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Champions School of Real Estate Terms Questions and Answers (100% Pass)

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Appurtenance rights, privilege or iimprovements that belong to and pass with the land Personal Property Synonyms -Chattel -Personalty Annexation -Fixtures are attached to property via _______ Emblements -crops cultivated annually -personal property -can remove crops one year after ...

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  • November 18, 2024
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  • Champions Real Estate
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Champions School of Real Estate
Terms Questions and Answers
(100% Pass)
Appurtenance


✓ rights, privilege or iimprovements that belong to and pass with the land




Personal Property Synonyms


✓ -Chattel

✓ -Personalty




Annexation


✓ -Fixtures are attached to property via _______




Emblements


✓ -crops cultivated annually

✓ -personal property

✓ -can remove crops one year after and then forfeit the right to the crops

if not removed




Characteristics of Real Property
Master01 |Excellent Study Material| Latest update

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✓ PHYSICAL

✓ -Nonhomogeneity (unique)

✓ -Immobility (you cannot move it)

✓ -Indestructibility (durability-cannot be destroyed)



✓ ECONOMIC CHARACTERISTICS

✓ -Scarcity (short supply where demand is great)

✓ -Modification (use and value influenced by improvements)

✓ -Fixity (things fixed to the land/improvements)

✓ -Situs (location preference)




Legal Property Descriptions


✓ -Metes and Bounds

✓ -Plat/Lot and Block

✓ -The Rectangular Survey System




Metes and Bounds




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✓ A method of land description which involves identifying distances and

directions and makes use of both the physical boundaries and

measurements of the land.

✓ -include termination points (markers and monuments), degrees,

minutes, etc.

✓ -OLDEST method of land description




Lot and Block


✓ A method of land description frequently used after land has been

subdivided into building lots; also referred to as the recorded plat

method. (Must have a plat map to find the property)

✓ -MOST COMMON method for residential listings




Rectangular Survey System


✓ -Also called the Public Land Survey or Government Survey System

✓ -Was used by the US Land Office Survey to parcel land west of the

Appalachian Mountains

✓ -Divides land into a series of rectangular parcels.

✓ -includes base lines, meridians, townships (36 sections) and sections (1

sq. mi. or 640 acres (1 acre=43,560 sq. ft.)




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Private Land Controls


✓ -MOST COMMON: CC&Rs

✓ -CC&Rs: deed covenants, conditions and restrictions or Deed

Restrictions or Deed Covenants (HOA/POA)

✓ -Deed Restrictions: to control land use, development and methods and

materials for construction




Public Land Controls


✓ -Governmental rights in land (PETE)

✓ -Police Power (ex. Zoning=most common)

✓ -Eminent Domain

✓ -Taxation

✓ -Escheat (property reverts to state when someone dies intestate and

no heirs)




Easement Appurtenant




Master01 |Excellent Study Material| Latest update

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