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Champions Real Estate NATIONAL TEST (chs 1-2) Final Exam
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Champions Real Estate NATIONAL TEST (chs 1-2) Final Exam
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Champions Real Estate NATIONAL TEST(chs 1-2) Final Exam
Real Property - -consists of land, improvements, attached to the land,
benefits, rights, and ownership interests that go with the land.
-Appurtenance - -is often used to describe rights, privileges, and
improvements that belong to and pass with the land
-Improvements - -man's additions to the land such as buildings and
landscaping
-Personal property - -is a right or interest in something of a temporary or
movable nature and includes anything not classed as real property (chattel
or personalty)
-Bill of Sale - -ownership is transferred with this document
-Fixture - -an item that was personal property; however, it has been
attached in such a way that it has become real property
-Annexation - -"the process" of attaching a fixture to a property in a way
that it becomes real property
-Severance or "severed" - -"the process" of real property becoming personal
property will be described by this
-Trade Fixtures - -fixtures installed by a tenant in order to carry out a
business, and they may be removed from leased property prior to the
termination of the lease. If these fixtures are not removed prior to
termination of the lease, they become real property and pass to the landlord.
-Emblements - -crops cultivated annually. even though they are attached to
the ground, they are considered the personal property of the farmer who
cultivated them. They are not automatically part of the sale of a farm or
ranch.
-Land's 3 physical characteristics: - -1. Nonhomogeneity
2. Immobility
3. Indestructibility
-1. Nonhomogeneity - -no two pieces of land are exactly alike. a more
current turn is uniqueness. each piece of land is unique
, -2. Immobility - -land cannot be moved - a person must go to the land
-3. Indestructibility - -durability - it will always be there
-land's four economic characteristics: - -1. Scarcity
2. Modification
3. Fixity
4. Situs
-1. Scarcity - -in short supply, where demand is great - (a lot in Manhattan is
more valuable than a lot in upstate New York). Scarcity is usually based on
geographic considerations.
-2. Modification - -land use and value are greatly influenced by
improvements made by man to land and to surrounding parcels of land.
-3. Fixity - -land and buildings and other improvements to land are
considered fixed or permanent investments - they are not liquid assets.
-4. Situs - -location preference, or location from an economic rather than a
geographic standpoint. This can change over time as people change.
-Legal Description - -this is created and determined by a surveyor. it is a
necessary part of a contract or conveyance (deed, listing, sales contract,
etc.) in order for that document to be enforceable. (methods: metes and
bounds, lot and block, the rectangular survey system)
-3 methods of land description: - -1.) Metes and Bounds
2.) Lot and Block
3.) The rectangular (Government) Survey System
-1. metes and bounds description - -use terminal points and angles and
always have a p.o.b. (point of beginning). this method uses compass
directions, degrees, and minutes. the p.o.b. is also the end. might include the
use of street names.
*this is the OLDEST and MOST COMMON method of land description.*
monuments, permanent surveyor markers, are often the starting point for a
metes and bounds description, and can be essential to the accuracy of that
description. (monuments can be manmade - an iron pipe, or natural - a stand
of timber, an old oak tree, etc.)
-2. Lot & Block system (for legal description) - -these descriptions are
derived from a recorded map, called a "plat." this is the ***most common
description used in residential listing agreements***
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