ch 1 by knowt

These flashcards cover key concepts from a lecture on real estate, including definitions, characteristics, and methods of land description.

What is real estate?

Real estate includes land plus improvements, interests, rights and privileges, and fixtures.

What are surface rights?

Surface rights refer to the rights to use the Earth's surface.

What are subsurface rights?

refer to the rights to use the resources below the Earth's surface.

What are air rights?

Air rights refer to the rights to use the airspace above the land.

What does the term 'bundle of rights' refer to?

the right of possession, control, exclusion, enjoyment, and disposition

What are the economic characteristics of land?

Scarcity, location, and permanence.

What are the physical characteristics of land?

Immobile, unique, and indestructible.

What is considered an improvement to real property?

Items attached to the land with the intent of being permanent.

Examples of improvements to real property.

Houses, trees, driveways, and fences.

What are water rights?

Rights concerning the use of water on or under the property, controlled by the government.

What does 'Riparian' refer to?

Rights related to flowing water, such as rivers.

What does 'Littoral' refer to?

Rights related to standing water, such as lakes.

What is erosion?

The gradual destruction of land.

What is accretion?

The process of growth, opposite of erosion.

What are mineral rights?

Rights allowing the owner to keep, lease, or sell minerals found beneath their surface.

What is personal property?

All property that is not real estate, also known as chattel.

How is personal property transferred?

By a bill of sale.

What is a fixture?

An object that was once personal property but is now attached to and considered real estate.

What is the test of intent for fixtures?

Intent is evidenced by adaptation, attachment, and agreement.

What are trade fixtures?

Tenant-installed items attached to commercial property necessary for their business.

What happens to trade fixtures at lease termination?

The tenant may remove them prior to lease termination; if not, they belong to the landlord.

What are emblements?

Annual crops that belong to the party who planted or tended them.

What is the rectangular survey system used for?

It is primarily used for land description west of the Mississippi River.

What is a township measurement in the rectangular survey system?

6 miles x 6 miles= 36 square miles

What is a section in the rectangular survey system?

1 mile x 1 mile or 640 acres.

What is an acre in square feet?

43,560 square feet.

What does the term 'contiguous' mean?

Touching or sharing a boundary.

What is a recorded plat?

A system using lot-and-block numbers referred to in a plat map filed in public records.

What is frontage?

The lot line that is contiguous to the road.

How do you calculate the area of a lot?

Multiply the width by the depth.

What is a principal meridian in the rectangular survey?

A principal meridian is a reference line for the north-south direction in land description.

What are range lines?

Lines that run north-south in the rectangular survey system.

What are township or tier lines?

east-west lines in the rectangular (government) survey

What is Section 16, Township 2 North, Range 4 East?

A specific land description called rectangular (government) survey.

equals 5,280 feet

A mile.

What does a lots dimensions determine?

Size and shape of the property.

Why are improvements considered a part of real property?

Because they are attached to the land with the intent of being permanent.

What affects the value and use of land?

Various physical and economic characteristics as well as improvements.

What rights may not transfer automatically with property?

Trade fixtures and certain personal property unless agreed upon.

Recorded plat method is also called?

Lot & block

Lot and block system is usually used to describe property in?

Subdivisions

Contiguous means

Touching

Rectangular (government) survey is used primarily where?

West of the Mississippi river

Townships equal?

6 miles x 6 miles= 36 square miles

1 mile equals how many feet (linear in a row)?

5,280 feet

What’re fundamental reference lines of the rectangular (government) survey

Principal meridian, range line, base line, and township line

In a rectangular (government) survey the sections are numbered from?

Right to left

What is METES in metes and bounds?

Measuring in feet and inches

What is BOUNDS in metes and bounds?

Means its shape

What method of land description uses compass readings and measurements?

Mete’s and bound’s

What land description is measured clockwise?

Metes & bounds

Metes and bounds begins and ends where?

At the point of beginning