Real Estate Exam Prep (Champions; Texas)|
Latest Update Graded A+
appurtenance
term used to describe rights, privileges or improvements that belong to and pass with the land
improvements
man's additions to the land such as building and landscaping
personal property
also called chattel or personalty; a right or interest in smiting of a temporary or movable nature and
includes anything not classed as real property. Real property becomes personal property through
severance.
bill of sale
ownership of chattel or personalty is transferred via this, also called a non-realty item addendum
fixture
item that was personal property but has been attached in such a way that it has become real property
such at tv brackets
installed
often indicates a permanent attachment
annexation
the process of attaching an item of personal property to real estate such that it becomes a fixture
severance
the process of real property becoming personal. Fixture is uninstalled and becomes personal property
again
trade fixtures
term used for fixtures in commercial transactions. installed by a tenant to carry out a business and
may be removed prior to the termination of the lease. If they are not removed they become real
property and pass to the landlord
emblements
crops that are cultivated annually. Considered the personal property of the farmer who cultivated
them. Ownership can be transferred with a bill or sale, or farmer may make arrangements to return
to the property and harvest them one time.
physical characteristics of real property
non homogeneity-no two exactly alike; immobility- cannot be moves; indestructibility-will always be
there
economic characteristics of real property
, scarcity-naturally desirable; modification-change or improve; fixity-not liquid assets; situs-prestige
location.
nonhomogeneity
one of three physical characteristics of land; no two pieces are exactly alike
immobility
one of three physical characteristics of land; land cannot be moved
indestructibility
one of three physical characteristics of land; land is durable and will always be there
scarcity
one of four economic characteristics of land; land is in short supply where demand is great
(geographic considerations)
modification
one of four economic characteristics of land; land use and value are greatly influenced by
improvements made by man to land and to surrounding parcels of land
fixity
one of four economic characteristics of land; land and buildings and other improvements to land are
considered fixed or permanent investments (not liquid)
situs
one of four economic characteristics of land; location preference from an economic rather than a
geographic standpoint
legal description
created and determined by a surveyor. Three legal methods of land description: metes and bounds,
lot, block and subdivision and the Rectangular Survey System. Does not need to be included in a lease
agreement.
metes and bounds
legal land description method; use terminal point and angles and always have a point of beginning.
monument (permanent surveyor markers) may be added. Most common in farm and ranch.
lot, block and subdivision method
most common description used in residential listings. derived from a recorded map called a plat
plat
recorded map
most common method of legal land description
lot, block and subdivision method
Latest Update Graded A+
appurtenance
term used to describe rights, privileges or improvements that belong to and pass with the land
improvements
man's additions to the land such as building and landscaping
personal property
also called chattel or personalty; a right or interest in smiting of a temporary or movable nature and
includes anything not classed as real property. Real property becomes personal property through
severance.
bill of sale
ownership of chattel or personalty is transferred via this, also called a non-realty item addendum
fixture
item that was personal property but has been attached in such a way that it has become real property
such at tv brackets
installed
often indicates a permanent attachment
annexation
the process of attaching an item of personal property to real estate such that it becomes a fixture
severance
the process of real property becoming personal. Fixture is uninstalled and becomes personal property
again
trade fixtures
term used for fixtures in commercial transactions. installed by a tenant to carry out a business and
may be removed prior to the termination of the lease. If they are not removed they become real
property and pass to the landlord
emblements
crops that are cultivated annually. Considered the personal property of the farmer who cultivated
them. Ownership can be transferred with a bill or sale, or farmer may make arrangements to return
to the property and harvest them one time.
physical characteristics of real property
non homogeneity-no two exactly alike; immobility- cannot be moves; indestructibility-will always be
there
economic characteristics of real property
, scarcity-naturally desirable; modification-change or improve; fixity-not liquid assets; situs-prestige
location.
nonhomogeneity
one of three physical characteristics of land; no two pieces are exactly alike
immobility
one of three physical characteristics of land; land cannot be moved
indestructibility
one of three physical characteristics of land; land is durable and will always be there
scarcity
one of four economic characteristics of land; land is in short supply where demand is great
(geographic considerations)
modification
one of four economic characteristics of land; land use and value are greatly influenced by
improvements made by man to land and to surrounding parcels of land
fixity
one of four economic characteristics of land; land and buildings and other improvements to land are
considered fixed or permanent investments (not liquid)
situs
one of four economic characteristics of land; location preference from an economic rather than a
geographic standpoint
legal description
created and determined by a surveyor. Three legal methods of land description: metes and bounds,
lot, block and subdivision and the Rectangular Survey System. Does not need to be included in a lease
agreement.
metes and bounds
legal land description method; use terminal point and angles and always have a point of beginning.
monument (permanent surveyor markers) may be added. Most common in farm and ranch.
lot, block and subdivision method
most common description used in residential listings. derived from a recorded map called a plat
plat
recorded map
most common method of legal land description
lot, block and subdivision method
