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Barney Fletcher Section 1 Study Guide
Bundle of Rights Correct Answer is the legal rights that accompany real property ownership. Real Estate or Real Property Correct Answer is Land, improvements, & legal rights of ownership Appurtenance Correct Answer is rights, privileges or improvements that belong to and pass with the transfer of property. Attaches to land, not owner Surface Rights Correct Answer is right to control, occupy, and use the surface area of a parcel of real estate (the land), including the building of improvements (real property), and the growing of crops (personal property). Air Rights Correct Answer is The right to use, control and occupy the space above a particular parcel of land. Subsurface Rights Correct Answer is rights to the earth located beneath the surface of the land Improvements Correct Answer is Additions made to property that are intended to enhance its value Fixtures Correct Answer is Articles that were once personal property but have been affixed to real estate so as to become real property 4 ways to test Fixtures Correct Answer is 1) Written agreement - most important
- Method of Attachment 3)Adaptability
- Relationship of the Parties Fructus Naturales Correct Answer is Permanent plantings such as flowers, trees and bushes that are classified as real property Water Rights Correct Answer is The legal rights to use the water in a river, stream, or other body.
Navigable Waters Correct Answer is Body of water that is used for commerce or transportation (example: Mississippi River) Littoral Land Correct Answer is Land bordered by a stationary body of water, such as a lake or pond. Riparian Land Correct Answer is land bordering a moving watercourse such as a stream or river Easement Correct Answer is The right to use the land of another for a particular purpose. Non exclusive irrevocable Immobility, Indestructibility, Nonhomogeneic (Uniqueness) Correct Answer is Three Physical Characteristics of Land immobility Correct Answer is Land cannot be moved Indestructibility Correct Answer is Land cannot be destroyed. Its value may be destroyed by changing conditions, but physically land goes on forever. Nonhomogeneity or heterogeneity Correct Answer is The uniqueness of land. no two parcels of land are exactly the same. scarcity area of preference (situs) permanency of improvements & production assemblage Correct Answer is Economic Characteristics of Land Scarcity Correct Answer is Limited supply of land. Area Preference or Situs Correct Answer is An economic term that refers to the economic quality of a parcel of real estate. Consists of two factors: (1) certain locations are more preferable than others; and (2) real estate is immobile — it cannot be moved. Permanence of Improvements Correct Answer is ______________ combined with the immobility of the underlying land, makes the real estate market less flexible than other markets. Investments in land,
Client Correct Answer is party who employs the broker. Someone you represent Brokerage Firm Correct Answer is Employed by the public to perform acts of brokerage Principal Broker or Employing Broker Correct Answer is In charge of and responsible for all real estate operations conducted by a real estate brokerage firm. Salesperson and Associate Broker Correct Answer is Employed by the broker. Act as the broker's agent in conducting real estate transactions. Prospect, Customer, and Third Parties Correct Answer is Someone you work WITH. Potential client Legal Description Correct Answer is description of a particular piece of property Note: Street addresses and assessor parcels are NOT this Monuments Method Correct Answer is Uses naturally occurring physical feature of land to determine boundaries Metes and Bounds Correct Answer is used to describe property by specifying its shape and dimensions. Can be used for unsubdivided, unimproved real estate, as well as irregularly shaped parcels. Datum Correct Answer is Point of line in which depth is measured. ex. Sea Level Government Survey Correct Answer is A method of land description based on townships and sections. (Rectangular survey system, geodetic). Identifies large parcels of lands section Correct Answer is Each square mile within a township (640 acres)
1 acre Correct Answer is 43,560 square feet Lot, Block, and Subdivision (Recorded Plat) Correct Answer is States that do not use Government Survey generally use this. "Short form legal description." Recorded map of the subdivision recorded in the courthouse Used in Georgia perc test Correct Answer is test to measure how quickly water is absorbed by the ground Water table Correct Answer is the level at which percolating water is found prior appropriation Correct Answer is when water rights are given to those who have historically used the water in a certain area. For states where water is scarce. "first in time, first in right" residential property Correct Answer is all property used for single-family or multifamily housing, trailers, condos, vacant lots, and land for home building commercial property Correct Answer is land and buildings that produce rental income industrial property Correct Answer is Warehouses, factories, land in industrial districts, and power plants Agricultural property Correct Answer is farms, orchards, groves, ranches Recreational Property Correct Answer is Campgrounds, Recreational Vehicle Parks, Resort Properties, Time- Share units, & other Leisure Time Property special purpose property Correct Answer is churches, schools, cemeteries, hospitals, nursing homes, and government-held lands public property Correct Answer is property owned by the government for public use Check
