Real Property -correct answer-land, Improvements attached to the land, and the rights to
use them
Personal Property -correct answer-right or interest 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
Specific lein -correct answer-attaches to one or more specific properties ex mortgage
General lein -correct answer-attaches to all property of the debtor example tax lien
Lein -correct answer-created by recording a judgement
writ of execution -correct answer-party wins and is unable to collect,he can secure a writ of
execution from the courts to enforce payment.
reservation -correct answer-withholds title of part of the land Ex. easement or mineral rights
encroachment -correct answer-structure or improvements overlaps onto another's property
easement -correct answer-limited use or enjoyment of another's land written or verbal or
implied
easements can be terminated -correct answer-merger of adjacent property, release, or
abandonment
Easement appurtenant -correct answer-Dominant estate uses driveway of servient estate to
access their property
Easement in Gross -correct answer-belongs to a person or corporation example would be
utility easement
License -correct answer-permission to do a particular act , go fishing or ticket to Football
game
use them
Personal Property -correct answer-right or interest 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
Specific lein -correct answer-attaches to one or more specific properties ex mortgage
General lein -correct answer-attaches to all property of the debtor example tax lien
Lein -correct answer-created by recording a judgement
writ of execution -correct answer-party wins and is unable to collect,he can secure a writ of
execution from the courts to enforce payment.
reservation -correct answer-withholds title of part of the land Ex. easement or mineral rights
encroachment -correct answer-structure or improvements overlaps onto another's property
easement -correct answer-limited use or enjoyment of another's land written or verbal or
implied
easements can be terminated -correct answer-merger of adjacent property, release, or
abandonment
Easement appurtenant -correct answer-Dominant estate uses driveway of servient estate to
access their property
Easement in Gross -correct answer-belongs to a person or corporation example would be
utility easement
License -correct answer-permission to do a particular act , go fishing or ticket to Football
game
