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AMP Exam Prep
Property
32
Real Estate & Planning
Undergraduate 1
09/01/2013

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
A designated air space over a parcel of land. In condominiums, each individual unit occupies a separate air lot
Definition
Air lot
Term
The right to use and enjoy the air space above a parcel of land. Such rights may be leased or sold separately from the land.
Definition
Air rights
Term
anything that may be used with the land for its benefit and goes to the new owner when ownership of the land is transferred. Mineral rights, air rights, easements, improvements and natural attachments are appurtenant to the land
Definition
Appurtenance
Term
Man-made objects such as streets, fences, iron pins, concrete posts, etc.
Definition
Artificial Monuments
Term
A permenant referance point of klnown location used by surveryors. A bench mark may be a pint established by a government survey team or a fixed monument such as a road right-of-way.
Definition
Bench Mark
Term
A document which conveys ownership to personal property.
Definition
Bill of sale
Term
Personal Property
Definition
Chattel
Term
The transfer to someone other than the owner of the land the right to remove attachments such as timber or buildings, or the right to remove minerals.
Definition
Constructive Severence
Term
The doctrine of law which allows riparian owners in certain states to use only a reasonable share of the water during periods of drought
Definition
Correlative Rights
Term
A point of surface of known location from which height and depths are measured.. The basic point from which vertical land (air rights and mineral rights) is described.
Definition
Datum
Term
Crops that requre annual cultivation. They are considered personal property even though attached to the land. Also call Frutus Industrius.
Definition
Emblements
Term
An item that was once personal property but has become real property but has become real property because of the manner in which it was attached to the land or its improvements.
Definition
Fixture
Term
Crops that are planted and harvested each year
Definition
Fructus Industriales
Term
Any permanent, man-made attachment to the land, such as buildings, fences, roads, or pipelines. Also known as arterial attachments.
Definition
Improvements
Term
An area which starts at the center of the earth, passes through the earth's surface and extends into space.
Definition
Land
Term
A landowners lawful claim to use and enjoy the water of a large lake or ocean bordering the owned property.
Definition
Littoral Rights
Term
A method of legally describing land by measuring directions and distances of it boundary lines.
Definition
Metes and Bounds
Term
A fixed point or object used to denote the end point of a boundary line in a metes and bounds description.
Definition
Mounument
Term
Trees, Streams, rocks, etc.
Definition
Natural Monuments
Term
Anything of a movable nature capable of being owned that is not considered real property. Also known as personality or chattel.
Definition
Personal Property
Term
The starting point at one corner of a parcel of land described in a metes and bound legal description.
Definition
Point of Beginning
Term
A six mile wide strip of land running north-south in a a rectangular survey system.
Definition
Range
Term
Includes condominium, mobile homes when affixed to land, incorporeal interests (intangibles such as an easement), corporeal interest (tangible objects such as a house), freehold estates for life or in fee, and less-than-freehold(leasehold) estates whether situated in this state or elsewhere.
Definition
Real Estate
Term
A method of legslly describing the surface of the land based upon a grid system formed by principal meridians, baselines, range lines, and township lines. Also known as the government survey system
Definition
Rectangular Survey System Section
Term
Location; refers to peoples preference for a given location. Area preference.
Definition
Situs
Term
A parcel of land in the rectangular system that is six miles square.
Definition
Township
Term
An item of personal property attached to the land or building leased bu a tenant who uses the item in a trade or business.
Definition
Trade Fixture
Term
A characteristic of land which holds that no two parcels are exactly alike because each parcel has its own unique location.
Definition
Non-homogeneity
Term
A waterway open to the public for commercial boat traffic.
Definition
Navigable Water
Term
The acquisition of title by the owner of real property to those things attached to the property by others, such as tenants or trespassers or by nature
Definition
Accession
Term
The law which allows a well drilled on one property to extract oil or gas reserves from under adjoin properties.
Definition
Law of capture
Term
A parcel of land in the rectangular survey system that is one mile square and contains six hundred forty acres (640).
Definition
Section
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