Real Estate and Property Classes Flashcards

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)

Attachment or Annexation Signup and view all the answers

Fixtures are part of real estate and do not transfer with the property.

False Signup and view all the answers

Give an example of a fixture.

Plumbing or electrical fixture. Signup and view all the answers

What is a breach of contract in terms of property?

Sellers that move fixtures without excluding them are in breach of contract. Signup and view all the answers

Personal property is freestanding.

True Signup and view all the answers

What must personal property do to be included in a sale?

Transfer with the bill of sale and must be included in the purchase agreement. Signup and view all the answers

If personal property is not included in writing, the seller may take the personal property.

True Signup and view all the answers

Give an example of personal property.

Freestanding refrigerator. Signup and view all the answers

What transfers land and appurtenances?

Deed Signup and view all the answers

What are water rights?

Riparian Rights, Littoral Rights, Accretion, Avulsion, Doctrine of Prior Appropriation. Signup and view all the answers

What are riparian rights?

Rights concerning flowing water such as rivers. Signup and view all the answers

What are littoral rights?

Rights concerning standing water such as lakes. Signup and view all the answers

What is accretion?

Increase in owner's land from deposits of soil by the action of water. Signup and view all the answers

What is avulsion?

Sudden loss of land from being washed away or through a violent act. Signup and view all the answers

What are the forms of legal description of land? (Select all that apply)

Recorded plat Signup and view all the answers

What is metes and bounds?

A description using distances and compass degrees moving in a set direction. Signup and view all the answers

How does metes and bounds begin?

Starts at the point of beginning in a clockwise direction, referenced from a monument. Signup and view all the answers

What is the example of metes and bounds?

Commencing or starting at the street sign at the corner of Ridge and Ash, go 100 feet south and then go 100 feet west. Signup and view all the answers

What is a rectangular survey?

Use of meridians, townships, ranges, tiers, and sections to locate land parcels. Signup and view all the answers

How many sections are in a township?

36 sections. Signup and view all the answers

What is the area of a section?

640 acres or 1 mile x 1 mile. Signup and view all the answers

How many square feet are in an acre?

43,560 square feet. Signup and view all the answers

What does a recorded plat refer to?

Lot, block, subdivision - urban or residential. Signup and view all the answers

What is the first step of a recorded plat?

Create a plat map via a survey showing lots and boundaries. Signup and view all the answers

What is the second step of a recorded plat?

Record the map - recording is done before obtaining building permits. Signup and view all the answers

What can a survey reveal?

Encroachments and zoning violations. Signup and view all the answers

What are monuments in real estate?

Markers used to establish property boundaries during a survey. Signup and view all the answers

What does the doctrine of prior appropriation state?

The first user diverting to beneficial use has the first claim on the water. Signup and view all the answers

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.