Term
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Definition
Land and improvments
Area Preference ( situs) |
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Term
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Definition
| goods and intangible interests generally movable and not attached to land ( exception - trade fixtures and fractus industriales) |
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Term
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Definition
| cultivated crops - personal property - emblements |
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Term
| Rights in Personal Property |
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Definition
Intelectual Property
business reputation ( good will)
leases
partnership interests
legal rights |
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Term
| Real property improvements |
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Definition
Valuable additions to land such as:
Buildings
infrastructure development
Fractus Naturales
Fixtures |
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Term
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Definition
| Permenant plantings (landscape and natural) |
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Term
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Definition
Ownership rights in the surface, airspace above, minimg rights below
easements - use of the land
use of appurtenants (adjoining) land
Legal rights |
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Term
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Definition
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Term
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Definition
Legal Rights in Real Property
which may be transfered to another:
possess
control
enjoy
exclude
encumber
dispose |
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Term
| Water Rights in Real Property |
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Definition
Legal rights in Real property are:
Bundle of legal rights
Water Rights:
Riparian - use of moving water
Littoral - use of non moving water
Prior appropriation - first one using the water |
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Term
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Definition
Public
Private - residential , commercial, industrial, agricultural, recreational, specific purpose - church, hospital, cemetaries, colleges, public |
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Term
| Physical characteristics of land |
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Definition
Includes the surface, the air above and the space below.
Immobility
uniqueness (heterogeneous)
indistructability |
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Term
| Economic Characteristics of land that affect its value |
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Definition
Scarcity
situs ( location)
improvements (through construction)
investment permenence ( extended time to pay)
assemblage ( combining lots to increase value) |
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Term
| Principal Legal Descriptions - when used? |
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Definition
| essential for deeds and titles not for listing agreements |
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Term
| Types of Legal Descriptions |
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Definition
Metes and Bounds starts and ends at a POB Point of beginning
suited for irregulary sheped land |
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Term
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Definition
| Measure in inches feet and yards from a compass setting |
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Term
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Definition
| Measured by imaginary N/S, E/W lines |
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Term
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Definition
| N/S line established by US Government for each state |
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Term
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Definition
| Imaginary E/W line established by the US Government for each state. |
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Term
| Lot, block adn subdivision |
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Definition
| Measurements by plat maps includes Metes and Bounds or Government survey. Well suited for subdivision developments) |
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