Property Ownership / Land Use Controls Flashcards
(166 cards)
All property other than real estate is known as…
personal property (chattel)
Real estate consists of three things:
land, improvements, and rights
Rights include:
surface, subsurface, air, ownership - Possession; Use; Encumber (collateral); Dispose; Exclude
If a seller is taking a fixture…
it must be excluded from the purchase agreement
Land cannot be sold quickly -
it is not considered a liquid asset (30-45+ days)
When articles of personal property are permanently attached to the improvements…
they become fixtures.
Tests for a fixture:
Method of attachment; Adaptability (pool cover); Relationship to the parties; Intent; Agreement between parties
Before a new building can be inhabited, what is needed?
A Certificate of Occupancy - Building inspector will issue a certificate of occupancy allowing new owners to move in.
Permission to vary from strict compliance with zoning requirements may be obtained in the form of a…
Variance
When a previously established use does not comply with the requirements of a new zoning ordinance, it may be allowed to continue as a…
nonconforming use. Property owner grandfathered under nonconforming use may not enlarge improvements and cannot rebuild if improvements are destroyed.
Townships, sections, and meridians are used in the…
rectangular (government) survey form of legal description. (Used by the US government to locate parcels of land within a grid system).
A legal description that uses compass degrees is…
metes and bounds. Used for irregular lots.
The type of legal description used in most urban areas is…
lot, block, and subdivision. Plat map - showing location & boundary of individual lots in a land subdivision is used in this system.
A buffer zone may be used to separate…
two incompatible zoning uses. I.e., commercial - residential.
Real estate and fixtures are transferred with…
a deed.
Personal property is transferred with…
a bill of sale.
If the buyer is keeping the seller’s personal property,
it must be included in the purchase agreement.
A section is…
640 acres.
A survey would:
establish boundaries; create legal descriptions; find encroachments (intrusions).
Real estate is bought and sold based on…
property descriptions (legal descriptions).
The definition of real estate includes:
land, improvements, rights.
All the following are true about fixtures:
typically start as personal property; if the seller is going to keep it, it must be excluded in the purchase agreement; the intention, attachment, adaptation, and agreement.
A developer bought a 100-acre parcel to subdivide into one-acre home sites. What legal description would BEST achieve the developer’s objective?
Lot and block - subdivided (recorded) plat.
Land-use classifications established by municipal zoning:
Residential; Commercial; Industrial/Manufacturing; Agriculture; Mixed use (likely to have buffer zone).