Multiple choice.
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ch_2.pptxChapter 2 ________________ Nature and Description of Real Estate
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1
Improvements
Fixtures
Manner of Attachment
adaptation of object
existence of an agreement
relationship of the parties
Appurtenances
Land
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2
Real Estate’s Dimensions
Land includes the surface
of the earth, the sky above,
and everything to the center
of the earth.
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3
Water Rights
Riparian Right
Doctrine of Capture
Percolating Water
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4
Land Descriptions
Metes & Bounds
Rectangular Survey System
Recorded Plat
Reference to Documents other than Maps
Informal Reference - address
Assessor’s Parcel Number
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5
Describing Land by Metes and Bounds
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6
Moving in a clockwise direction from
the point of beginning, set the center of
a circle compass on each corner of the
parcel to find the direction of travel to
the next corner.
Naming Directions for a Metes and Bounds Survey
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7
The public land survey system of the United States
Parallels and Meridians
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8
Township Divided into Sections
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9
One Section (640 Acres) Subdivided
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10
Land Description by Recorded Plat
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11
Lot Types
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12
Assessor’s Map
The tax assessor assigns every parcel of land in the county its own parcel number. For example, the westernmost parcel (lot 50) in the map would carry the number 34-18-8, meaning Book 34, Page 18, Parcel 8.
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13
Physical Characteristics of Land
Immobility
Indestructibility
Nonhomogeneity
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14
Scarcity
Modification
Fixity
Situs
Economic Characteristics of Land
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15
Key Terms
Fixtures
Improvements
Meridians
Metes & Bounds
Monument
Personal property
Real Estate
Recorded Plat
Riparian Rights
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Chapter 4 ________________ Forms of Ownership
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17
One or More?
Sole ownership
Tenants in common
Joint tenancy
Community property
Partnership
Corporation
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18
Tenants in Common
One parcel of land;
Three owners with unity of possession
What happens if C dies?
C’s heirs
A
B
C
A
B
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19
Joint Tenancy with Right of Survivorship
One parcel of land;
Three owners, four unities (PITT):
Possession, Interest, Time, Title
If C dies?
C
A
B
C
A
B
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20
Married Persons
Tenancy by the Entirety
Community Property
Separate Property
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21
Holding Title
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22
Additional Ownership Forms
S Corporations
Trusts
Inter Vivos Trust
Testamentary Trust
Limited Liability Companies (LLC)
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Key Terms
Community property
Concurrent ownership
Estate in severalty
Joint tenancy
Right of survivorship
Tenancy by the entirety
Tenants in common
Undivided interest
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