BARNEY FLETCHER REAL ESTATE
PRINCIPLES
◉ Assemblage. Answer: combining two or more contiguous parcels of
real estate into a single parcel under one ownership
◉ plottage. Answer: an increase in value resulting from assemblage
◉ fixture. Answer: personal property that is permanently attached to real
property and goes with the property when its sold
◉ what makes something a fixture. Answer: if object was fixed or
installed with the intention of improving the home
◉ appurtenances. Answer: when new fixtures are attached ex. heat/air,
roof
◉ have brokers license but are working for another broker. Answer:
associate broker
◉ principal/employing broker. Answer: in charge of and responsible for
all real estate operations conducted by a real estate brokerage firm
◉ which type of land description are the properties described as they
relate to meridians. Answer: government / rectangular survey
,◉ alienation of title. Answer: any change of ownership - transferring
ownership rights or interests in real property from one person to another
◉ legal title. Answer: right of ownership of a parcel of real property
held by an owner
◉ equitable title. Answer: interest in a piece of real estate held by a
buyer held under a contract to obtain absolute ownership of the property
at a future date
◉ bare legal title. Answer: lacks the usual rights and privileges
associated with ownership
◉ constructive notice. Answer: information has been made available to
the public
◉ inquiry notice. Answer: when factors exist that make someone inquire
further
ex. dirt road running across you would inquire whether there is an
easement in place
◉ marketable title. Answer: a title free from reasonable doubt as to who
the owner is
◉ abstract of title. Answer: detailed report of the title search
, ◉ torrens system. Answer: an owner petitions the state court to register
his property
transfer of land
◉ allodial system. Answer: individuals are able to own land
◉ eminent domain. Answer: right of govs to assume property for
necessary public use
◉ escheat. Answer: power the gov has when someone dies intestate and
leaves no known heirs
◉ PETE - powers of gov over title. Answer: police power, eminent
domain, taxation, escheat
◉ encroachment. Answer: unauthorized infringement on a property
owners rights as a result of physical intrusion
◉ freehold estate. Answer: highest and most complete form of
ownership
◉ seisin. Answer: possession of freehold estate
PRINCIPLES
◉ Assemblage. Answer: combining two or more contiguous parcels of
real estate into a single parcel under one ownership
◉ plottage. Answer: an increase in value resulting from assemblage
◉ fixture. Answer: personal property that is permanently attached to real
property and goes with the property when its sold
◉ what makes something a fixture. Answer: if object was fixed or
installed with the intention of improving the home
◉ appurtenances. Answer: when new fixtures are attached ex. heat/air,
roof
◉ have brokers license but are working for another broker. Answer:
associate broker
◉ principal/employing broker. Answer: in charge of and responsible for
all real estate operations conducted by a real estate brokerage firm
◉ which type of land description are the properties described as they
relate to meridians. Answer: government / rectangular survey
,◉ alienation of title. Answer: any change of ownership - transferring
ownership rights or interests in real property from one person to another
◉ legal title. Answer: right of ownership of a parcel of real property
held by an owner
◉ equitable title. Answer: interest in a piece of real estate held by a
buyer held under a contract to obtain absolute ownership of the property
at a future date
◉ bare legal title. Answer: lacks the usual rights and privileges
associated with ownership
◉ constructive notice. Answer: information has been made available to
the public
◉ inquiry notice. Answer: when factors exist that make someone inquire
further
ex. dirt road running across you would inquire whether there is an
easement in place
◉ marketable title. Answer: a title free from reasonable doubt as to who
the owner is
◉ abstract of title. Answer: detailed report of the title search
, ◉ torrens system. Answer: an owner petitions the state court to register
his property
transfer of land
◉ allodial system. Answer: individuals are able to own land
◉ eminent domain. Answer: right of govs to assume property for
necessary public use
◉ escheat. Answer: power the gov has when someone dies intestate and
leaves no known heirs
◉ PETE - powers of gov over title. Answer: police power, eminent
domain, taxation, escheat
◉ encroachment. Answer: unauthorized infringement on a property
owners rights as a result of physical intrusion
◉ freehold estate. Answer: highest and most complete form of
ownership
◉ seisin. Answer: possession of freehold estate
