1. © 2008 by South-Western, Cengage Learning Chapter 3 Chapter 3 Charles J. Jacobus Thomas E. Gillett

2. © 2008 by South-Western, Cengage Learning Georgia Real Estate An Introduction to the Profession Seventh Edition Chapter 3 Nature and Description of Real Estate

3. © 2008 by South-Western, Cengage Learning Real Estate or Real Property Land and Improvements plus Rights Real Estate or Real Property

4. © 2008 by South-Western, Cengage Learning Real Estate’s Dimensions Land includes the surface of the earth, the sky above, and everything to the center of the earth.

5. © 2008 by South-Western, Cengage Learning Land Improvements Appurtenances Personal Property AKA: Chattel Bill of Sale

6. © 2008 by South-Western, Cengage Learning Indestructibility Immovable Immovable Nonhomogeneity Nonhomogeneity Physical Characteristic of Land

7. © 2008 by South-Western, Cengage Learning Economic Characteristics of Land Scarcity Modification Fixity Situs

8. © 2008 by South-Western, Cengage Learning Fixtures Tests to determine a FixtureMARIA odification ttachmen t elationship of the parties ntention of the annexing party greement

9. © 2008 by South-Western, Cengage Learning Fixtures Prior Liens Against Fixtures Ownership of Plants, Trees, & Crops Emblements – Annually cultivated crops

10. © 2008 by South-Western, Cengage Learning Water Rights Riparian Rights Doctrine of Prior Appropriation Littoral Rights Doctrine of Capture Percolating Water Water Table – Groundwater Level

11. © 2008 by South-Western, Cengage Learning Land Descriptions Legal Descriptions Metes & Bounds Rectangular Survey System Recorded Plat Reference to Documents other than Maps Informal Reference - address Assessor’s Parcel Number

12. © 2008 by South-Western, Cengage Learning Metes and Bounds

13. © 2008 by South-Western, Cengage Learning Compass Directions 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. Benchmark

14. © 2008 by South-Western, Cengage Learning Rectangular Survey System Government Survey / US Public Land Survey Latitude Lines: East – West Base Lines Longitude Lines: North - South Meridians

15. © 2008 by South-Western, Cengage Learning Parallels and Meridians States using public land survey system.

16. © 2008 by South-Western, Cengage Learning Township Divided into Sections Section

17. © 2008 by South-Western, Cengage Learning One Section (640 Acres) Subdivided Quarter Section = 160 Ac. ¼ of Quarter Section = 40 Ac.

18. © 2008 by South-Western, Cengage Learning Land Description by Recorded Plat

19. © 2008 by South-Western, Cengage Learning 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 Map

20. © 2008 by South-Western, Cengage Learning Vertical Land Descriptions Datum Air Lot Contour Maps

21. © 2008 by South-Western, Cengage Learning Lot Types

22. © 2008 by South-Western, Cengage Learning Key Terms Fixtures Improvements Meridians Metes & Bounds Monument Personal property Real Estate Recorded Plat Riparian Rights