Term
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Definition
| Things plus rights of ownership. Divided into 2 categories: Real Property and Personal Property. |
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Term
| Personal Property/Chattels |
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Definition
Items that can be taken out of the house/moved.
Example: Cars, Boats, Furniture, Clothes.
OWNERSHIP IS TRANSFERRED BY BILL OF SALE |
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Term
| Real Property/Chattels Real |
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Definition
Personal Property.
Items that extend to the owner and interest in real property.
Example: Leases, Mortgages, Contracts. |
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Term
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Definition
Land plus anything permanently attached by man such as buildings or nature (trees).
OWNERSHIP TRANSFERRED BY DEED. |
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Term
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Definition
Real Estate (land plus attachments like buildings and nature) PLUS Legal Rights and Interests.
OWNERSHIP TRANSFERRED BY DEED. |
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Term
| Distinguished Characteristics of Land |
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Definition
Personal is MOVABLE
Real is IMMOVABLE |
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Term
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Definition
| Things permanently attached to the Land physically or legally and are immovable by Law. |
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Term
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Definition
| Man made improvements like a barn, shed, outhouse. |
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Term
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Definition
trees, shrubbery, plants, landscaping, curb appeal.
REAL PROPERTY. TRANSFER WITH THE LAND. |
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Term
| Fructus Industriales/Emblements |
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Definition
Crops that are planted every year. (corn, wheat, tobacco etc.
PERSONAL PROPERTY. |
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Term
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Definition
artificial attachments with the intent of being permanent: buildings, fences, driveways, pipelines, swimming pools, mobile homes (if attached to the land).
CONSIDERED REAL ESTATE. |
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Term
| Rights of Real Property Ownership |
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Definition
| Water Rights, Mineral Rights and Air Rights. |
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Term
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Definition
Test for soil absorption.
Underground water that is not confined to a specific waterway is called percolating water. A perc test is usually performed when installing a Septic Tank. |
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Term
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Definition
CONCERNS RIGHTS TO RIVERS AND STREAMS-NON NAVIGABLE
Right to use the water for such things are swimming, fishing, boating. Includes the right to divert water from a river or stream for irrigation without stopping the nejoyment for neighbors (ex. cannot build a dam to stop all the water for running. Ownership to the center of the river/stream. |
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Term
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Definition
| CONCERNS RIGHTS WHICH BORDER LARGE NAVIGABLE LAKES, OCEANS or SEAS. Use and enjoyment of the shore. Example: Beach house has the right to use the beach. |
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Term
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Definition
| Rights to the minerals and oil under the land. REAL Property and can be sold separately or leased. Have an implied right of access to extract the minerals. |
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Term
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Definition
Cut Trees, mined coal, pumped oil.
Severance- process of severing(cutting or removing) real property to personal property. |
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Term
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Definition
| Right to Harvest minerals without damaging property. Must supply proper support to the property to avoid it from collapsing and must return it to its original state |
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Term
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Definition
| Extend from the air above the land plus infinity. Can be sold separately or leased. |
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Term
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Definition
| Personal Property that become real property or attachments. Example: bought and installed. Test for determining a fixture is MARIA |
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Term
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Definition
Modification- custom made for the house
Attachment- can fixture be easily removed
Relationship of parties- whether you own it or not
Intention of annexing party- was it suppose to stay
Agreement- what does the contract say |
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Term
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Definition
PERSONAL PROPERTY.
Trade=business
Items attached for use in their business. Must be removed by tenant prior to lease end and not cause damage. If not removed, becomes landlords through Accession. |
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Term
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Definition
Immobility
Non- Homogeneity (uniqueness)
Indestructible |
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Term
| Economic Characteristics of Land |
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Definition
Situs/Location/Preference
Improvements
Fixed Investment
Scarcity |
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Term
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Definition
| Sum of all Factors that affect value. People prefer a particular location because of weather, scenery, job opportunity, proximity to schools, shopping or transportation. Economic, social and governmental changes also influence a land's situs. Ex. Zoning |
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Term
Modification or Improvements
(Economic Characteristics of Land) |
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Definition
| Modifications in my land and neighboring land such as driveways, landscaping, recreational facilities, buildings, airports. |
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Term
Fixed Investment/ Economic Life
(Economic Characteristics of Land) |
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Definition
| Real estate investor is more interested in how long a building will be economically useful than how long the building will last. Economic Life= the return of investment over a period of time. |
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Term
Scarcity
(Economic Characteristics of Land) |
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Definition
| The less available land where needed, the more valuable the land becomes. |
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Term
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Definition
Method of Identifying Property to distinguish the land from others.
Georgia Uses Metes and Bounds and Recorded Plat or Plat Book |
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Term
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Definition
| Determines the property line and boundaries and can determine if others are trespassing or building on your property (encroachment). USed for locating your property's boundaries, shape, area and improvements. |
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Term
The Recorded Plat (Short Form) Description
(Legal Descriptions) |
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Definition
| Used to determine boundaries in a subdivision. Used in GA. Land is divided into blocks, blocks are divided into lots. |
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Term
Metes and Bounds
(Legal Descriptions) |
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Definition
| Legal description of land/parcel used in Georgia by describing its boundaries. Metes are distances and directions. Bounds are landmarks and monuments (trees and rocks are natural monuments; stakes, metal pins or concrete markers, fences, roads, walls are artificial monuments). ONLY description that uses a compass for direction. Bearings using a compass are shown in degrees, minutes and seconds. MUST have a POB-point of beginning or Benchmark. Does not have to have 4 sides, can be oddly shaped. MUST have Closure. |
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Term
Rectangular Survey/Government Survey
(Legal Descriptions) |
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Definition
North and South Line is the Principal Meridian.
East and West Line is a base line.
Township contains 36 square miles( 6 miles on each side 6x6=36).
A section has 640 acres= 1 square mile. |
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Term
Vertical Land Description
(Legal Descriptions) |
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Definition
| Used to describe air rights for a land. Air lots such as a condominium units, must must be referenced in relation to, not only length and width, but also height. Base point used is Datum/Sea Level. |
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Term
Datum- Sea Level
(Vertical Land Description)
(Legal Descriptions) |
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Definition
| Point which height and depth can be measured. determined by the New York Harbor sea level |
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Term
| Legal Description of a Listed Property should be acquired by a listing salesperson ASAP through 4 methods: |
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Definition
1. In the Seller's Deed or in the security Deed
2. On the seller's plat of survey if one is available
3. On the subdivision plat if it is in a recorded subdivision
4. Public records of the county in which the property lies |
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Term
| 3 Circumstances where one cannot use the existing legal description: |
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Definition
1. When the seller is not selling the entire tract. A new survey is needed.
2. When the seller has previously sold part of the land. A new survey is needed.
3. When a recent survey is in conflict with the description on the deed. |
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Term
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Definition
Front= Length
Depth= Width
Cubic Ft= L x W x Height (condos, warehouses etc)
L X W = SQFT
43560 SQFT = 1 ACRE
L x W = SQFT/43560 = Total Acres
L x W x H = Cuft (cubic ft)
If depth is missing but total sqft and front(length) is provided, divide the total sqft by the front to get the depth(width) and vise versa if sqft and depth(width) is only provided and you need to figure out the front(length), divide the sqft by the depth(width) |
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