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land, Improvements attached to the land, and the rights to use them
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1 Estate 2 fixity
Real Property 4 Plot
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Terms in this set (163)
Real Property land, Improvements attached to the land, and the rights to
use them
, Nonhomogeneity no to pieces are exactly alike
immobility land cannot be moved - a person must go to the land
indestructibility durability - it will always be there
Land 4 economic scarcity, modification, fixity, situs
characteristics
scarcity short supply where demand is great example lot in
Manhattan v. a lot in upstate NY
modification land use and value are greatly influenced by improvements
made by man to land and to surrounding parcels of land
fixity land and buildings and other improvements to land are
consideration fixed or permanent investmentsthey are not
liquid assets
Situs location preference location,location,location
Metes and Bounds 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 recorded map or plat, it is the most common description in
residential listing agreements
Monuments permanent surveyors markers often starting point for metes and
bounds example Iron pipe, oak tree
Rectangular/ Government takes into consideration base lines, meridians, townships
Survey and sections.Townships and Sections are located in
Ranges. Example S7T3R2 means Section 7
Townships 3 Range 2
Township 36 Sections
Section 640 Acres 1 square mile
Acre 43,560 square feet
Plat map of a town, section, or subdivision