History /Real Estate Notes PSI Exam Prep: Property Ownership Part 1
The earth’s surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects
Land
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Key Terms
Term
Definition
The earth’s surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects
Land
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Land, plus all things permanently attached to it naturally or artificially
Real estate
Real estate, plus the interests, benefits, and rights included with real estate ownership
Real property
Artificial attachments to land that include things such as fencing, buildings, and walkways
Improvements
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Enjoyment, disposition, possession, control, and exclusion; often referred to as 'bundle of rights'
Ownership rights
Everything owned that is not real property, aka chattel
Personal property
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| Term | Definition |
|---|---|
The earth’s surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects | Land |
Land, plus all things permanently attached to it naturally or artificially | Real estate |
Real estate, plus the interests, benefits, and rights included with real estate ownership | Real property |
Artificial attachments to land that include things such as fencing, buildings, and walkways | Improvements |
Enjoyment, disposition, possession, control, and exclusion; often referred to as 'bundle of rights' | Ownership rights |
Everything owned that is not real property, aka chattel | Personal property |
Five basic tests to determine if an item is real or personal property: MARIA | METHOD of annexation: Attached or not; ADAPTABILITY for use: if removed, it will drastically change; RELATIONSHIP of the parties: buyer vs seller or tenant vs landlord; INTENTION in placing: if temporary or permanent; AGREEMENT of the parties: all parties agree |
Anything permanently attached to the land or to permanent structures on the land. are part of real property and are included (conveyed) with a sale of real property unless the parties negotiate differently. | Fixture |
These Cultivated crops and are considered personal property, even though they’re part of the soil. | Emblements |
Owners don’t need to dig up the crops and take them when the land is conveyed, but those owners are entitled to the fruits of their labor and can harvest the crop when it’s ready (even if the land has transferred to a new owner). | Yes |
The process of converting personal property to real property. | Annexation |
This is anything that’s attached to leased land or structures that’s used in conducting business. Rights and responsibilities differ depending on the commercial lease agreement, but usually tenants may remove trade fixtures when the lease terminates. They must repair any damage created by removing the fixtures. | Trade fixture |
Real property is conveyed from one owner to another using a deed. Personal property is transferred using a | bill of sale or receipt. |
The geographic location of land is fixed and can’t be changed. | Immobility |
Improvements may deteriorate over time, but not land itself. | Indestructibility |
One piece of land is never exactly like another. | Uniqueness |
You can’t make more land; what we have now is what we’ll always have. | Scarcity |
A land’s value can be positively or negatively affected by the improvements made on it. | Improvements |
Some improvements are long-term, stable investments with stable returns over time. | Permanence of investment |
A property’s value depends in large part on its location | Situs/location/area preference |
it permits a specific parcel of property to be located by a trained surveyor. | A legal description |
Three primary types of legal descriptions | metes and bounds, lot and block (also known as recorded plat), and rectangular government survey system (RGSS) |
These are the direction and distance of a line forming the property’s boundary | Metes |
these are physical features that define the boundaries of the property. | bounds |
These descriptions are characterized by a point of beginning, which is where the description both begins and ends. It also uses monuments to mark boundaries.. The monuments are thought to have more credibility than the measurements. | Metes-and-bounds |
A permanent physical marker used in a metes-and-bounds description that can be man-made or natural. It may be a tree, creek, rock, or a stake placed in the ground. | Monument |
it divides land into townships and further into sections and fractions called sections. | The rectangular government survey system |
it is the north-south line that runs through an initial point in the RGSS. These descriptions also use compass point directions (northwest; southeast; etc.). | The principal meridian |
it is the east-west line from which measurements originate. | The base line |
these lines of a survey are called township lines | East-west lines |
north-south lines are called | range lines. |
How many named principal meridians are in the U.S.? | 37 |
it is described by referencing the principal meridian and base line that is appropriate to the township in which the parcel is located. | parcel |
it is six miles square or 36 square miles | township |
it is one square mile, which is also one mile squared. | section |
this legal description looks like this (and is read right to left): S ½ SE ¼ NW ¼ Section 14, Township Clarkson | A rectangular government survey system |
it begin with a reference to either metes and bounds or RGSS, then divide the land into lots with numerical descriptions of each parcel. A plat with the lot descriptions is recorded in the land records. it include streets, access roads, and other important features. | Lot-and-block systems |
Lot 6 of Block 3 of the East Subdivision plat as recorded in Map Book 18, Page 11 at the Recorder of Deeds | A lot and block legal description |
length × width ei (6 × 4) | Area of rectangle |
side × side (4 × 4) | Area of square |