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Principles Of Real Estate > CH. 2- Property Rights & Legal Descriptions > Flashcards

CH. 2- Property Rights & Legal Descriptions Flashcards

0
Q

Real Property

A

The legal interests associated with the ownership of real estate.

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1
Q

Real Estate

A

Land and structures that are attached to it.

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2
Q

Personal Property

A

Movable items such as cars, clothing, books, and so on.

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3
Q

Deed

A

A written document that evidences ownership.

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4
Q

Lease

A

A legal agreement between lessor and lessee.

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5
Q

Chattel

A

Personal property

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6
Q

Title

A

The legal right to ownership.

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7
Q

Fixture

A

An item that was once personal property but has become a part of real estate. (Usually through of attachment)

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8
Q

Test of Intent of the Parties

A

Evidence, usually written, showing that the parties intended the item of personal property to become a fixture.

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9
Q

Trade Fixtures

A

Personal property used in a trade or business.

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10
Q

Test of Attachment

A

Test to determine whether an item of personal property has become a fixture. An item that has been permanently attached to the real property and could not be removed without damage to the land or building is generally considered a fixture.

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11
Q

Test of Adaptability

A

Test to determine whether an item of personal property has become a fixture. An item that has been specifically adapted to the real estate is generally considered a fixture.

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12
Q

Air Rights

A

Property rights associated with the space above the surface of the earth.

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13
Q

Mineral Rights

A

Ownership rights associated with minerals that may be located below the surface of the earth.

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14
Q

Water Rights

A

The right to withdraw water from the land.

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15
Q

Littoral Proprietor

A

Owner of land that adjoins navigable bodies of water.

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16
Q

Riparian Rights Doctrine

A

Theory that permits landowners whose land underlies or borders non-navigable bodies of water to use all the water needed as long as the use does not deprive other landowners who are also entitled to use some of the water.

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17
Q

Prior Appropriation Doctrine

A

Theory that states that the first person to use a body of water for some beneficial economic purpose has the right to use all the water needed, even though landowners who later find a use for the water may be precluded from using it.

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18
Q

Freehold Estate

A

Ownership interests in real property.

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19
Q

Estate in Land

A

Ownership interests in real property.

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20
Q

Grantor

A

The party who transfers a freehold estate in real property to a grantee.

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21
Q

Grantee

A

The party who receives a freehold estate in real property from a grantor.

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22
Q

Lessor

A

The person who gives a leasehold interest in a property to a lessee.

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23
Q

Lessee

A

The person who receives a leasehold interest in a property from the lessor.

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24
Q

Leasehold Estate

A

A tenant’s rights to use and possess (but not own) a property as defined in a lease agreement.

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25
Q

Fee Simple Absolute Estate

A

The fullest and most complete set of ownership rights one can possess in real property

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26
Q

Qualified Fee Estate

A

Type of ownership in which the owner’s rights can be lost in the future.

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27
Q

Reversion

A

The future interest associated with a life estate held by the grantor.

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28
Q

Life Estate

A

An ownership interest in real property that normally ends upon the death of the named person.

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29
Q

Life Tenant

A

The person who holds the present interest in a life estate (may or may not be the person whose life the estate is tied to).

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30
Q

Estate Pur Autre Vie

A

When a life tenant is someone other than the person whose life the life estate is tied to.

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31
Q

Remainder

A

The future interest associated with a life estate held by someone other than the grantor.

32
Q

Remainderman

A

The party who holds the remainder interest associated with a life estate.

33
Q

Vested Remainder

A

A remainder interest when the remainderman is guaranteed ownership of the property at some time in the future.

34
Q

Contingent Remainder

A

A remainder interest that has conditions attached that can prevent the remainderman from receiving a present interest in the property.

35
Q

Right of Reentry

A

The landlord’s revisionary right to reoccupy the property at the expiration of the lease.

36
Q

Leased Fee Estate

A

The property owner’s interest when the property is leased.

37
Q

Tenancy for a Stated Period

A

A leasehold estate that has definite starting and ending dates.

38
Q

Tenancy from Period to Period

A

A leasehold estate that continues to automatically renew each period unless terminated by either party.

39
Q

Tenancy at Will

A

An informal leasehold estate of indeterminable length that may last as long as the parties agree.

40
Q

Tenancy at Sufferance

A

A leasehold estate that defines a tenant’s right to occupy the property against the wishes of the lessor.

41
Q

Eviction

A

When a tenant is forced to vacate the premises for failing to adhere to the terms of the rental agreement.

42
Q

Estate in Severalty

A

Term used to describe ownership interests without regard to the number of owners.

43
Q

Concurrent Estate

A

Ownership interests held jointly by two or more owners.

44
Q

Tenancy in Common

A

A form of concurrent estate in which each owner has an undivided interest in the property.

45
Q

Joint Tenancy

A

Joint ownership in which all owners have an equal, but undivided, interest in a property.

46
Q

Right to Survivorship

A

The right of surviving joint owners to automatically divide the share owned by a deceased owner.

47
Q

Tenancy by the Entirety

A

A form of concurrent estate in which a husband and wife can own property jointly.

48
Q

Community Property

A

Theory under which all property acquired during a marriage is considered to be equally owned by the husband and wife, regardless of the financial contribution each spouse actually made to the property’s acquisition.

49
Q

Condominium

A

A form of joint ownership whereby the property owners own their individual units separately but share ownership of common areas; a building owned in this manner.

50
Q

Condominium Declaration

A

Legal document that describes the individual units and common areas of a property owned as a condominium, creates an association to govern the property, and sets forth restrictions on use.

51
Q

Right of First Refusal

A

The right of a person to have the first opportunity to either purchase or lease real property.

52
Q

Cooperative

A

A form of joint ownership whereby the property owners own shares of stock in a corporation that owns the property and are entitled to occupy space within the building.

53
Q

Proprietary Lease

A

A co-op lease that gives the owner the right to occupy a specific unit.

54
Q

Time-Sharing

A

A form of concurrent estate that splits ownership of a property across owners and across time.

55
Q

Fee Interest Time-Share

A

A type of concurrent estate that splits ownership of a property over time across joint owners.

56
Q

Right to Use Time-Share

A

A form of leasehold estate that permits the holder to use a property for a certain period each year.

57
Q

Metes-and-Bounds Description

A

A legal method for describing the exact boundaries of a property; metes refers to the distances and bounds refers to the directions of the properties boundaries.

58
Q

Rectangular Survey System

A

A grid-based system used to legally describe the location of a property.

59
Q

Principle Meridians

A

North-South lines used as reference points in the rectangular survey system.

60
Q

Base Lines

A

East-West lines used as reference points in the rectangular survey system.

61
Q

Range Lines

A

North-South lines that run parallel to principal meridians in the rectangular survey system.

62
Q

Township Lines

A

East-West lines that run parallel to base lines in the rectangular survey system.

63
Q

Township

A

A 36-square-mile area formed by township and range lines in the rectangular survey system.

64
Q

Section

A

1-square-mile rectangles that divide townships into 36 equal areas of 640 acres each.

65
Q

Plat

A

A detailed land survey drawing, usually prepared by a professional surveyor, that shows the features of a property and it’s legal description.

66
Q

Air Lot

A

Property that does not actually touch the ground.

67
Q

Tests for Fixture Status include:

A
  • Intent of parties
  • Test of Attachment
  • Test of Adaptability
68
Q

Present Interests:

A
  • Fee Simple Absolute Estate
  • Qualified Fee Estate
  • Life Estate
69
Q

Future Interests:

A
  • Reversion Interest

- Remainder Interest

70
Q

Leases, or tenancies, can be divided into the following four categories:

A
  1. Tenancy for a Stated Period
  2. Tenancy from Period to Period
  3. Tenancy at Will
  4. Tenancy at Sufferance
71
Q

Concurrent (Joint) Estates:

A
  • Tenancy in Common [Undivided fractional interest]
  • Joint Tenancy [Right of Survivorship]
  • Community Property [Property acquired while married part of community]
72
Q

Other (Joint) Ownership:

A
  • Condominium
  • Cooperative
  • Timeshare [Fee Interests & Right to Use]
73
Q

Basic Units of Measure for Land- Distance:

A

Feet & Decimal Feet

  • Miles- 1 mile = 5,280 feet
  • Meters- 1 meter = 3.28 feet
  • Chains- 1 chain = 66 feet or 4 rods
  • Rods- 1 rod = 16.5 feet
74
Q

Basic Units of Measure for Land- Area:

A
  • Acres- 1 acre = 43,560 sq. ft.
  • Square Feet- Common when under 5 acres
  • Hectares- 1 Ha. = 2.471 Acres or 10,000 meters squared
75
Q

Legal Description Methods:

A
  • Metes and Bounds
  • Rectangular Survey
  • Recorded Plats
76
Q

Metes and Bounds

A

Start at a designated point of beginning and, through specific distances (metes) and directions (bounds), locate the boundary lines of the parcel.

  • Distances are measured in feet (to the nearest tenth or hundredth).
  • Directions are measured in degrees, minutes, and seconds.
  • Property corners are marked by reference points.
77
Q

Rectangular Survey

A
  • Principal Meridia
  • Base Lines
  • Township Lines
  • Range Lines
  • Townships
  • Sections
  • Divisions of Secton [1/2 and 1/4]
78
Q

Reference to Recorded Plats

A

Referencing Plats

  • Lot
  • Block
  • Subdivision
  • Plat Book Recorded Location Reference

Principles Of Real Estate (5 decks)

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