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GA Real Estate Terms > Chapter 1 > Flashcards

Chapter 1 Flashcards

(67 cards)

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1
Q

Artificial Monuments

A

Man-made objects such as streets, fences, iron pins, concrete post, etc.

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2
Q

Natural Monuments

A

Trees, streams, rocks, etc.

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3
Q

Metes and Bounds

A

A method of legally describing land by measuring directions and distances of its boundary lines.

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4
Q

Plat of Survey

A

A map or drawing that shows the location and boundaries of a land parcel, and in some cases, how the land is subdivided into lots. Also called a Plot Map

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5
Q

Spot Survey

A

The process of locating the exact boundaries, shape and area of a parcel of land.

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6
Q

Economic Life

A

The period of time over which a property is estimated to be profitable or utilized. Also called Useful Life.

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7
Q

Situs

A

Location; refers to people’s preference for a given location. Area preference.

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8
Q

Non-Homogeneity

A

A characteristic of land which holds that no two parcels are exactly alike because each parcel has its own unique location.

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9
Q

Accession

A

The acquisition of title by the owner of real property to those things attached to the property by others, such as tenants or trespassers or by nature.

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10
Q

Trade Fixture

A

An item of personal property attached to the land or building leased by a tenant who uses the item in a trade or business.

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11
Q

Severance

A

To remove something from the land such as minerals or timber.

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12
Q

Air Rights

A

The right to use and enjoy the air space above a parcel of land. Such rights may be leased or sold separately from the land.

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13
Q

Air Lot

A

A designated air space over a parcel of land. In condos, each individual unit occupies a separate air lot.

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14
Q

Law of Capture

A

This law allows a well drilled on one property to extract oil and gas from under adjoining properties.

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15
Q

Right of Lateral Support

A

The right which protects the natural support of adjacent land in mining operations to extract minerals from below the surface of the earth.

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16
Q

Mineral Rights

A

A land owners legal interest in minerals below the surface of his land. Such rights are considered to be appurtenant to the land and may be sold or leased separately.

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17
Q

Littoral Rights

A

A landowners lawful claim to use and enjoy the water of a large lake or ocean bordering the owned property.

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18
Q

Navigable Waters

A

A waterway open to the public for commercial boat traffic.

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19
Q

Correlative Rights

A

The doctrine of law which allows riparian owners in certain states to use only a reasonable share of the water during periods of drought.

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20
Q

Water Table

A

The level at which percolating water is found below the earth’s surface.

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21
Q

Percolating Water

A

Underground water that is not confined to a specific waterway, channel or stream.

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22
Q

Land

A

An area which starts at the center of the earth, passes through the earth’s surface and extends into space

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23
Q

Bundle of Rights

A

All of the rights a person can have in real property. Included in the bundle are the rights of possession, control, enjoyment and disposition.

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24
Q

Tenements

A

Things permanently attached to the land, physically or legally

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25
Fructus Naturales
Growing things which require NO annual cultivation
26
Fructus Industriales
Crops that are planted and harvested each year
27
Point of Beginning
The starting point at one corner of a parcel of land described in a metes and bound legal description
28
Bench Mark
A permanent reference point of known location used by surveyors. A bench mark may be a point established by a government survey team or a fixed monument such as a road right of way.
29
Call
The compass direction and distance for each boundary line
30
Closure
The metes and bounds legal description must return to the point of beginning or the description is incomplete
31
Rectangular Survey System
A method of legally describing the surface of the land based upon a grid system formed by principal meridians, baselines, range lines, and township lines. Also, known as the Government Survey System
32
Principal Meridian
One of the north-south reference lines used in the rectangular survey to locate land
33
Baseline
Certain reference lines which run east and west; used in the rectangular survey system to locate land
34
Township
A parcel of land in the rectangular survey system that is six miles square
35
Topographic Map
A map that shows the elevation of the earth’s surface. Also known as Contour Map
36
Section
A parcel of land in the rectangular survey system that is one mile square and contains six hundred forty acres (640)
37
Datum
A point of surface of known location from which heights and depths are measured. The basic point from which vertical land (air rights and mineral rights) is described
38
Recorded Plat
A plat or map showing the location and boundaries of individual parcels of land that is filed in the public records in the county where the property is located
39
Range (line)
A six mile wide strip of land running north-south in the rectangular survey system
40
Bearings
Are shown in degrees, minutes and seconds
41
Personal Property
Anything of a movable nature capable of being owned that is not considered real property. Also known as Personality or Chattel
42
Real Estate
Land and attachments on it plus the rights to own and use them. Also known as Real Estate or Realty
43
Appurtenance
Anything that may be used with the land for its benefit and goes to the new owner when ownership of the land is transferred. Mineral rights, air rights, water rights, easements, improvements and natural attachments are appurtenant to the land. Also known as Run with the Land
44
Improvements
Any permanent, man-made attachment to the land, such as buildings, fences, roads or pipelines. Also known as Arterial Attachment
45
Improvement
Artificial attachments including buildings, fences, driveways, pipelines, swimming pools and even mobile homes if attached to the land
46
Water Rights
A landowners right to use and enjoy water adjacent to, underneath, or on the land
47
Riparian Rights
A landowner’s right to use and enjoy the water from a river, stream or lake which adjoins the owned land.
48
Prior Appropriation
A doctrine of law relating to riparian water rights used by states that typically experience periods of drought. The right to use riparian water is secured by permit. During periods of drought the earlier permits establish priority in using adjacent water.
49
Fixture
An item that was once personal property but has become real property because of the manner in which it was attached to the land or it’s improvements.
50
M.A.R.I.A
``` Modification Attachment Relationship of the Parties Intentions of the Annexing Party Agreement ``` Fixture test: Five tests that can help make the matter clear
51
Acre
A measure of land area equal to 43,560 square feet
52
Bill of Sale
A document which conveys ownership to personal property
53
Chattel
Personal property
54
Constructive Severance
The transfer to someone other than the owner of the land the rights to remove attachments such as timber, or buildings, or the right to remove minerals.
55
Contour Map
Also known Topography Map
56
Contour
Also called topography
57
Emblements
Also called Fructus Industriales
58
Government Survey
Also known as Rectangular Survey
59
Legal Description
A description of land legally sufficient to distinguish it from all other parcels.
60
Meridians
Certain reference lines which run north and south used in the rectangular survey system to locate land. The north-south line on a compass.
61
Monument
A fixed point or object used to denote the end point of a boundary line in a metes and bounds description.
62
Portable Water
Water which is pure enough to drink.
63
Property
A specific object owned plus the rights of ownership.
64
Real Property
Also called Real Estate
65
Subdivision
A parcel of land divided into a number of smaller lots, generally for the purpose of building new structures.
66
Topography
The nature or shape of the earth’s surface, such as hills, valleys, level, or rolling. Also called Contour
67
Trade Fixture
An item of personal property attached to the land or building leased by a tenant who uses the item in a trade or business.

GA Real Estate Terms (11 decks)

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