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66 Cards in this Set

  • Front
  • Back

Types of property

Residential, commercial, mixed use, industrial, agricultural, special purpose

Supply and demand

Limited number of property lots of buyers prices up

Factors affecting supply

Labor for stability, construction and material costs, governmental controls and Financial policy

Land

Earth surface to the center of The earth and the airspace above The land, including the trees and water. Sub surface surface and air rights

Real estate

Land plus permanent human made additions

Real property

Bundle of rights plus real estate

Improvement

Any artificial thing attached on or below ground such as a house, Utility lines, streets, retention ponds, and landscaping

Real property

Right of possession, right to control, right of enjoyment, right of exclusion, right of disposition

Severance

The act of separating it from the land

Annexation

How permanent is the method of attachment

Situs

Area preference

Physical characteristics

Mobility, indestructibility, uniqueness (non-homogeneous

Fee simple estate

Highest form, most control the descendants co-owner if there is one in the car ownership was accompanied by the right of survivorship. The person or persons specified in the descendants well, if it is and it has left no well to the person or persons designated by the state law of interstate succession sorry highest form, most control the descendants co-owner if there is one in the car ownership was accompanied by the right of survivorship. The person or persons specified in the descendants well, if the descendent has left no well to the person or persons designated by the states law of interstate succession. Highest interest

Fee simple defeasible

Promise from previous owner, commonly family, if you break promises previous owner gets property back by default.

Fee simple determinable

May be inherited qualified by special limitation, can require full ownership of no need to bring a legal action in court.

Fee simple subject to a condition subsequent

Previous owner goes to court. The state will terminate if there is a violation. Your state does not automatically terminate upon violation of the condition of ownership the owner or the owners errors or successor has the right every entry but must bring a legal action in court

Life estate

Temporary ownership, freehold estate limited. During the life of the owner. Life tenant.

Pur Autre Vie

Based on the lifetime of a person other than a life tenant. Not considered an estate of inheritance, for life of another often created for people who are physically or mentally incapacitated

Remainder

Remainder interest the creator of the life estate my name or remaindermen as the person to whom the property will pass on the life estate ends

Revisionary

The creator of the life estate may choose not to name a remaindermen in that case ownership returns to the original owner upon the end of the life estate

Encumbrances

All encumbrances are liens.

Lien

Money owed

Easement

The right to use the land of another for a specific purpose

Easement appurtenant

Runs with the land attached to the ownership of real estate and allows the owner To use Neighbors land.

Dominant tenement

The person that benefits from the easement

Servient tenement

The person over which the easement runs

Easement in gross

Tied to owner, doesn’t stay with. An individual or company interest in or right to use someone else’s land. Utility lines, pipelines, or railroads. Terminates on the death of easement owner

Easement by necessity

Involuntary. It’s created by court order

Easement by prescription

Court action.. Generally runs from 10 to 21 years must be visible open and notorious and the owner must be aware

Police power

Environmental protection laws, zoning ordinances and building codes

Eminent domain

Statutory law, the right of the government to take property. Condemnation is the process

Taking

The owner must be fairly compensated.

Escheat

When owner dies and leaves no heirs. Without a will

Comprehensive plan

Idea our master plan by local governments. A guide that tires to anticipate changing needs. 20 years or longer.

Zoning

Permitted use of each parcel of land, lot size, types of structures, building heights, setbacks, style appearance of structures, density, protection of natural resources.

Bulk zoning

To control density and avoid overcrowding. Setbacks building height and percentage of open area by restricting new construction projects.

Esthetic zoning

To specify certain types of address agriculture for nee buildings

Incentive zoning

To ensure that certain users are incorporated into developments, such as requiring the street floor of an office building to house rental establishments

Ownership and severaly

Individual or corporation

Tenancy in common

Undivided interest, unity of possession. Each owner is entitled to possession and use of the entire property even though each holds only fractional ownership interest. The tenants undivided interest passes according to the descendants will

Joint tenancy

Right of survivorship. Transfers directly to surviving joint tenant. The death of one of the owners terminate joint tenancy

Creating joint tenancy

Unity of possession, unity of interest, unity of time, unity of title PITT

Tenancy by the entirety

Married couples. Allows a spouse to inherit the other spouses ownership. Undivided interest in property. Right of survivorship. Convey title only by deed signed by both parties. Does not require PITT

Limited partnership

Ran by general partners

Condo ownership

Tenancy in common

Voluntary alienation

The legal term for the transfer of title during the property owners lifetime

Deed

Transfer. Conveys the right, title, or interest owned in the parcel of real estate to someone else. In writing. Only signed by grantor

Requirements for a valid deed

Grantor who has the legal competency to execute the deed, grantee named with reasonable certainty to be identified, statement of consideration, granting clause, haddendum clause, accurate legal description of the property, and he relevant exceptions or revisions, acknowledgment, notarization, delivery.

General warranty deed

Covenant upsizing, the grantor warrants that he or she owns the property. Covenant against encumbrances. Covenant of further assurance. The grantor promises to obtain and deliver any instrument needed to make the title good. Covenant of quiet enjoyment. Covenant of warranty forever.

Special warranty deed

Not as much protection. At the grantor received title. That the property was not encumbered.

Quitclaim Deed

Lease protection. No covenants. Used to convey less than fee simple estate. Conveys only the grantors right, title, or interest without any warranty. Used to cure a defect title. Cloud on the title.

Involuntary alienation

Without the owners consent. Transfers are usually carried out by operation of law. Foreclosure or tax sale. Or when someone dies without a vaild will

Adverse possession

Involuntary transfer. Open, notorious, continuous, hostile, adverse

Passing of the deed.

The co-owner by virtue of a joint tenancy with right of survivorship or tenancy by the eternity. A party or parties named in a valid well. The statutory heors is determined by the states law of dissent distribution

Probate

Legal process identifying who in the world gets the property.

Title record recording.

Placing documents in public record by a county clerk, county treasurer, city clerk, collectors and clerks of the car. To be eligible for recording a document must be drawn and executed according to the state law.

Notice

Anyone with an interest in a piece of real estate can take certain steps called giving notice to ensure that the existence of their interest is made available to the public. Constructive notice actual notice constructive is the legal presumption that information has been obtained. Actual means not only that information of an interest is available but also someone is actually aware of it.

Abstract of title

Summary report of what the title search found in public records

Marketable title

Disclose no serious defects. Not expose the purchaser to the hazard litigation or threaten the quiet enjoyment of property. Conveyance a reasonably well informed and willing purchaser acting on business principles and with knowledge of the facts and their legal significance.

Proof of ownership

Evidence that the title is marketable.

Certification of title

Not a guarantee of ownership. It clarifies the condition of the title basis on an examination of public records.

Title insurance

Protected from losses arising from defects in the title. Ensures against future losses. Per text from an event that occurred before the policy was issued. Best offense of title. Subordination

Antitrust laws

Price-fixing, group boycott, allocation of customers or markets, tie in agreement

Do not call list

Search registry every 31 days. You can contact EP to 18 months after the customers last purchase up to three months after customer makes inquiries

Exclusive right to sell

Seller employees one broker, listing broker is paid regardless of who sells property

Exclusive agency

Seller employs one broker, listing broker is paid only if they are the porocuring cause. Seller retains the right to sell without obligation to listing broker