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Principles of Real Estate > Section 1 Chapter 1 > Flashcards

Section 1 Chapter 1 Flashcards

1
Q

Bundle of Rights

A

Can transfer separately or all together

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2
Q

Real Property

A 
Surface rights (plants) 
Air rights (to infinity)
Subsurface rights (to the earths core) 
Improvements (things you add)
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3
Q

Fixtures

A

started as personal property now real property

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4
Q

what makes a fixture

A

method of attachment
adaptability
agreement
relationship of the parties

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5
Q

Fructus Naturales

A

things that grow naturally consistently not annuals

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6
Q

Riparian rights

A

river or stream (flowing water) property generally extands to middle of water way

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7
Q

Littoral rights

A

Lake or ocean rounded body of water property generally extends to median high tide level

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8
Q

Prior appropriation

A

whom ever go there first gets dibs to the water

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9
Q

Appurtenances

A

something that goes with the land but is not nesessarily part of it (ex. lake access)

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10
Q

easements

A

rights to cross another’s land

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11
Q

ingress

A

going in

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12
Q

egress

A

going out

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13
Q

physical characteristics of land

A

immobility
indestructibility
non homogenic

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14
Q

Economic characteristics of land

A

scarcity
situs (location)
permanency
assemblage

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15
Q

plottage

A

when you combine lots to increase monetary value

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16
Q

assemblage

A

when you combine lots

17
Q

Personal property

A

anything easily movable

also known as chattel or personalty

18
Q

bill of sale

A

transfers personal property

19
Q

trade fixtures

A

items used as part of a trade or business that can be easily removed with little to no damages

20
Q

fructus industriales or emblements

A

annual crops

21
Q

severance

A

removal of things attached to land (cut tree down)

22
Q

sellers market

A

prices rise demand rises

23
Q

stable market

A

things are stable

24
Q

buyers market

A

prices drop demand is down

25
Q

types of real estate

A 
residential
agricultural
recreational
special purpose
industrial
commercial & investment
26
Q

Government/ geododical survey

A

legal description of property in relation to the intersection of a baseline and meridian. used in the west

27
Q

check

A

24 x 24 mi block

28
Q

township

A

6 x 6mi

29
Q

section

A

1 x 1mi

30
Q

1 section

A

640 acres

31
Q

1 acre

A

43,560sq ft

32
Q

1 mile

A

5,280 ft

33
Q

metes and bounds

A

legal description to describe properties shape using landmarks and other geographical marks

Principles of Real Estate (1 decks)

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