Reak Estate Prep
Terms
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- RE includes land plus improvements which include
- rights, privileges and fixtures
- Land includes
- surface rights, air rights and Subsurface rights, including mineral rights
- Items affixed to the land w/ the intent of being permanent are called; ex. house, garage, fance
- Improvments
- Fixtures are items attached by any of the following:
- Attachment or Annexation, Adaptation or Agreement
- What are Emblements
- Crops
- Emblements (crops) & trade fixtures are
- Personal Property
- Emblements are annually cultivated crops that belong to
- the party who rightfully planted the seed
- Tenant-installed additions to a property for use in a trade or business are called
- Trade Fixtures
- Personal Property is also called
- Chattel
- Everything that is NOT real estate and can be transferred by bill of sale is
- Personal Property
- Physical Characteristics of Land are
- Immobile, Indestructible and Unique (nonhomogeneous)
- Economic Characteristics of Land are
- Scarcity, Improvments, Permanence of Investment and Area preference (situs)
- Linear mesurements, directions and degrees / Beg. and ending point / measure clockwise is what type of legal description
- Metes and Bounds
- Rural; W of Mississippi / Township, sections is what type of legal description
- Rectangular survey / government survey
- Township - 6 miles square is how many square miles
- 36
- Each township contains how many sections
- 36 sections
- A section equals how many acres
- 640 acres
- An acre is how many square feet
- 43,560 sf
- Urban/residential (lot, block, subdivision) is a
- recorded plat
- Ex. of an informal reference / not a legal description is
- A street address
- Who pays is negotiable / it reveals encroachments or zoning violation is a
- survey