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Real Estate Principles Tenth Edition

Real Estate Principles Tenth Edition. Real Estate: An Introduction to the Profession Tenth Edition. Chapter 2 Nature and Description of Real Estate. __________________________________. Land. Improvements Fixtures Manner of Attachment adaptation of object existence of an agreement

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Real Estate Principles Tenth Edition

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  1. Real Estate PrinciplesTenthEdition Real Estate: An Introduction to the Profession Tenth Edition

  2. Chapter 2Nature and Description of Real Estate __________________________________

  3. Land • Improvements • Fixtures • Manner of Attachment • adaptation of object • existence of an agreement • relationship of the parties • Appurtenances

  4. Land includes the surface of the earth, the sky above, and everything to the center of the earth. Real Estate’s Dimensions

  5. Water Rights • Riparian Right • Doctrine of Capture • Percolating Water

  6. Land Descriptions • Metes & Bounds • Rectangular Survey System • Recorded Plat • Reference to Documents other than Maps • Informal Reference - address • Assessor’s Parcel Number

  7. Describing Land by Metes and Bounds

  8. Naming Directions for a Metes and Bounds Survey 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.

  9. Parallels and Meridians The public land survey system of the United States.

  10. Township Divided into Sections

  11. One Section (640 Acres) Subdivided

  12. Land Description by Recorded Plat

  13. Lot Types

  14. 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.

  15. Physical Characteristics of Land • Immobility • Indestructibility • Nonhomogeneity

  16. Economic Characteristics of Land • Scarcity • Modification • Fixity • Situs

  17. Fixity Fixtures Improvements Meridians Metes & Bounds Monument Personal property Real Estate Recorded Plat Riparian Rights Scarcity Situs Key Terms

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