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23 Cards in this Set
- Front
- Back
Center of earth to airspace above (infinity). All 3 rights belong to ownership unless reservation in deed is excluded
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Surface / Air / Subsurface
(Subsurface is most important in Texas) |
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Land and anything permanently affixed to it.
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Real property
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Land and anything permanently affixed plus the interests, benefits, and rights inherent in the ownership.
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Real Estate
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Bundle of Rights include:
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Possession, Control, Enjoyment, Exclusion, Disposition
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Movable objects that do not fit into the definition of real property; conveyed by bill of sale
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Personal Property (chattels)
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An item of personal property that has been converted to real property by permanent attachment to the land or building is:
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Fixture
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An item installed by a commercial tenant thru the term of the lease and removable by the tenat before the expiration of the lease is:
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Trade Fixture
(If not removed, the trade fixture b/c real property of the building owner by accession) |
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Those rights, privileges and improvments that belong to and pass w/ the transfer of real property but may not be a part of the property is
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Appurtances
(rights-of-way, water rights, easements and certain property improvments) |
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Annual plantings or crops such as: corn, wheat, vegetables are considered to be personal property and also known as:
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Emblements / Crops / Fructus Industriales
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When one severs something from the land: trees, oil, minerals and emblements - it b/c personal property by
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Severance
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Geographic location of a parcel of land is fixed - can never be changed it is:
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Immobile
Physical characteristic |
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Long-term nature of improvements plus permanence of land tends to create stability in land development
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Indestructible
Physical characteristic |
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All parcels differ geographically and each parcel has its own location it is said to be
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Unique
Physical characteristic |
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No two parcels of land are identical its called
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Nonhomogeneous = not similar
Physical characteristic |
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There is substantial amount of unused land, supply in a given location or of a specific quality can be limited is called
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Scarcity (supply & demand)
Economic characteristic |
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Placement of an improvement on a parcel of land affects value and use of neighboring parcels of land
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Improvements
Economic characteristic |
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Improvements represent a large fixed investment - drainage and sewer - cannot be dismantled or removed economically
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Permanence of Investment
Economic characteristic |
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Refers to people's choices and desires for a given area
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Area Preference / Location / Situs
Economic characteristic |
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Point of Beginning - A boundary must return to the point of beginning so that the land described is fully enclosed. actual distances between monuments (fixed objects)
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Metes and Bounds / Distance & Direction
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Based on measurements from base lines and principal meridians. Base lines run east and west; principal meridians run north and south.
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Rectangular (Government) Survey
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six miles square (36 square miles) contains 36 sections is a
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Township
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a section is a square mile and a square mile contains how many acres
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640 acres
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One acre is how many sqaure feet
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43,560 square feet
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