Real Estate Review Exam 1 - I. Chapter 2Nature and...

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I. Chapter 2—Nature and Description of Real Estate A. Real Estate—Land, its improvements, and the right to use them 1. Including surface rights, subsurface rights, and air rights B. Improvements—Anything affixed to land permanently; otherwise, considered personal property C. Fixture—Object that once was personal property, now attached to land or an existing building, thus making it real estate; classification based on four tests: 1. Manner of attachment 2. Adaptation of the object 3. Existence of an agreement 4. Relationship of the parties involved D. Commonly used methods of describing land 1. Informal Reference—street numbers, place names, etc. 2. Metes and Bounds—distance (metes) and direction (bounds) method 1. Bench mark— reference point of known location and elevation 2. Monument— fixed point used in making a survey (pipe, stone, tree) 3. Rectangular Survey System—system identifying acreage tracts relative to one of 36 nationwide benchmarks 1. Guide Meridian—every 24 miles 2. Range Line—every 6 miles 3. Base Line—East-west latitude line 4. Standard Parallel—every 24 miles 5. Township—6 miles by 6 miles 6. Section—1 mile by 1 mile; 640 acres 4. Recorded Plat—refers to a surveyed subdivision as based on lot, block, and/or tract description for each land parcel within the area surveyed 5. Assessor’s Parcel Number—refers to the county assessor’s identification system for taxing property within county 6. Reference to documents other than maps—deed, legal document, etc. (usually based on one of previous methods) II. Chapter 3—Rights and Interests in Land A. Government Rights in Land 1. Right to collect property taxes 2. Right of eminent domain 3. Right of police power
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4. Right of escheat B. Fee Simple Ownership—Rights remaining after satisfaction of government’s rights; including right to occupy and use, rent or lease, mortgage, restrict, sell, etc. C. Estate—refers to one’s legal interest D. Title—refers to the fee simple estate E. Encumbrance—Any claim, right, lien, estate, or liability that limits the fee simple title to the property; 1. Examples include easements, encroachments, deed restrictions, liens, subsurface rights, mortgages, and leases F. Easement—right or privilege one part has to the use of land of another for a special purpose consistent with the general use of the land; formed by grant, deed, or government condemnation G. Encroachment—unauthorized intrusion of a building or other form of real property onto another person’s land H. Deed Restriction—private agreement that governs the use of land I. Lien—hold or claim that one person has on the property of another 1. Examples- property tax lien, mechanic’s liens, judgment liens, and mortgage liens J. Qualified Fee Estate—fee estate that is subject to certain limitations imposed by the person creating the estate; 3 categories: 1. Determinable 2. Condition Subsequent 3. Condition Precedent K. Life Estate—estate conveyed for the duration of someone’s life
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This note was uploaded on 09/27/2011 for the course FINANCE 266 taught by Professor Owens during the Spring '10 term at Missouri State University-Springfield.

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Real Estate Review Exam 1 - I. Chapter 2Nature and...

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