+
Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
|
Check
|
QuadrangleA 24 Mile by 24 mile parcel in the Government Survey system of land description
|
|
Chattles
|
Items of tangible personal property. As a personal property interest in real property. A lease is known as a chattel real
|
|
Bundle of Rights
|
The rights of ownership associated with real property. Including the right to USE, ENJOY, ENCUMBER, EXCLUDE, ALIENATEWhether by deed, lease ir devise by will.
|
|
Benchmark
|
A reference point or marker placed by a surveyor and used to establish elevations and altitudes above sea level.
|
|
Base Lines
|
East-West imaginary lines crossing a principal meridian at a specific point and forming boundaries of townships in the Governmental Survey System of Land Description
|
|
Attachment
|
The manner in which a fixture is attached will determine whether the item is personal property or real property. Is it attached permanently or can it be removed?
|
|
Monuments
|
Markers used as points of beginning or other corners in METES and BOUNDS descriptions. Maybe artificial (iron stakes or other man made) or natural (trees, river) centerline provided by nature
|
|
Appurtenances
|
The rights, privileges, and improvements that go with the transfer of the land. Even though they may not be part of it. Examples, are water rights, rights of way, and easements.
|
|
Air Rights
|
Also known as air lotsRights to ownership, not including surface rights or sub-surface rights, that allow you to use the open vertical space above a property.
|
|
Common Interest Subdivision
|
AS subdivision that has amenities such as a pool, or tennis courts used by all individual owners. Each owner has a undivided interest based usually on the percentage as a ratio of square footage to the total project square footage.
|
|
Adaptation
|
Adaptation concerns fixtures: How an item fits can determine whether the item is personal property or real property. Basically, if the item is MADE for the specific spot, it is a fixture. For example, window shades are usually fixtures as they are inside the window frame.
|
|
Agreement of the Parties
|
The most important test if whether an item is a fixture or not. If you are not sure if an item is considered by the seller/buyer to be a fixture, clarify who gets it in the contract.
|
|
Common Elements
|
The areas in a Condominium project or PVD where all owners share an undivided interest and full possession such as common area hallways, swimming pools and clubhouse.
|
