Real Estate Principles Tenth Edition

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Real Estate PrinciplesTenth Edition

• Real Estate
• An Introduction to the Profession
• Tenth Edition

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Chapter 2 Nature and Description of Real
Estate

• __________________________________

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Land

• Improvements
• Fixtures
• Manner of Attachment
• adaptation of object
• existence of an agreement
• relationship of the parties
• Appurtenances

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Real Estates Dimensions

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

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Water Rights

• Riparian Right
• Doctrine of Capture
• Percolating Water

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Land Descriptions

• Metes Bounds
• Rectangular Survey System
• Recorded Plat
• Reference to Documents other than Maps
• Informal Reference - address
• Assessors Parcel Number

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Describing Land by Metes and Bounds
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Naming Directions for a Metes and Bounds Survey
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 travel to the next corner.
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Parallels and Meridians
The public land survey system of the United
States.
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Township Divided into Sections
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One Section (640 Acres) Subdivided
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Land Description by Recorded Plat
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Lot Types
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Assessors Map
The tax assessor assigns every parcel of land in
the county its own parcel number. For example,
the westernmost parcel (lot 50) in the map would
carry the number 34-18-8, meaning Book 34, Page
18, Parcel 8.
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Physical Characteristics of Land

• Immobility
• Indestructibility
• Nonhomogeneity

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Economic Characteristics of Land

• Scarcity
• Modification
• Fixity
• Situs

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Key Terms

• Fixity
• Fixtures
• Improvements
• Meridians
• Metes Bounds
• Monument

• Personal property
• Real Estate
• Recorded Plat
• Riparian Rights
• Scarcity
• Situs