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Session 1
Real Property
| Question | Answer |
|---|---|
| Accretion | The increase of land due to natural causes |
| Affidavit of Affixture | A document used to make a mobile/manufactured home real property. The vehicle titles must be surrendered, and the Affidavit must be recorded |
| Apperturances | The rights and improvements that are attached to the land and transferred with the land unless reserved or excepted on the deed. (May be corporeal or incorporeal) |
| Bundle of rights | A term describing all the rights an owner has in real property. (Disposition, Exclusion, Enjoyment, Possession, Control) DEEPC |
| Condemnation | The "Action" or "Process" or acquiring title |
| Conversion | The process of changing real property to personal property or personal property to real |
| Corporeal Real Estate | (Tangible rights of property) Improvements such as buildings, fences, trees, sidewalks, and perennial plants |
| Dedication | The transfer of privately owned land to the public, without consideration, with the intent that the land will be accepted and used for public purposes (Rich people give land to public) |
| Deed | The written document by which a property owner as "grantor" conveys to a "grantee" and ownership interest in real property |
| Emblements | Annual crops produced by labor which are personal property. (Also known as fructus industriales) Also defined as the right of a tenant farmer to re- enter the land to cultivate and harvest crops after the lease has expired. |
| Eminent Domain | The right to take ownership of private property for public use with just compensation paid |
| Escheat | Reversion of property to the state due to the owner dying without a will and with no known heirs. |
| Grantee | Receives a deed |
| Grantor | Gives a deed |
| Hereditament | The right to transfer ownership to heirs |
| Heterogeneity | Non homo- Unique- Meaning no two plots of land are the same |
| Personal Property (Chattel, Personalty) | Is moveable property that is not attached to the land. Usually transferred by a bill of sale |
| Police Power | The right to enact and enforce laws for the health safety and welfare of the public (Zoning laws, health codes, building codes) |
| Real Property (Real Estate, Realty, Tenement) | The land, everything attached to it (tenements) and the rights that accompany it |
| Riparian Rights | rights of a property adjoining a river or stream or to the land beneath the water or to the water itself |
| Taxation | Real property taxes are charges against property to bear the cost of municipal functions such as schools, police, fire departments etc |
| Tangible Property | objects such as potted plants, furniture, automobiles, and documents. |
| Intangible property | rights and relationships, (Copyrights, patents, trademarks) |
| Bill of sale | A certificate of transfer or personal property |
| Chattel Real | Personal property with less than a freehold interest in real property, such as a lease |
| Trade Fixtures | Personal property used in the operation of a business, including store shelves, counters etc (May be removed by the departing tenants before the lease expires) |
| Another word for Personal Property | Chattel, Personalty |
| Avulsion | The sudden separation of land due to natural causes |
| Accretion | The increase of land due to natural causes |
| Incorporeal Rights, Relationships and Privlegess | (Intangible Rights of property) Mineral rights, Air rights, Riparian Rights, Easements |
| Disposition | The right to transfer all or some of the rights to other people, can be a sale, transfer, conveyance, grant, gift, devise, dedication or demise |
| Exclusion | The right to stop others from using or entering the property |
| Enjoyment | The right to free use of the property without interference from other people or society |
| Possession | The right to physically occupy and use the land and make it productive |
| Control | The right to physically alter or change the property |
| Fixtures | A fixture is an item which was once personal property, that has been permanently attached to and has become real property , Method of attachment, Agreement of the parties, Relationship to the parties, Intent, Adaptation |
| M.A.R.I.A. | Method of attachment/ Agreement of the parties/ Relationship to the parties/ Intent/ Adaptation. The legal test used to determine if an item is a fixture |
| Arizona 811 | Also known as blue stake, When planning to dig in AZ, the location of underground utilities may be marked by calling 811. (Call 811 to mark that you made gas lines n stuff) |
| Buffer Zone | An area separating two incompatibly zoned areas from each other |
| Building Code | A set of construction requirements adopted by local governments to provide a reasonable level of safety and public protection |
| Front Footage | The dimension of a parcel along the street (Access side) when referring to lot size frontage is the first number. |
| General Plan | The governments long range plan or private program to regulate the use and development of property in an orderly manner. |
| Master Deed | Divides the planned community into individual lots or parcels for development |
| Master Planned Community | A big residential plan (including different types of planned unit developments PUDs) with recreational amenities, such as parks, gold courses, lakes, bike paths, and jogging trails. |
| Natural Area Open Space (NAOS) | An area or wide easement restricting and preserving the use as a natural environment (You cant change the wildlife flora and fauna) |
| Nonconforming Use (Grandfathered Use) | A use that predates the zoning ordinance and, therefore, may continue but may not expand. if the structure is destroyed it may not be rebuilt |
| Planned Community | A real estate development that includes real estate owned by an association, created for the purpose of managing, maintaining, or improving the property. |
| Setback | A minimum distance a building must be from the street and or lot lines |
| Site Plan | A plan of proposed improvements to a parcel, usually shows a building footprint, parking, drainage, sewer, water and utility lines, lighting and landscaping. (Basically when applying for a building permit they want to see whats on the site) |
| Variance | A use granted that deviates from the zoning ordinance. Notice to the neighbors is often required. |
| Zone | An area set off by municipal authorities for specific uses. |
| The four Government Powers | PETE Police power Eminent domain Taxation Escheat |
| Difference between Escheat and Intestate | Intestate died without a will, Escheat died without a will and no heirs. |
| Building Footprint | The area on a site plan that is used for the structure |
| Zoning ordinance | A government limitation on the use of land, enacted under police powers by municipalities. |
| PETE | Police power Eminent domain Taxation Escheat |
| The four government powers | PETE/ Police power, Eminent domain, Taxation, Escheat |
| Reasons a variance would be granted | If the owner shows the zoning poses an undue hardship (Ex, allowing the owner to build a garage closer than the setback allows) |
| Easement | a right to cross or otherwise use someone else's land for a specified purpose |
| What is required for resale of units in a planned community? | [1] Copy of bylaws and rules [2] copy of the community declaration [3] name of the principal contact [4] Amount of assessments [5] Statement as to whether a portion of the unit is covered by insurance [6] total reserves [7] a copy of the current budget |
| How often must the board of directors of an association for a planned community meet? | Once a year (Anually) |
| How many feet are in a mile | 5,280 feet |
| How many feet are in an acre | 43,560 Feet |
| How many feet are in a yard | 3 Feet |
| Calculation for Area of a plot | Length times Width |
Created by:
Baayangle
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