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1. Principles and Practices of Real Estate > 1. Principles and Practices of Real Estate - Interests, Planning & Zoning > Flashcards

1. Principles and Practices of Real Estate - Interests, Planning & Zoning Flashcards

1
Q

Land, along with its improvements, things attached to it, and the benefits, and interests included in its ownership.

A

Real Property.

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2
Q

The earth’s surface, subsurface to the center of the earth, the space overhead and the rights to each.

A

Land

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3
Q

Additions to the property that increase its value or enhance its appearce.

A

Improvement

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4
Q

Anything that is unattached and moveable, including intangible assets.

A

Personal property

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5
Q

Once moveable items attached to real property.

A

Fixtures

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6
Q

How, by attachment, something that was formerly personal property becomes real property.

A

Annexation

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7
Q

The process of separating a fixture from the real property.

A

Severence

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8
Q
  1. Intention of the person who attached the item
  2. Method of attachment/annexation
  3. Adaptation of the item to the use of the property
  4. Relationship and general understanding between parties
A

Legal tests for a fixture to determine if it’s real or personal property

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9
Q

Things that “belong to something else, generally by attachment, include rights that “run with the land”.

A

Appurtenances

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10
Q

Cultivated crops that a tenant generally owns as personal property and may return to harvest even after the lease expires.

A

Emblements

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11
Q

Describes a distinct property’s boundary by identifying a point of beginning (POB) then describing the distances and directions along the property line around the entire property back to the POB.

A

Metes and Bounds

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12
Q

Describes particular parcels in a subdivision, so combine a metes and bounds description of distances between specific monuments or reference points and unique parcel identifier within the subdivision.

A

Lot and Block

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13
Q

Everything one owns, including real and personal property.

A

Estate

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14
Q

Ownership of something, along with evidence of ownership, e.g. a deed.

A

Title

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15
Q

Owned property (may have restrictions on transfer)

A

Freehold

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16
Q

Leased property

A

Leasehold

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17
Q

Title free of restrictions that would limit its transfer

A

Absolute/Clear/Good Title

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18
Q

A common illustration of property ownership that compares the entire set of ownership rights to a bundle of sticks. Each stick represents a separate, distinct ownership right. As any stick is given over to someone else, the absolute and complete ownership is increasingly limited by those who control a stick.

A

Bundle of (Legal) Rights

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19
Q

Absolute and complete ownership of real property

A

Fee simple

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20
Q

Conveys an estate for the duration of the life tenant.

A

Life Estate.

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21
Q

The right to acquire the estate upon its termination as a life estate.

A

Future Interests

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22
Q

A type of future interest, where the estate reverts to, or is returned to the grantor of the life estate.

A

Reversion (interest)

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23
Q

A type of future interest where the grantor of the life estate has named someone else to take title.

A

Remainder (interest)

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24
Q

Alienation

A

Transfer of property

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25
Q

Deeding, assigning, dedicating, willing are examples of

A

Voluntary transfer

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26
Q

Proof of ownership of real property, needed to transfer Real property

A

Deed

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27
Q

Transfers personal property

A

Bill of Sale

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28
Q

The donation of private property for public use

A

Dedication

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29
Q

Having a will

A

Testate

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30
Q

A person dies without a valid will

A

Intestate

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31
Q

The public, legal process of executing the terms outlined in a will.

A

Probate

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32
Q

The distribution of an estate that is not governed by a will, and follows applicable laws of descent and distribution (or devise and descent) for intestacy.

A

Intestate Succession

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33
Q

The process of property reverting to the government in the event someone dies intestate and with no heirs.

A

Escheat

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34
Q

Real property disposed of in a will

A

Devise

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35
Q

The recipient of real property disposed of in a will

A

Devisee

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36
Q

Personal property disposed of in a will

A

Legacy/Bequest

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37
Q

The recipient of personal property disposed of in a will

A

Legatee

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38
Q

Any situation where title transfers in a manner that the owner may not have any control over, or would generally prefer not to have happen.

A

Involuntary transfer/Involuntary alienation

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39
Q

A court-ordered sale of a property with multiple owners, one of more of which cannot get the others to buy their interest and so petition the court to force a sale in order to receive their share of the proceeds.

A

Partition

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40
Q

Creditors force the sale of a property in default of a loan or arrears in taxes in order to repay the debt.

A

Foreclosure

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41
Q

The order of repayment to creditors with the sale proceeds.

A

Priority of Liens

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42
Q

The owner of the property that is being put up as collateral

A

Mortgagor

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43
Q

The lender, personal or institutional, that finances the loan

A

Mortgagee

44
Q

An individual is the owner of a property

A

Severalty, sole ownership, tenancy in severalty

45
Q

Ownership by two or more parties at the same time

A

Concurrent Ownership or Co-Ownership

46
Q

Parties hold an undivided fractional interest in the property.

A

Tenancy in common

A type of co-ownership

47
Q

Parties hold an undivided equal interest in the property.

A

Joint tenancy

A type of co-ownership

48
Q
  1. Unity of Interest
  2. Unity of possession
  3. Unity of time
  4. Unity of title
A

Four unities for creating a joint tenancy

49
Q

As each individual in a joint tenancy passes away, the remaining tenants’ interest would increase until the last remaining person becomes the sold owner.

A

Right of Survivorship

part of Joint tenancy

50
Q

A type of ownership that generally refers to multiple owners having an overlapping, inseparable interest in a property complex. (Seen in condos and timeshares)

A

Common interest ownership

51
Q

Fee simple title to a unit and undivided interest in the jointly owned common areas as tenants in common.

A

Condominium Ownership

52
Q

A (condo) developer’s organisational plans.

Includes a copy of the bylaws, legal descriptions and surveys, and restrictive covenants.

A

A declaration

53
Q

A fee simple ownership of interval occupancy of a specified unit, conveys a contractual fixed-year, recurring use of a specified unit.

A

Timeshare ownership

54
Q

Government ownership of the seabed stretching from the mean high water mark/line outward for 12 nautical miles.

A

Crown Right/Queen’s Bottom

55
Q

The intertidal zone, from the lowest to the highest level reached by waves

A

Queen’s Foreshore

56
Q

Docks or other structures that extend over and/or beyond the foreshore, generally ending over the seabed in navigable water.

A

Foreshore encroachments

57
Q

Leases and licences for the foreshore and seabed issued by the Ministry of Public Works’ Department of Public Lands and Buildings, generally for 21 years.

A

Foreshore leases

58
Q

Police power, taxation, eminent domain, escheat

A

The four governmental powers

59
Q

The government’s authority to provide for the general welfare of the community through legislation and a range of enabling acts, or enabling statutes, that authorize agencies to organize and both implement and enforce their obligations.

A

Police power

60
Q

A type of police power under which municipalities can regulate land use.

A

Zoning

61
Q

A property continuing a prior use after a zoning change

A

Nonconforming use

62
Q

Allows for a use other than the primary zoning category, granted after review by the zoning authorities.

A

A Variance

63
Q

Allows for a use other than the primary zoning category but more more restrictive and requires a permit.

A

A conditional/special use

64
Q

A parcel or small area of land in question is actually rezoned to allow it to co-exist within an area of different zoning requirements.

A

Spot Zoning

65
Q

The specified distance a building must be from a property line.

A

Setback

66
Q

An area that serves to separate one use from another.

A

Buffer Zone

67
Q

Municipal regulations government zoning and land-use reuirements

A

Zoning orders

68
Q

Governed by zoning orders and outline the requirements for construction standards.

A

Building codes

69
Q

A governmental power necessary to raise revenue for municipal expenses.

A

Taxation

70
Q

The assessed value real property is assigned by the municipal government’s assessor’s office used as a basis for annual taxation for general assessments which raise funds for the entire municipality.

A

Annual Rental Value (ARV)

71
Q

General real estate taxes, taxed “at value”

A

Ad valorem taxes

72
Q

The taking of a title of real property for some use, public or private that has been judged by the appropriately authorised governmental entity to be beneficial to the community’s interest.

A

Eminent Domain or Compulsory Purchase

73
Q

Non-ownership interests, monetary and non-monetary that represent restriction on the use and/or transfer of real property.

A

Encumbrances

74
Q

A monetary encumbrance that asserts the lienholder has a creditor’s claim to a specific monetary interest in the property’s value.

A

Lien

75
Q

Recording a document provides a due diligence review of the record that would make the existence of the document known to the reviewer.

A

Constructive notice or Legal notice

76
Q

A party has received the notice, as when a party has to sign for the delivery of a document or a process server subpoena to appear in court.

A

Actual notice

77
Q

Property liens placed by those that supplied labour or materials for property improvements and went unpaid.(involuntary specific)

A

Mechanic’s liens

78
Q

A lien that affects all of a debtor’s property and assets

A

General lien

79
Q

A lien that is limited to a specified item controlled by the debtor.

A

Special lien

80
Q

Liens that result from property financing (voluntary specific)

A

Mortgage lien

81
Q

Liens that result from unpaid taxes (involuntary general)

A

Property tax lien

82
Q

Liens that result from a court order to pay a certain amount to a creditor (involuntary general)

A

Judgment lien

83
Q

Interests in land that give another non-owner right to use the property for a specific purpose, generally to cross over it.

A

Easements

84
Q

The right to use one property for the benefit of another one. E.g. a right of way.

A

Appurtenant easement

85
Q

An appurtenant easement when an owner sells a landlocked parcel of larger property, and the owner needs to cross over another to get to the road.

A

Easement by/of necessity

86
Q

The property that must allow access to another on a landlocked parcel of land.

A

Servient tenement/estate

87
Q

The landlocked property that “commands” the benefit of access over another.

A

Dominent tenement/estate

88
Q

An easement when there is only one servient tenement (e.g. a utilities easement/pass-through; or easements for personal use)

A

Easement in Gross

89
Q

Easements when owners allow others to use their land without a specific arrangement and lose the right to stop that use if it becomes protected by law after legal action.

A

Prescriptive Easement

90
Q

A common building wall or a stand-alone wall either on or at a property line, and involves both owners in ownership, maintenance and/or access issues.

A

Party Wall Easements

91
Q
  1. Mutual Agreement (express/implied)
  2. Necessity
  3. Longtime Use
A

How creation of easements may arise

92
Q
  1. Abandonment
  2. Release of Easement
  3. Conclusion of Easement
  4. Merger of the dominant and servient estates
A

How termination of easements may arise

93
Q

A personal, revokable right/privilege granted by an owner to someone else to use the property, typically in a brief, limited way.

A

License

94
Q

A special type of encumbrance that involve some form of overlapping use of one property by another.

Unauthorised and/or illegal infringements that can affect a title’s marketability.

A

Encroachment

95
Q

When a portion of a building crosses the poperpty line

A

Tresspass

96
Q

When tree limbs or a roofline extend across a property boundary

A

Nuisance

97
Q

Determines the accurate location and dimensions of property boundary lines

A

Property survey

98
Q

When some form of litigation against the property is pending (that may become the responsibility of a new owner to address).

A

Lis pendens

99
Q

Rights do not end when a new owner takes title.

A

“Run with the Land”

100
Q

A foreclosure type means by a legal action in court that results in a sale by court order or writ of execution

A

Judicial

101
Q

a foreclosure type which means that things proceed according to contract terms alone.

A

Non-judicial

102
Q

AKA Annexation and includes additions to the property from natural causes (e.g. a shift in river for a riverfront property) and artificial causes (e.g. new buildings or plantings on property)

A

Accession

103
Q

If the proceeds of a foreclosure sale do not cover all property liens the creditors may be able to seek ___???

A

Deficiency Judgment

104
Q

A joint tenancy may become a tenancy in common through ___?

A

Severance

105
Q

Who is responsible for paying taxes on a condo?

A

The condo owner

106
Q

Governmental powers take effect automatically, without any action, knowledge, or approval required of the owner

A

Operation of Law

107
Q

____? May be resolved by?

  1. Selling the property
  2. Deeding the use as an easement
A

Encroachment (resolution)

1. Principles and Practices of Real Estate (4 decks)

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