Real Property - CORRECT ANSWER land, Improvements attached to the land, and the rights to
use them
Personal Property - CORRECT ANSWER right or interest
... [Show More] in things of a temporary or movable
nature chattel personalty. Ownership transferred by a BILL OF SALE
Fixture - CORRECT ANSWER Personal Property attached in such a way to make it real
property.
Annexation - CORRECT ANSWER Process of attaching personal property to real property
making it a fixture
Severed or Severance - CORRECT ANSWER Real property being removed becoming personal
property
Trade Fixtures - CORRECT ANSWER required to carry out a business example would be
commercial cooking equipment in a restaurant
Accesion - CORRECT ANSWER Acquiring trade fixtures by non removal prior to termination
of lease
Land 3 physical characteristics - CORRECT ANSWER nonhomogeneity, immobility,
indestructibility
Nonhomogeneity - CORRECT ANSWER no to pieces are exactly alike
immobility - CORRECT ANSWER land cannot be moved - a person must go to the land
indestructibility - CORRECT ANSWER durability - it will always be there
Land 4 economic characteristics - CORRECT ANSWER scarcity, modification, fixity, situs
scarcity - CORRECT ANSWER short supply where demand is great example lot in Manhattan v.
a lot in upstate NY
modification - CORRECT ANSWER land use and value are greatly influenced by improvements
made by man to land and to surrounding parcels of land
fixity - CORRECT ANSWER land and buildings and other improvements to land are
consideration fixed or permanent investments- they are not liquid assets
Situs - CORRECT ANSWER location preference location,location,location
Metes and Bounds - CORRECT ANSWER legal description of land that always has a point of
beginning that is also the end. The oldest used in 13 original colonies
Lot,Block, and Subdivision - CORRECT ANSWER recorded map or plat, it is the most common
description in residential listing agreements
Monuments - CORRECT ANSWER permanent surveyors markers often starting point for metes
and bounds example Iron pipe, oak tree
Rectangular/ Government Survey - CORRECT ANSWER takes into consideration base lines,
meridians, townships and sections.Townships and Sections are located in Ranges. Example
S7T3R2 means Section 7 Townships 3 Range 2
Township - CORRECT ANSWER 36 Sections
Section - CORRECT ANSWER 640 Acres 1 square mile
Acre - CORRECT ANSWER 43,560 square feet
Plat - CORRECT ANSWER map of a town, section, or subdivision
Plot - CORRECT ANSWER map or layout of improvements on a property site. The property site
is also called a lot or parcel
Encumbrance - CORRECT ANSWER limitation on your rights. It may also called cloud on a
title.
Voluntary lein - CORRECT ANSWER created by the borrowers actions such as taking out a
mortgage
Involuntary lein - CORRECT ANSWER created by law ie. ad valorem tax lein [Show Less]