Flashcards in Chapter 1 Intro to Real Estate Deck (17):
Means ownership transfers with the land automatically without the need of a separate conveyance (runs with the land).
What do easements also allow?
Easements that allow the use of someone else's land, such as a driveway to enter your land, also how tin the land being sold if it is the only way to access the land.
Are minerals, oil and gas, when extracted personal or real property?
Emblements are planted growing crops that are cultivated annually by a tenant farmer on leased land.
Fixtures are items of personal property that are attached to, or incorporated into, the land in such a manner as to become real property. Define MARIA
Method of attachment
Relationship of the parties
Three methods for property identification.
Metes and Bounds
Sections and Townships
Lots, Blocks and Tracts
Trade fixtures are always _____ property.
Describe Metes and Bounds
Metes and Bounds is the method of identifying property by its boundaries, distances and angles from a given starting point.
Horizontal, runs east to west.
Base, 6 miles
Vertical lines that run north to south.
Meridian, 6 miles
Township lines divide the land into a series of east-west strips called ______.
Range lines divide the land into north-south strips called _____.
Township is when a ____ intersects a _____. So in total, it is ___ miles.
Tier, range, 36 miles
A section is one square mile of land consisting of _____ acres.