1. © 2010 by Cengage Learning Chapter 2 ________________ Nature and Description of Real Estate

2. © 2010 by Cengage Learning Improvements Fixtures Manner of Attachment adaptation of object existence of an agreement relationship of the parties Appurtenances Land

3. © 2010 by Cengage Learning Real Estate’s Dimensions Land includes the surface of the earth, the sky above, and everything to the center of the earth.

4. © 2010 by Cengage Learning Water Rights Riparian Right Doctrine of Capture Percolating Water

5. © 2010 by Cengage Learning Land Descriptions Metes & Bounds Rectangular Survey System Recorded Plat Reference to Documents other than Maps Informal Reference - address Assessor’s Parcel Number

6. © 2010 by Cengage Learning Describing Land by Metes and Bounds

7. © 2010 by Cengage Learning 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. Naming Directions for a Metes and Bounds Survey

8. © 2010 by Cengage Learning The public land survey system of the United States Parallels and Meridians

9. © 2010 by Cengage Learning Township Divided into Sections

10. © 2010 by Cengage Learning One Section (640 Acres) Subdivided

11. © 2010 by Cengage Learning Land Description by Recorded Plat

12. © 2010 by Cengage Learning Lot Types

13. © 2010 by Cengage Learning Assessor’s Map 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.

14. © 2010 by Cengage Learning Physical Characteristics of Land Immobility Indestructibility Nonhomogeneity

15. © 2010 by Cengage Learning Scarcity Modification Fixity Situs Economic Characteristics of Land

16. © 2010 by Cengage Learning Key Terms Fixtures Improvements Meridians Metes & Bounds Monument Personal property Real Estate Recorded Plat Riparian Rights

17. © 2010 by Cengage Learning Chapter 4 ________________ Forms of Ownership

18. © 2010 by Cengage Learning One or More? Sole ownership Tenants in common Joint tenancy Community property Partnership Corporation

19. © 2010 by Cengage Learning Tenants in Common One parcel of land; Three owners with unity of possession What happens if C dies? C’s heirs A A B B C C A A B B

20. © 2010 by Cengage Learning Joint Tenancy with Right of Survivorship One parcel of land; Three owners, four unities (PITT): Possession, Interest, Time, Title If C dies? C A A B B C C A A B B

21. © 2010 by Cengage Learning Married Persons Tenancy by the Entirety Community Property Separate Property

22. © 2010 by Cengage Learning Holding Title

23. © 2010 by Cengage Learning Additional Ownership Forms S Corporations Trusts Inter Vivos Trust Testamentary Trust Limited Liability Companies (LLC)

24. © 2010 by Cengage Learning Key Terms Community property Concurrent ownership Estate in severalty Joint tenancy Right of survivorship Tenancy by the entirety Tenants in common Undivided interest