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© 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.
© 2012 Cengage Learning
LAND
Land starts at the center of the earth, passes through the earth’s surface, and continues on into space.
© 2012 Cengage Learning
Real Estate’s Dimensions
Land includes the surface of the earth, the sky above, and everything to the center of the earth.
© 2012 Cengage Learning
Land Improvements Fixtures Tests of Fixture
annexation adaptation intention
Trade Fixtures Plants, Trees, & Crops
© 2012 Cengage Learning
Appurtenances A right or privilege or improvement
that belongs to and passes with the land but is not necessarily a part of the land.
© 2012 Cengage Learning
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!
© 2012 Cengage Learning
RIGHTS Texas Commission on Environmental Quality Water Development Board Ownership of Waterways
Underground Water Conflicting Claims State Rights State Water Agencies
© 2012 Cengage Learning
Land Descriptions1. Informal references
2. Metes & Bounds
3. Rectangular Survey System
4. Recorded Plat
5. Assessor Parcel Number
6. Reference to documents
© 2012 Cengage Learning
Metes and Bounds
© 2012 Cengage Learning
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
© 2012 Cengage Learning
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
© 2012 Cengage Learning
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.
© 2012 Cengage Learning
Vertical Land Description
© 2012 Cengage Learning
Physical Characteristics of Land Immobility
Indestructibility Nonhomogeneity
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Economic Characteristics of Land Scarcity
Modification Fixity Situs (location preference)
© 2012 Cengage Learning
Key Terms Base Line Fixtures Improvements Meridians Metes & Bounds
Monument Personal property Real Estate Recorded Plat Riparian Rights