Real Estate Principles

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  1. Acre
    A measure of land equaling 160 square rods, or 4,840 square yards, or 43,560 square feet, or a tract about 208.71
  2. Admission Date
    September 9, 1850
  3. Airspace
    The reasonable space above a parcel; or in a condominium, the cubic area of a space within the walls.
  4. Base Lines
    Imaginary east-west lines that intersect meridian lines to form a starting point for the measurement of land.
  5. Bill of Sale
    A written instrument given to pass title of personal property from vendor to the vendee.
  6. Bundle of Rights
    Beneficial interests or rights attached to the ownership of real property.
  7. Chattel Real
    A personal property interest related to real estate, such as a lease on real property.
  8. Chattels
    Goods or every species of property movable or immovable that are not real property.
  9. Commission
    An agent's compensation for performing the duties of his/her agency; in real esate practice, a percentage of the selling price of property, percentage of rentals, etc.
  10. Condominium
    A system of individual fee ownership of units in a multi-family structure, combined with joint ownership of common areas of the structure and the land. (Sometimes referred to as a Vertical Subdivision)
  11. Emblements
    Crops (produced on leased land by a tenant farmer) from an annual cultivation considered personal property
  12. Fixtures
    Appurtenances attached to the land or improvements, wich usually cannot be removed without agreement as they become real property. Examples: plumbing fixtures built into the property
  13. Meridian Lines
    North-south surveyor lines which intersect base lines to form a starting point for the measurement of land.
  14. Metes and Bounds
    A term used in describing the boundary lines of land, setting forth all the boundary lines together with their terminal points and angles.
  15. Personal Property
    Any property that is not real property; property that is movable
  16. Potable Water
    Water that is suitable for human consumption; water suitable for irrigation
  17. Range
    A strip of land six miles wide determined by a government survey, running in a north-south direction.
  18. Real Property
    Land, improvements, items permanently attached to the land, appurtenances and that which is immovable by law.
  19. Riparian Rights
    The right of a landowner to flowing water on,under, or adjacent to his land.
  20. Rod
    This old unit of measurement is 16 1/2 feet long (5.5 yards)
  21. Section
    Section of land is established by government survey and contains 640 acres.
  22. Township
    A division by government survey that is six miles long, six miles wide and containg 36 sections, each one mile square.
  23. Trade Fixtures
    Articles of personal property annexed to real property, but which are necessary to the carrying on of a trade and are removable by the owner of the fixtures.
  24. Property
    The rights or interests that a person has in the thing owned
  25. Initials RSS refer to:
    Really Simple Syndication
  26. Security Agreement
    A loan secured by personal property
  27. Five Tests to determine if an item is a fixture (MARIA)
    • Method of attachment
    • Adaptability
    • Relationship of the parties
    • Intention
    • Agreement
  28. California has how many principal intersections of base lines and meridian lines?
  29. Commercial Acre
    An acre less the amount of land dedicated for public improvements (sidewalks, alleys, etc.)
Card Set
Real Estate Principles
Chapter 1: Intro. to Real Estate
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