7. Property Ownership

Question 1

Real property

Answer 1

Aggregate of rights powers and privileges conveyed with ownership of real estate

Question 2

Personal property

Answer 2

All property that is not my hand and is not permanently attached to the land. Movable. Chattel.

Question 3

Fixtures

Answer 3

Personal property that has become real property by being permanently attached to real property

Question 4

Land characteristics:
PHYSICAL
characteristics of land.

Answer 4

The surface of the earth, the area above and below the surface, and everything permanently attached.

Question 5

Land characteristics:
ECONOMIC
characteristics of land

Answer 5

DUST

Demand, Utility, Scarcity, Transferability

Question 6

Heterogeneity

Answer 6

Uniqueness

No two parcels of land are identical.

Legal concept of specific performance:

The law does not consider money a substitute for the seller’s duty to convey title

Question 7

Homogeneity

Answer 7

Similarity

Neighborhoods made up of similar properties

Question 8

Legal description

Answer 8

Three types:

1. Metes and bounds
2. Description by reference
3. Government or rectangular survey system

The deed must contain an adequate formal legal description of the property

Question 9

Metes and Bounds

Answer 9

Used to describe small, irregular land areas

Metes = Measures
• The distances from point to point in the description

Bounds = Boundaries
• The directions from one point to another

Question 10

Description by reference

Answer 10

May refer to a plat and a number that has been recorded or to a previous deed conveying the same property

Question 11

Government or rectangular survey system

Answer 11

Used for the transfer of regularly shaped tracks of real estate such as rectangles and squares

Question 12

Government or rectangular survey system: Divisions

Answer 12

The country is divided by 36:

North-South lines called
PRINCIPAL MERIDIANS

East west lines are called
BASELINES

Every 6 miles east and west of a principal meridian are called
RANGES

Question 13

Township

government or rectangular survey system

Answer 13

Each township is a square 6x6 miles, divided into 36 sections, each 1 mile in length and width

Township lines are
EVERY 6 MILES north and south of baselines

Each one mile section maybe divided into quarter sections consisting of 1/4 mile squares

Each section contains 640 acres, a quarter section is 160 acres

Townships are numbered every 6 miles north and south of a baseline as Township 1 South (T1S) Township 2 South (T2S) and so on

Question 14

6X6

Answer 14

Township: a 6 mile x 6 mile square

Question 15

5,280 Feet

Answer 15

Equals 1 mile

Question 16

1 MILE in feet

Answer 16

= 5,280 feet

Question 17

Mineral, air, and water rights

Answer 17

Pass to the buyer and less specifically excluded

Crops that are planted are EMBLEMENTS
and do NOT PASS to a buyer BY DEED.

Question 18

Emblements

Answer 18

Crops that are planted annually,

Planted by labor and industry
(not spontaneous planting)

DO NOT PASS to a buyer BY DEED.

Personal property, chattel

Question 19

Subdivision

Answer 19

One piece of land that has been divided into two or more pieces of land

The individual pieces of property are called lots or parcels

The purpose of subdividing is to allow for the sale of the individual pieces of land