National Section - Chapter 4 Flashcards
(245 cards)
Physical Characteristics of Land
immobility, indestructibility, heterogeneity
Economic characteristics of Land
demand, utility, scarcity, transferability, situs
Ownership of real estate and the bundle of rights associated with owning the real estate
real property
Ownership of anything that is not real estate, and the rights associated with owning the item (chattels or personalty)
personal property
Physical, visible and material
tangible property
abstract, having no physical existence in itself, other than as evidence of one’s ownership interest
intangible property
Types and uses of real property
residential, industrial, commercial and agricultural
Property that has a unique use for the persons who own and use it, such as churches, hospitals, schools and government buildings - public open space and rec areas
special purpose real estate
Land can be laterally severed into what?
surface, air and subsurface rights
Rights that concern properties that border bodies of water that are NOT moving
littoral
Rights that concern properties that border moving water (steams and rivers)
Riparian Rights
Personal property item that has been converted to real property by attachment to real estate
fixture
Federal land regulations primarily concern
broad standards of real property usage, natural disaster, land description and discrimination
State land regulations primarily concern
primary regulatory entities of real estate business, license laws and qualification
Local land regulations focus on
land use control, control of improvements, taxation - have the power to levy real estate taxes
Judicial land regulation primarily concerns
real estate ownership and use through decisions based on case law and common law, distinguished from statutory law
accurately locates and IDs the boundaries of the subject parcel to a degree acceptable by courts of law in the state where the property is located
legal description
What is a legal description required for
public recording, creating a valid deed of conveyance or lease, completing mortgage docs, executing and recording other legal docs
IDs the boundaries of a parcel of real estate using reference points, distances and angles
ALWAYS IDs an enclosed area by starting and retiring to the origin point (pob)
metes and bounds
Inadequate as a legal description method for irregular shapes
rectangular survey system
Single designated meridian for identifying townships in the geographical jurisdiction
principal meridian
every 24 miles east and west of a principal meridian
guide meridian
designated lien for identifying townships
base parallel
every 24 miles north and south of a base parallel
correction line