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Wisconsin Real Estate License > Chapter 1 - Real Property > Flashcards

Chapter 1 - Real Property Flashcards

1
Q

Air Rights

A

The rights in real property to the reasonable use of the air space above the surface of the land.

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2
Q

Bundle of Rights

A

All of the legal rights incident to ownership of property including rights of use (control & exclusion), possession, enjoyment, encumbering (having a lien placed against the property for payment of debt), and disposition. (residential real estate owners typically get the whole bundle of rights, but this may not be true for commercial real estate)

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3
Q

Land

A

The materials of the earth, whatever may be the ingredients of which it is composed, whether soil, rock, or other substance, and includes free or unoccupied space for an indefinite distance upwards as well as downwards.

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4
Q

Mineral Rights

A

A landowner’s right to receive a portion of the profits of any minerals that are extracted from the land

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5
Q

Real Estate

A

Land + anything permanently attached to the land (i.e. man-made improvements such as a separate garage, barn, out-house, smoke house, fence, etc.)

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6
Q

Real Property

A

Land + anything permanently attached to the land + appurtenances + bundle of rights

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7
Q

Fixture

A

Appurtenances attached to the land or improvements, which usually cannot be removed without significant damage and agreement as they become real property, i.e., plumbing fixtures, cabinets, cable wiring, etc.
MARIA - Method of attachment, adaptability, relationship of the parties, intent of the seller, agreement

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8
Q

Chattel

A

Movable/immovable personal property, such as a mobile home, trailer, or wagon (home sale must specify whether or not items like this are included or excluded)

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9
Q

Surface Rights

A

Rights to the surface, exterior or upper boundary of a parcel of land, including access to water and other substances

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10
Q

Sub-surface rights

A

Rights to the area below the earth’s surface, such as oil and mineral rights

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11
Q

Emblements

A

crops and other annual plantings considered to be personal property of the cultivator

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12
Q

Personal Property

A

Any property which is not considered real property, also called movable property or chattel

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13
Q

Trade Fixture

A

articles of personal property annexed by a business tenant to real property which are necessary to the carrying on of a trade and are removable by the tenant (i.e., barber chair, mirrors, stylist work stations, etc.)

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14
Q

Mobile Home

A

structure transportable in one or more sections, designed and equipped to contain not more than 2 dwelling units to be used with or without a foundation system.

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15
Q

Modular

A

system for construction of dwellings and other improvements to real property through the on-site assembly of component parts (modules) that have been mass produced away from the building site.

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16
Q

Manufactured Home

A

residential structure with or without permanent foundation that was built off-site and complies with HUD standards.

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17
Q

When is a mobile or manufactured home classified as an improvement (must meet all 3 criteria)?

A
  1. Home must be connected to utilities
  2. Must sit on foundation (i.e., be off its wheels and on support)
  3. Placed on land owned by the person who also owns the home
    * **Taxed as real estate
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18
Q

When is a mobile or manufactured home classified as personal property (if any of the 3 situations are true)?

A
  1. Home is on land owned by someone other than the homeowner
  2. Home must not be connected to utilities
  3. Home must not sit on foundation
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19
Q

Condominium

A

an estate in real property wherein there is an undivided interest in common in a portion of real property coupled with a separate interest in space called a unit, the boundaries of which are described on a recorded final map, or condo plan

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20
Q

Cooperative

A

an apartment building, owned by a corporation and in which tenancy in an apartment unit is obtained by the purchase of shares of stock of the corporation and where the owner of such shares is entitled to occupy a specific apartment in the building.

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21
Q

Time-Share

A

a form of subdivision of real property into rights to the recurrent, exclusive use or occupancy of a lot, parcel, unit, or segment of real property, on an annual or some other periodic basis, for a specified period of time.

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22
Q

When supply goes down, demand goes ____, and price goes ____

A

When supply goes down, demand goes up, and price goes up

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23
Q

When supply goes up, demand goes ____, and price goes ____

A

When supply goes up, demand goes down, and price goes down

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24
Q

Planned Unit Development (PUD)

A

mixed-use/multi-use building, i.e., grocery store in the bottom floor of an apartment building

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25
Q

One Story Home

A

ranch style–does not typically include a staircase (one level)

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26
Q

One-and-a-half story Home

A

Similar to a 2-story home, but distinguishing factors are that the roofline has dormers/gable ends with windows embedded. The half-story is typically a loft area between the first floor ceiling and the roof

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27
Q

Split-level Home

A

staggered layer home–when entering, you will often be standing at the base of 2 staircases, 1 that goes up to a living space and 1 that goes down to a basement area.

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28
Q

Foundation

A

The part of the structure, typically below grade, upon which all other construction is built–forms a structure’s base, holding up the house acting as a barrier against moisture, as an insulator, and it helps repel insect infestations.

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29
Q

Footing

A

Concrete set in the soil (foundation bed) that support the foundation of the house. Essential for weight distribution

30
Q

Slab-on-Grade Construction

A

A structure which does not include a basement. The first floor is made up of a concrete slab, which lays on the ground and supported by foundation walls.

31
Q

Foundation Wall

A

form a base that generally creates a basement, resting on the footings and commonly made from poured concrete.

32
Q

Pier

A

Large columns with pier caps that the building rests on–used to elevate a home above floodplains to reduce flood and severe weather damage to the structure

33
Q

Platform Balloon framing system

A

uses an abundance of lightweight lumber over 2 stories

34
Q

Platform Framing

A

most popular system because it often uses less timber and reduces labor costs. Independent walls are typically layered floor by floor.

35
Q

Post & Beam Framing

A

Uses heavy timbers to bear the roof and floor loads. The timbers are often thicker and longer than those used in platform and balloon framing. Both employ long-standing joinery methods and minimizes the use of nails.

36
Q

Headers

A

Local horizontal structural elements used in wood framing to span doors and windows.

37
Q

Studs

A

Vertical framing members found in wall construction. Typically placed 12”, 16” or 24” on center

38
Q

Beam

A

A horizontal structural member that supports a floor. Beams are typically wood, cold formed metal framing or steel

39
Q

Sill Plate

A

The bottom member of wood frame stud wall

40
Q

Joist

A

Horizontal timbers, beams or bars supporting a floor.

41
Q

Girder

A

A primary horizontal structural element. Typically a deep beam in which smaller joists or beams frame into.

42
Q

Bridging

A

technique used to keep floor joists in static position–in many cases, they are small wooden boars that crisscross between floor joists to keep the joists from shifting.

43
Q

Subfloor

A

layer of material attached directly to the floor joists–plywood or particleboard is usually used

44
Q

Top Plate

A

runs horizontally across the top of the studs to hold them in place

45
Q

Sole plate

A

lumber that the studs rest on

46
Q

Soffit

A

The underside of a roof overhang

47
Q

Eave

A

The section of the roof that overhangs the walls of a house

48
Q

Flashing

A

Sheet metal used at wall and roof junctions and around chimneys to prevent water entry

49
Q

Pitch

A

Also known as the slope. Typically used in describing the slope of a roof, driveway, sidewalk, etc.

50
Q

Rafter

A

The structural member or beam that supports the roof. It spans from the exterior wall to the ridge board of the peak of the roof

51
Q

Gable Roof

A

2 sloping sides that meet at a peak called a ridge (when a child draws a house, it’s usually a house with a gable)

52
Q

Hip Roof

A

typically slopes in all 4 directions

53
Q

Shed Roof

A

Slopes in only 1 direction

54
Q

Flat Roof

A

not always entirely flat, instead it has a 10 degree slope also called the pitch

55
Q

Mansard

A

type of hip roof, the difference is that each slope is broken in 2 to maximize living space

56
Q

Gambrel

A

type of gabled roof with the slope interrupted partway

57
Q

Ridge Board

A

inserted at peak of a sloped roof to connect the rafters, they are considered non-structural elements because gravity does the work

58
Q

Sheathing

A

Panels that cover the exterior wall. Typically made of plywood or exterior grade gypsum board.

59
Q

Sliding Window

A

built on a track that allows homeowners to slide windows up and down or horizontally

60
Q

Swinging Window

A

AKA casement window–you swing the sash open with a cranking mechanism

61
Q

Fixed Window

A

Cannot open or close a fixed window–(1) Fixed picture windows usually don’t have glazing bars to detract from the view, (2) Fixed bay windows have sashes that protrude on each side of the window, & (3) Fixed bow window is a curved window

62
Q

Mullion

A

part of the window construction that holds the window panes in place

63
Q

Muntin

A

decorative slat that divides panes of glass on a window

64
Q

Straight-Line Depreciation

A

A method of depreciation under which improvements are depreciated at a constant rate throughout the estimated useful life of the improvement.

65
Q

Tax Depreciation

A

identifies the amount of decrease in the value of a property over its useful life. A homeowner can write-off the depreciation of their property as an expense on their taxes

66
Q

What is the useful life for residential properties according to the IRS for tax purposes?

A

27.5 years

67
Q

What is the useful life for commercial properties according to the IRS for tax purposes?

A

39 years

68
Q

Property Insurance

A

provides protection against most risks to property, such as fire, theft, and some weather damage. Floor and water damage are typically not covered and must be added on.

69
Q

Cash Flow

A

amount of money left in investor’s pocket each month after all expenses.

70
Q

Leverage

A

borrowed capital (i.e., from investors) or debt (i.e., mortgage) to increase potential for returns

71
Q

Capital Gain

A

At resale of a capital item, the amount by which the net sale proceeds exceed the adjusted cost basis (book value). Used for income tax computations. Gains are called short or long based upon the length of the holding period after acquisition. Usually taxed at lower rates than ordinary income.

72
Q

Cost Basis

A

amount property is worth for tax purposes (i.e., purchase price + fees (i.e., settlement fees & insurance))

Wisconsin Real Estate License (19 decks)

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