Property Flash Cards

Frage	Antworten
Chattels	Personal Property
Chattels Personal	Personal items such as: Cars, Clothes, stocks, money and tools
Chattels Real	Items that extend to the owner an interest in real property such as Leases, mortgages, contracts to purchase and options.
Real Estate	Land plus things which are permanently attached to the land by man (such as buildings) or nature (such as trees).
Real Property	More encompassing than real estate as it includes not only those things permanently attached but also the legal rights and interest that go along with ownership
Appurtenance	Defined as any right, interest, or improvement which automatically conveys with ownership of the property
Land	an infinitely slender triangle, starts at the earths center, passes through the surface and extends into space to an indefinite height
Tenements	Things permanently attached to the land, physically or legally
Fructus Naturales	Plants that grow naturally and require no annual cultivation, like shade trees, shrubbery and perennial plants
Fructus Industriales	Crops that are planted and harvested each year, such as corn, wheat, soybeans and tobacco.
Emblements	Fructus Industriales
Improvements	Artificial attachments such as fences, driveways, pipelines, and swimming pools
Percolating Water	Underground water that is not confined to a specific waterway
Water Table	Level at which percolating water is found
Riparian Rights	Water rights for properties that border rivers or streams
Littoral Rights	Water rights for properties that border the Ocean
Fixture	Property that was once person but has become real. Has to meet the following requirements: Modification, Attachments, Relationship of the Parties, Intentions of annexing party and agreement
Physical Characteristics of Land	Immobility, Non-Homogeneity, Indestructibility
Economic Characteristics of Land	Location, Improvements, Fixed Investment and Scarcity
Situs	The sum of these factors that affect value
Metes and Bounds	Method of legal descriptions identifies the parcel by describing its boundaries.
Bench mark	Fixed point set in place by the U.S. Geological Survey
Rectangular Survey	Also called the Government Survey. A system which uses imaginary lines.
Recorded Plat	Short Form - It is the most convenient legal description. The plat shows how the land would be divided into blocks and lots. Letters and numbers are assigned to each block and lot with exact sizes and dimensions
Vertical Land Description	Used to describe Air rights and subsurface rights.
Allodial System	Any indicidual who has the means can acquire rights of ownership.
Right of Possession	Right to occupy your property and to have ingress and egress (a way to get in and out)
Right to use or control	Making profit from land, removing objects from it, building on it, farming it, drilling or mining on it, leasing it to others excluding others from it and granting easement
Right of enjoyment

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