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Chapter 3Chapter 3

Charles J.Jacobus

Thomas E.Gillett

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Georgia Real Estate Georgia Real Estate An Introduction to the ProfessionAn Introduction to the Profession

Seventh EditionSeventh Edition

Chapter 3Chapter 3

Nature and Description Nature and Description of Real Estateof Real Estate

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Real Estate or Real Property

Land and Improvements plus RightsLand and Improvements plus Rights

Real Estate or Real PropertyReal Estate or Real Property

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Real Estate’s DimensionsReal Estate’s Dimensions

Land includes the surface of the earth, the sky above, and everything to the center of the earth.

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Land

ImprovementsAppurtenances

Personal PropertyAKA: ChattelBill of Sale

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IndestructibilityIndestructibility

ImmovableImmovable

NonhomogeneityNonhomogeneity

Physical Characteristic of LandPhysical Characteristic of Land

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Economic Characteristics of LandEconomic Characteristics of Land

Scarcity

Modification

Fixity

Situs

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FixturesFixtures

Tests to determine a FixtureMMA A R R IIAA

odificationttachmentelationship of the parties

ntention of the annexing partygreement

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FixturesFixtures

Prior Liens Against Fixtures

Ownership of Plants, Trees, & CropsEmblements – Annually cultivated crops

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Water RightsWater Rights

Riparian RightsDoctrine of Prior AppropriationLittoral RightsDoctrine of CapturePercolating WaterWater Table – Groundwater Level

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Land DescriptionsLand Descriptions

Legal DescriptionsMetes & BoundsRectangular Survey SystemRecorded PlatReference to Documents other than MapsInformal Reference - addressAssessor’s Parcel Number

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Metes and BoundsMetes and Bounds

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Compass DirectionsCompass Directions

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.

Benchmark

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Rectangular Survey SystemRectangular Survey System

Government Survey / US Public Land Survey

Latitude Lines: East – WestBase Lines

Longitude Lines: North - SouthMeridians

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Parallels and MeridiansParallels and Meridians

States using public land survey system.

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Township Divided into SectionsTownship Divided into Sections

Section

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One Section (640 Acres) SubdividedOne Section (640 Acres) Subdivided

Quarter Section = 160 Ac.

¼ of Quarter Section = 40 Ac.

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Land Description by Recorded PlatLand Description by Recorded Plat

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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 MapAssessor’s Map

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Vertical Land DescriptionsVertical Land Descriptions

Datum

Air Lot

Contour Maps

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Lot TypesLot Types

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Key Terms

FixturesImprovementsMeridiansMetes & BoundsMonument

Personal propertyReal EstateRecorded PlatRiparian Rights