal description of land that describes a parcel by establishing its boundaries through monuments, directions (courses), and distances |
| Metes and Bounds | This descriptions begins at a convenient and well defined point along the boundary of a tract of land called the point of beginning |
| Metes and Bounds | "Beginning at the oak tree, thence south 15 degrees east, 200 feet, thence north 90 degrees west, 310 feet" is a legal description using which method? |
| Government Survey | Description of land using a reference to a series of grids and is mainly used west of the Mississippi River |
| Principal Meridian | Original north/south line established in the government survey grid |
| Base Line | Original east/west line established in the government survey grid |
| Township Lines | Lines that run east and west on the government survey grid |
| Township Tiers | Township lines divide the land in a government survey grid to create these rows |
| Range Lines | Lines that run north and south on the government survey grid |
| Ranges | Created by range lines that divide the government survey grid into columns |
| Guide Meridian | Every fourth range line and every fourth township line is a correction line |
| Township | The land located at the intersection of a range and a township tier, identified by its position relative to the principal meridian and base line |
| 640 | How many acres in a square mile? |
| 36 | How many square miles in a township? |
| Government Lot | A section of land of irregular shape or size that is referred to by a number |
| Lot and Block | Sometimes referred to as the Platting Method |
| Lot and Block | When land is subdivided, it is mapped out by a surveyor on a subdivision map and recorded in the county creating clear boundaries |
| Plat | A subdivision map created by lots and blocks |
| Datum | Established plane of elevation used to describe air lots |
| Bench Mark | Point whose position relative to a datum has been accurately measured |
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