Level 13 Level 15
Level 14

Property Rights & Legal Descriptions


66 words 0 ignored

Ready to learn       Ready to review

Ignore words

Check the boxes below to ignore/unignore words, then click save at the bottom. Ignored words will never appear in any learning session.

All None

Ignore?
Property
things that can be owned or possessed
Tests for fixture status
Intent of parties
True
True or false: Trade fixtures are always considered personal property, even when the parties
Mineral rights
refer to the legal interests associated with oil, gals, coal, or other
air rights
refer to the legal interests associated with the space above the surface of
water rights
refer to the legal interests associated with water that flows across,
Underground or subterranean stream
water that flows in a defined
Percolating water
water in pockets not clearly located
estates
_____ in land are collections or "bundles" of ownership rights in real property. An area or amount of land
freehold and leashold
two estate categories:
freehold
______ estates are ownership interests in real property. A _______ estate is the exclusive right to
leasehold
________estates are rights to use and possess (but not own) property
present and future
Freehold estates can be divided into _____ and _____ interests.
present
________ interests include:
Fee simple absolute estate
______ the fullest and most complete estate in
Qualified fee estate
_______ an estate than can be lost should some
life tenant
holder of the life estate
Estate pur autre vie
a life estate in which the tenant is not
future
_______ interests include:
Future interests
_________ _______are interests in real or personal property, a gift or trust, or other
present interests
The holder of this has the present or current right to possess the real property
Reversion interests
the future interest associated with a qualified
Remainder interest
the future interest associated with a life estate
Leasehold estates
Four categories:
Tenancy for a stated period
rights held by a tenant with a known
Tenancy from period to period
rights held by a tenant that
concurrent
______ estates refer to rights to a property that are held simultaneously by two
Tenancy by the entirety
special type of co-ownership that exists only
Community property
some states recognize that all property acquired
Condominium Ownership
Individual units in a building (or collection of buildings)
Cooperative Ownership
In a cooperative arrangement, the building is owned by a nonprofit corporation
legal description
Each parcel of real estate must have a unique _____ ______. There are three
metes and bounds
descriptions start at a designated point of beginning and, through
Rectangular survey
_____ ______ descriptions are based on a grid system
Reference to Recorded Plats
As part of the land subdividing process, many jurisdictions require
Legal Descritpion
Requirement when real property is being conveyed
Point of Beginning (POB)
starting point in metes & bounds description of property , a legal description of a
Government Rectangular Survey System (GSS) 1785 established by Congress
Describes land by using 2 sets of
Monument
where the principal meridian and Baseline intersect. AZ monument is called Gila and Salt River
Principle Meridian
Main lines that run North and South dividing east from west
Baselines
Main lines that run east and west that divide the north and south.
Range lines
Run N and South parallel running to the Pricipal Meridian
Township lines
Run East West parallel to Baseline
Tier
Horizontal row of townships
Ranges
Vertical row of townships
Section
1 mile by 1 mile is a portion of each township. 36 sections in a township. 640 acres is a section. Section
Miles Square
all sides are the same length
Correction Lines/Guide Meridians
Because of Curve of earth every 4th line both directions will have smaller
Correction Line
Compensates for curvature of earth, part of GSS (Govt. Survey System), every 4th township line (at
Guide Meridian
used in GSS (Govt. Survey System), due to earth's curvature, the survey lines running north & south,
Principle Meridians
main lines that run north & south(Gila & Salt River Meridian)
Fractional sections/Government Lots
the smaller sections due to the curve of the earth 1-7 18,19,30,31
Lot and Block System
AZ Method...Best for subdivisions, used in conjunction with Metes and bounds or Gov't
Air Lot
The air above a building to keep from raising a building.
Benchmark
Permanent marker for elevation, could be a iron post used to indicate elevation above sea level.
Datum
A point from where you measure elevation. Each city can have datum plane. New York harbor is the federal
Plat Maps
map drown to scale, showing the division of a piece of land. lots, blocks, sections, streets
Spot Survey
shows boundaries of land and location of the building.
Non Standardized
Government lot that is less than 1/4 of a section.
Base Line
The main imaginary line running east and west and crossing a principal meridian at a definite point,
Lot-and-Block (recorded plat) Description
A method of describing real property that identifies a parcel of
Monuments
Fixed natural or artificial objects used to establish real estate boundaries for a metes-and-bounds
Plat Map
A map of a town, section, or subdivision indicating the location and boundaries of individual
Principal Meridian
The main imaginary line running north and south and crossing a base line at a definite
Rectangular Survey System
A system established in 1785 by the federal government, providing for surveying and
Township
The principal unit of the rectangular (government) survey system. A township is a square with six-