Property

Question 0

Chattel

Answer 0

Personal property

Mobility is the distinguishing characterstic

Question 1

Property

Answer 1

Consists of things + the rights of ownership. Divided into 2 categories: real and personal

Question 2

Chattels personal

Answer 2

Cars, boats, furniture, clothes, stocks, money, tools

Question 3

Chattels real

Answer 3

Items that extend to the owner an interest in real property such as leases, mortgages, contracts to purchase, and options

Personal property

Question 4

Bill of sale

Answer 4

Transfers ownership of personal property

Question 5

Deed

Answer 5

Transfers real property

Question 6

Real estate

Answer 6

Consists of the land itself plus those things which are permanently attached to the land by man or nature

Question 7

Real property

Answer 7

More encompassing; includes not only things permanently attached but also legal rights and interests that go along with ownership

Land + appurtenances (trees)

Question 8

Appurtenances

Answer 8

Any right, interest, or improvement which automatically conveys with ownership of the property
“Run with the land”

Question 9

Land

Answer 9

3 dimensional; subsurface rights, surface, air rights

Question 10

Tenements

Answer 10

Things permanently attached to the land, physically or legally. Immovable by law. Can be either products of nature or man made

Question 11

Fructus naturales

Answer 11

Plants that are grown natural, shade trees, shrubbery, perennial plants….real property…transfer with the land

Question 12

Fructus industriales

Answer 12

“Emblements”
Planted and harvested crops
Personal property

Question 13

Improvements

Answer 13

Artificial attachments…buildings, fences, driveways, pipelines, swimming pools, mobile homes

Question 14

Percolating water

Answer 14

Underground water that is not confined to a specific waterway…sometimes unrestricted, sometimes shared.

Perc test to determine feasibility…how quickly water is absorbed into the ground

Question 15

Water table

Answer 15

Level where percolating water is found.

Wells, irrigation, filling a lake

Question 16

Riparian rights

Answer 16

Property borders a river/stream…owner has right to use water for swimming, boating, fishing. Can even divert water - but only if natural flow is not interrupted or altered

Ownership: not exclusive…other boarding owners rights have to be respected

Question 17

Correlative rights

Answer 17

Allows the owner only a reasonable share of water during times of short supply

Question 18

Prior appropriation

Answer 18

In states where water is scare….the right to use the water is secured by permit. Earlier permits establish priority of use. Such rights run with the land when ownership is transferred

Question 19

Navigable waters

Answer 19

Rivers and oceans used for commercial shipping and identified on gov’t survey maps

Open to the public

Non-navigable: center of waterway
Navigable: high water mark or riverbank

Question 20

Littoral rights

Answer 20

Concern properties which border large navigable lakes, oceans, seas…right to use beach or water…but not interfere with the publics right of use

Question 21

Mineral rights

Answer 21

Real property when on or below earths surface

Personal property once removed

Question 22

Right of lateral support

Answer 22

Mining operations…natural contour of a adjoining land must not be damaged by efforts to extract minerals from below the surface.

Also applies when making improvements to property and a landowner may be liable for damage caused to adjoining property

Question 23

Law of capture

Answer 23

Oil/gas

Law that allows a well drilled on one property to extract oil and gas from under adjoining properties

Question 24

Air rights

Answer 24

Land owners rights extend into the space above the land to infinity Can be sold or leased separately from the land itself Building height restrictions

Question 25

Air lot

Answer 25

Condo; block of airspace measured from inside wall to inside wall

Question 26

Personal property

Answer 26

Property that is not real

Question 27

Severance

Answer 27

Process by which an item of real property becomes personal property Tree grown on land is real property. Cut down and turned into lumber= personal

Question 28

Fixture

Answer 28

Property that was once personal and now becomes real M- modification; bldg modified to accept an article, article is modified to fit the bldg A-attachment; items that have been screwed into a wall; physically attached, easier to identify as fixtures (Legal attachments too- garage remote, key) R- relationship of parties: what relationship the person placing the item in the property has to the property (Trade fixture-tenants personal property). (Accession- if tenant does not remove property it becomes landlords property) I-intentions of annexing party; what did the person who placed it there intend? A- agreement: contractual agreement on what is and what isn't

Question 29

Characteristics of land

Answer 29

Immobility Non homogeneity Indestructibility

Question 30

Economic characteristics of land

Answer 30

Location, preference (situs) Improvements (buildings, landscaping) Fixed investment (how long a bldg can last and it's economic life) Scarcity

Question 31

Spot survey

Answer 31

Survey buyer receives at closing

Question 32

Plat of survey

Answer 32

Surveyor prepared

Question 33

Metes and bounds

Answer 33

Describes and identifies the parcel by describing its boundaries Most authoritative; most difficult Metes: distances and directions Bounds: landmarks/monuments Descriptions with bearings Point of beginning Closure

Question 34

Bench mark

Answer 34

POB is identified in relation to some permanent point of reference- standard bench mark

Question 35

Call

Answer 35

Description of property which directs you in direction and distance

Question 36

Rectangular survey | Govt survey

Answer 36

System to provide land description by imaginary lines Not used in Georgia

Question 37

Principal meridians

Answer 37

North and south longitude lines 36 total Form basis for east/west measurement

Question 38

Base lines

Answer 38

East west latitude 32 total Serve as north-south measurement t

Question 39

How are townships divided?

Answer 39

36 sections that are 1 mile to a side

Question 40

Section

Answer 40

640 acres, 1 sq mile

Question 41

Recorded plat

Answer 41

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

Question 42

Datum

Answer 42

A way to describe air rights/height

Question 43

Topographic maps

Answer 43

3 dimensional Contour map Vertical land description

Question 44

How many inches in a foot?

Answer 44

12

Question 45

How many feet to a yard?

Answer 45

3

Question 46

Square footage formula Flat surface Formula

Answer 46

Length x width

Question 47

What is frontage?

Answer 47

Measurement along the road/street

Question 48

Formula for three dimensional figure- cubic footage-- warehouse

Answer 48

Length x width x depth

Question 49

How many square feet in an acre?

Answer 49

43,560