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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 PrinciplesTenthEdition Real Estate: An Introduction to the Profession Tenth Edition
Chapter 2Nature and Description of Real Estate __________________________________
Land • Improvements • Fixtures • Manner of Attachment • adaptation of object • existence of an agreement • relationship of the parties • Appurtenances
Land includes the surface of the earth, the sky above, and everything to the center of the earth. Real Estate’s Dimensions
Water Rights • Riparian Right • Doctrine of Capture • Percolating Water
Land Descriptions • Metes & Bounds • Rectangular Survey System • Recorded Plat • Reference to Documents other than Maps • Informal Reference - address • Assessor’s Parcel Number
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.
Parallels and Meridians The public land survey system of the United States.
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.
Physical Characteristics of Land • Immobility • Indestructibility • Nonhomogeneity
Economic Characteristics of Land • Scarcity • Modification • Fixity • Situs
Fixity Fixtures Improvements Meridians Metes & Bounds Monument Personal property Real Estate Recorded Plat Riparian Rights Scarcity Situs Key Terms