Chapter 2 Characteristics of Real Property Flashcards

Chapter 2 Characteristics of Real Property Flashcards What is a quick method of calculating the acreage of a parcel from its legal description?

• Multiply the denominators of the fractional descriptions

together.2. Divide 640 by the resulting number.Private ownership rights in this country are not absolute.What does this mean?The government can impose taxes and restrictions on private ownership rights, and it can take private property away altogether.What does the term real estate mean?The legal concept of real estate encompasses:landall man-made structures that are "permanently" attached to the land What are the man-made structures attached to the land are called?ImprovementsEx. fences, streets, buildings, wells, sewers, sidewalks and piers.What are parallels?Run east and west. The base parallel or base line is the designated line for identifying townships. There is a base parallel for each principal meridian.What are the 3 accepted methods of legally describing parcels of real estate?

• Metes and bounds - a system which uses physical

features of the local geography, along with directions and distances, to define and describe the boundaries of a parcel of land2. Rectangular survey system, or government survey method - a system of describing land by referring to meridians and baselines3. Lot and block method, or recorded plat method - a system used to locate and identify land, particularly for lots in densely populated metropolitan areas, suburban areas, and areas beyond the suburbs What is the definition of personal property? Ownership of anything that is not real estate, and the rights associated with owning the personal property item.Personal property can be divided into two major

categories:Corporeal personal property,including such

items as animals, merchandise,and jewelryIncorporeal personal property,comprised of such rights as stocks,bonds, patents, and copyrightsItems of personal property are also called chattels or personalty.What are emblements?Emblements are plants or crops considered personal property since human intervention is necessary for planting and harvesting.What is Geographic Positioning System?GPS surveys use portable receiving antennas to gather data transmitted from satellites which are used to calculate the position of the object being located on the surface of the earth. The receiving antennas can be miles apart and still obtain very accurate data. GPS surveys are used to establish coordinate control points for the State Plane Coordinate Systems, large boundary surveys, and subdivision surveys. It can also be used to collect data for

Geographic Information Systems / Land Information Systems (GIS/LIS), such as the location of streets, homes, businesses, electric, phone & gas utilities, water & sewer systems, property lines' soil & vegetation types, water; courses, etc. This data can be used in future planning, preservation and development.What are not good ways to describe property? A street address is normally not considered an accurate description of propertyTax lot numbers can be repeated on many quarter section maps, and the lot numbers can and do change without notice. Consequently, it is not a good idea to use the property description found on a property tax bill.The best course of action is to use the correct legal description whenever possible

What are some examples of tangible and intangible property?

Tangible: Boats, jewelry, coins, appliances, computers, and

art workIntangible: Stocks, copyrights, bonds, trademarks,

patents, franchises, and listing agreements Are manufactured homes and mobile homes considered personal or real property?Personal because they are moveable What does the metes and bounds system describe? Begins with an identification of the city, county, and state where the property is located. Next, it identifies the POB and describes the distance and direction from the POB to the first monument, and then to subsequent monuments that define the property's enclosed perimeter.Licensed surveyors are trained in the use of those techniques which will allow them to determine the legal description of a parcel of property.The surveyor will then write a report that includes the detailed legal description along with a drawing that shows the dimensions of the parcel of land. The drawing could also include the improvements that have been made to the property.What is the ALTA/ACSM Survey?This is a very detailed survey often required by lending institutions and is strictly geared towards companies purchasing commercial property. Standards created by the American Land Title Association (ALTA) and the American Congress of Surveying and Mapping (ACSM) are used to create this type of survey. The location of all improvements in relation to property lines as well as any easements and setback requirements are shown on this survey as well as any encroachments that exist.Permanently-affixed manufactured and mobile homes require a licensed real estate person to list and sell, unless the owner plans to sell on his or her own. Manufactured and mobile homes that are not permanently affixed are, as we said, personal property can be sold without a license and are subject to sales tax.If a licensee wants to list and sell a manufactured or mobile home that is considered personal property, that licensee may do so only if the home has been registered with the Department of Housing and Community Development. A California licensee may not list and sell a new unregistered manufactured or mobile home.Hawaii adopted a system based on the Kingdom of Hawaii native system in place at the time of annexation.Louisiana recognizes early French and Spanish descriptions as well as PLSS descriptions.New Mexico uses the PLSS, but has several areas that maintain original metes and bounds left over from Spanish and Mexican rule. These take the form of land grants similar to areas of Texas and California.Texas has a hybrid of its own early system, based on Spanish land grants, and a variation of the PLSS.Wisconsin had French settlement prior to the PLSS in the areas of Green Bay and Prairie du Chien. Both have small amounts of the long, narrow French lots along some water frontage.Michigan had French settlement prior to the PLSS along the Detroit and St. Clair rivers, and near Sault Ste. Marie, Marquette, and Ypsilanti. These were all examples of the French "long lots".What is a tier in a rectangular survey system? The east-west area between two parallels is called a tier, or a township strip. A tier is identified by its relationship to the base parallel. All tiers are six miles wide.How is land non-homogeneous?Since no two parcels of land are exactly the same.Admittedly, two adjacent parcels may be very similar and have the same economic value. However, they are

inherently different because each parcel has a unique location.Buyers and sellers both usually want a comprehensible picture of where borders and easements are, and setting