Questions and Answers
What does real estate include?
Land and improvements, and appurtenances.
What are appurtenances?
Rights, privileges, and fixtures.
What are fixtures?
Items attached to improvements with the intent to become real estate.
Which of the following is evidence of fixtures? (Select all that apply)
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Fixtures are part of real estate and do not transfer with the property.
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Give an example of a fixture.
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What is a breach of contract in terms of property?
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Personal property is freestanding.
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What must personal property do to be included in a sale?
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If personal property is not included in writing, the seller may take the personal property.
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Give an example of personal property.
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What transfers land and appurtenances?
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What are water rights?
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What are riparian rights?
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What are littoral rights?
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What is accretion?
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What is avulsion?
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What are the forms of legal description of land? (Select all that apply)
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What is metes and bounds?
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How does metes and bounds begin?
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What is the example of metes and bounds?
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What is a rectangular survey?
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How many sections are in a township?
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What is the area of a section?
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How many square feet are in an acre?
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What does a recorded plat refer to?
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What is the first step of a recorded plat?
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What is the second step of a recorded plat?
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What can a survey reveal?
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What are monuments in real estate?
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What does the doctrine of prior appropriation state?
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Study Notes
Real Estate Concepts
- Real estate encompasses land, improvements, and appurtenances (rights, privileges, and fixtures).
- Appurtenances refer to rights, privileges, and fixtures that benefit the property.
- Fixtures are items permanently attached to a property with the intention of becoming real estate.
Identifying Fixtures
- Evidence of fixtures includes attachment or annexation, adaptation, and agreement.
- Fixtures are considered part of real estate; they transfer with property ownership via the deed unless expressly excluded in the contract.
- Common fixture examples include plumbing and electrical fixtures.
Personal Property Definitions
- Personal property, or chattel, encompasses all items not classified as real estate and is typically freestanding.
- Freestanding items, like a refrigerator, are identified as personal property rather than fixtures.
- For personal property to transfer ownership, it must be included in the purchase agreement.
Legal Aspects of Property Transfer
- If personal property is not included in writing, the seller can retain it, even if it was originally listed in MLS.
- Land and appurtenances transfer via a deed unless specified otherwise in the contract.
- Personal property is transferred through a bill of sale if included in the contract.
Water Rights
- Types of water rights include:
- Riparian rights: pertain to flowing bodies of water (e.g., rivers).
- Littoral rights: pertain to standing bodies of water (e.g., lakes).
- Accretion: the gradual increase of land due to soil deposits by water.
- Avulsion: sudden loss of land due to natural or violent occurrences.
- Doctrine of prior appropriation: allocates water rights to the first user who diverts water for beneficial use.
Legal Descriptions of Land
- Three methods for legal description of land:
- Metes and bounds: describes land based on distances and compass directions.
- Rectangular survey: uses meridians, townships, ranges, and sections to define land parcels.
- Recorded plat: outlines urban/residential subdivisions (lot, block).
Metes and Bounds
- Metes and bounds descriptions begin at a designated point of beginning and proceed in a clockwise direction, using monuments as references.
- Example: Commencing at a street sign, moving a specified distance south and then west.
Rectangular Survey System
- A township consists of 36 sections, where each section is 640 acres (1 mile x 1 mile).
- An acre measures 43,560 square feet.
Recorded Plats
- The first step in creating a recorded plat involves making a plat map and defining lot and boundary layouts.
- The second step requires recording the map, which usually occurs before the issuance of building permits.
Surveying Considerations
- Surveys can uncover encroachments and zoning violations.
- Monuments serve as boundary markers during surveys and property delineation.
Water Rights Doctrine
- Under the doctrine of prior appropriation, the first user to divert water for useful purposes possesses legal claims over that water.
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Description
Explore the different concepts of real estate and personal property through these flashcards. Understand key terms such as real estate, appurtenances, fixtures, and more. Perfect for students and professionals looking to solidify their knowledge in property classifications.