South-Western Publishing©2002 By Charles J. Jacobus Real Estate Principles Ninth Edition Real Estate: An Introduction to the Profession Ninth Edition South-Western Publishing©2002

Chapter 2 Nature and Description of Real Estate _______________________________________

South-Western Publishing©2002 Land Improvements Fixtures Manner of Attachment –adaptation of object –existence of an agreement –relationship of the parties Appurtenances

South-Western Publishing©2002 Real Estate’s Dimensions Land includes the surface of the earth, the sky above, and everything to the center of the earth.

South-Western Publishing©2002 Water Rights Riparian Right Doctrine of Capture Percolating Water

South-Western Publishing©2002 Describing Land by Metes and Bounds

South-Western Publishing©2002 Naming Directions for a Metes and Bounds Survey Moving in a clockwise direction from the point of beginning, set the center of a circle compass on each corner of the parcel to find the direction of travel to the next corner.

South-Western Publishing©2002 Parallels and Meridians The public land survey system of the United States.

South-Western Publishing©2002 Township Divided into Sections

South-Western Publishing©2002 One Section (640 Acres) Subdivided

South-Western Publishing©2002 Land Description by Recorded Plat

South-Western Publishing©2002 Lot Types

South-Western Publishing©2002 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 , meaning Book 34, Page 18, Parcel 8. Assessor’s Map

South-Western Publishing©2002 Physical Characteristics of Land Immobility Indestructibility Nonhomogeneity

South-Western Publishing©2002 Economic Characteristics of Land Scarcity Modification Fixity Situs

South-Western Publishing©2002 Key Terms Fixity Fixtures Improvements Meridians Metes & Bounds Monument Personal property Real Estate Recorded Plat Riparian Rights Scarcity Situs