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Chapter 3Chapter 3
Charles J.Jacobus
Thomas E.Gillett
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Georgia Real Estate Georgia Real Estate An Introduction to the ProfessionAn Introduction to the Profession
Seventh EditionSeventh Edition
Chapter 3Chapter 3
Nature and Description Nature and Description of Real Estateof Real Estate
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Real Estate or Real Property
Land and Improvements plus RightsLand and Improvements plus Rights
Real Estate or Real PropertyReal Estate or Real Property
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Real Estate’s DimensionsReal Estate’s Dimensions
Land includes the surface of the earth, the sky above, and everything to the center of the earth.
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Land
ImprovementsAppurtenances
Personal PropertyAKA: ChattelBill of Sale
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IndestructibilityIndestructibility
ImmovableImmovable
NonhomogeneityNonhomogeneity
Physical Characteristic of LandPhysical Characteristic of Land
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Economic Characteristics of LandEconomic Characteristics of Land
Scarcity
Modification
Fixity
Situs
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FixturesFixtures
Tests to determine a FixtureMMA A R R IIAA
odificationttachmentelationship of the parties
ntention of the annexing partygreement
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FixturesFixtures
Prior Liens Against Fixtures
Ownership of Plants, Trees, & CropsEmblements – Annually cultivated crops
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Water RightsWater Rights
Riparian RightsDoctrine of Prior AppropriationLittoral RightsDoctrine of CapturePercolating WaterWater Table – Groundwater Level
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Land DescriptionsLand Descriptions
Legal DescriptionsMetes & BoundsRectangular Survey SystemRecorded PlatReference to Documents other than MapsInformal Reference - addressAssessor’s Parcel Number
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Metes and BoundsMetes and Bounds
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Compass DirectionsCompass Directions
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 travel to the next corner.
Benchmark
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Rectangular Survey SystemRectangular Survey System
Government Survey / US Public Land Survey
Latitude Lines: East – WestBase Lines
Longitude Lines: North - SouthMeridians
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Parallels and MeridiansParallels and Meridians
States using public land survey system.
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Township Divided into SectionsTownship Divided into Sections
Section
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One Section (640 Acres) SubdividedOne Section (640 Acres) Subdivided
Quarter Section = 160 Ac.
¼ of Quarter Section = 40 Ac.
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Land Description by Recorded PlatLand Description by Recorded Plat
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The tax assessor assigns every parcel of land in the county its own parcel number. For example, the westernmost parcel (lot 50) in the map would carry the number 34-18-8, meaning Book 34, Page 18, Parcel 8.
Assessor’s MapAssessor’s Map
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Vertical Land DescriptionsVertical Land Descriptions
Datum
Air Lot
Contour Maps
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Lot TypesLot Types
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Key Terms
FixturesImprovementsMeridiansMetes & BoundsMonument
Personal propertyReal EstateRecorded PlatRiparian Rights