Real Estate Section 1
Assemblage
combining two or more land parcels into one under one ownership
What makes a trade fixture?
personal property turned into real property; things that are sold with property.. items that cant be removed
Goverment Survery (also known as Rectangular Survey)
properties are described as they relate to base lines and meridians
Metes & Bounds
used to describe property by specifying its shape and dimensions
Recorded plat (lots, blocks, and subdivision method)
the size and location of each block and lot is shown on a plat
How much is a acre?
43,560
Principal broker
licensed broker who oversees and directs the daily operation of the brokerage
Plottage
increase in value realized by combining adjacent parcels of land into one larger parcel
Appurtenances
A right, privilege, or improvement belonging to and passing with the principal property
Associate broker
has a brokers license but are working for another broker
What is a fuxture?
Real property that is permanently attached to the property and goes with the property when it is sold
Trade Fixtures
Personal property of a commercial tenant
How do you calculate acres?
L x W = A divided by 43,560
What is NOT a legal descriptions?
None of the Above