Real Estate Review
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| Metes and Bounds | Most used legal description that refers to a point of beginning (POB) and then uses distances and compass direcitons
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| Real Property aka Realty | Land along with its improvements, things attached to it, and the benefits, rights and interests included in its ownership.
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| Chattel | Personal Property/Personalty-Anything that is unattached and moveable, such as furniture.
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| Fixtures | Once-moveable items that have been attached to real property. e.g. sink or ceiling fan
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| Trade Fixture | Fixtures used by business tenants such a display cases or supermarket freezers. Consideered the tenant's removable personal property.
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| Annexation | Term for how, by attachment something that was formerly personal property becomes real property.
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| Accession | Additions to real property from natural causes, such as a riverfront that benefits from a shift in the river's path.
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| Severance | The process of separating a fixture from real property. Also applies to removing "connected" elements such as crops and minerals from the land.
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| Four legal tests for a fixture | 1 Intention
2 Method of Attachment
3 adaptation
4 Relationship/Understanding between Parties
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| Appurtenance | "Runs with the land" or belonging to something else. Rights do not end when the new owner takes titile.
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| Emblements | Crops that a tenant generally owns as personal property and may return to harvest even after a lease expires.
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| Fructus Industraials "Fruits of Industry" | Fruits of growning crops considered personal property.
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| Fructus Naturales "Fruits of Nature" | Tree's & Bushes considered to be real property.
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| "LAND" Includes | Earth's surface, subsurface to the center of the earth, the space overhead and rights to each.
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| Three physical Characteristics of Land | Immobility, permanence (indestructibility), uniqueness.
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| Improvements | Additionss to the property that increase its value or enhance its appearance.
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| Monument | Any number of landmarks that provides a stable point of reference for surveys. They can be natural such as trees, revers or artificial such as stakes, markers, or pins
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| Lot/Block/Tract | System of Property description generally used for Subdivisions.
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| Recorded Plat System | Identifies properties according to a plat map or sometimes even an assessor's map.
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| Assessor's Map (Subdivision) | Shows the specific dimensions of each lot, the access roads, and easments. Almost always have a disclaimer that they are "For Tax Purposes Only."
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| Propety Survey | Determine the accurate location and dimensions of property boundary lines.
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| Acre Size | For test purposes 43,560 Square Feet
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| Assessor's Acre | 40,000 Square Feet
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Created by:
vstansell