©OnCourse Learning. All Rights Reserved.. Nature and Description of Real Estate ©OnCourse Learning. All Rights Reserved. Chapter 2

©OnCourse Learning. All Rights Reserved.

Nature and Description of Real Estate


Chapter 2


In This Chapter You will be introduced to the

terminology used to define and describe real estate.


LAND

Land starts at the center of the earth, passes through the earth’s surface, and continues on into space.


Real Estate’s Dimensions Land includes:

earth’s surface, sky above, & everything below.

Land Improvements Fixtures Tests of Fixture

annexation adaptation intention

Trade Fixtures Plants, Trees, & Crops


Appurtenances A right or privilege or improvement

that belongs to and passes with the land but is not necessarily a part of the land.


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!

RIGHTS Texas Commission on Environmental Quality Water Development Board Ownership of Waterways

Underground Water Conflicting Claims State Rights State Water Agencies


Land Descriptions1. Informal references2. Metes & Bounds3. Rectangular Survey System4. Recorded Plat5. Assessor Parcel Number6. Reference to documents


Metes and Bounds


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


Rectangular Survey SystemSelected latitude and longitude lines serve as base lines and meridians


The public land survey system of the United States.

Parallels and Meridians


Township Divided into Sections


One Section (640 Acres)


Land Description by Recorded Plat


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


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.

Vertical Land Description


Physical Characteristics of Land Immobility

Indestructibility Nonhomogeneity


Economic Characteristics of Land Scarcity

Modification Fixity Situs (location preference)


Multiple Meanings of the Word Value Value or worth is affected by the purpose

for which the valuation was performed. Assessed value is value given a property

by the county tax assessor for taxation Estate tax value is what authorities

establish for a deceased person’s property Insurance value is concerned with the

cost of replacing damaged property Loan value is set on a property for the

purpose of making a loan


Key Terms Assessed value Base line Estate tax value Fixture Improvements Insurance value Loan value Base Line

Fixtures Improvements Meridians Metes & Bounds Monument Personal property Real Estate Recorded Plat Riparian Rights


Documents

©OnCourse Learning. All Rights Reserved.. Nature and Description of Real Estate ©OnCourse Learning. All Rights Reserved. Chapter 2