18018154
Description
Flashcards by Paul Sanford, updated more than 1 year ago
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Created by Paul Sanford
over 5 years ago
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| Question | Answer |
| 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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