© 2012 cengage learning. nature and description of real estate chapter 2

© 2012 Cengage Learning

© 2012 Cengage Learning

Nature and Description of Real Estate

Chapter 2

© 2012 Cengage Learning

In This Chapter

You will be introduced to the terminology used to define and describe real estate.

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LAND

Land starts at the center of the earth, passes through the earth’s surface, and continues on into space.

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Real Estate’s Dimensions

Land includes the surface of the earth, the sky above, and everything to the center of the earth.

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Land Improvements Fixtures Tests of Fixture

annexation adaptation intention

Trade Fixtures Plants, Trees, & Crops

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Appurtenances A right or privilege or improvement

that belongs to and passes with the land but is not necessarily a part of the land.

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Water Rights

Riparian Right Littoral Rights Percolating Water

•The landowner does not have absolute ownership of waterthat flows through or past their land.

•They do have the right of use it in a reasonable manner!

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RIGHTS Texas Commission on Environmental Quality Water Development Board Ownership of Waterways

Underground Water Conflicting Claims State Rights State Water Agencies

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Land Descriptions1. Informal references

2. Metes & Bounds

3. Rectangular Survey System

4. Recorded Plat

5. Assessor Parcel Number

6. Reference to documents

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Metes and Bounds

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Moving in a clockwise direction from the point of beginning, set the centerof a circle compass on each corner of the parcel to find the direction of travelto the next corner.

Naming Directions for a Metes and Bounds Survey

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Selected latitude and longitude lines serve as base lines and meridians

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The public land survey system of the United States.

Parallels and Meridians

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Township Divided into Sections

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One Section (640 Acres)

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Land Description by Recorded Plat

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The tax assessor assigns every parcel of land in the county its own parcelnumber. For example, the westernmost parcel (lot 50) in the map wouldcarry the number 34-18-8, meaning Book 34, Page 18, Parcel 8.

Assessor’s Map

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Informal References•Street numbers are informal references:

•the house located at 7216 Maple Street •Apartment 101, 875 First Street• the office at Suite 222, 3570 Oakview Boulevard •the ranch known as the Rocking K Ranch(in each case followed by the city (or county) and state where it is located)

•Advantage: an informal reference is that it is easily understood.•Disadvantage: From a real estate standpoint is that it is not a precise method of land description.

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Vertical Land Description

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Physical Characteristics of Land Immobility

Indestructibility Nonhomogeneity

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Economic Characteristics of Land Scarcity

Modification Fixity Situs (location preference)

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Key Terms Base Line Fixtures Improvements Meridians Metes & Bounds

Monument Personal property Real Estate Recorded Plat Riparian Rights