Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate > Chp. 8 Estates and Interests > Flashcards

Chp. 8 Estates and Interests Flashcards

1
Q

Real Estate

A

Air, water, land and everything affixed to land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Bundle of rights

A
  1. Right to quiet enjoyment
  2. Right to give away
  3. Right to sell by deed
  4. Right to will
  5. Right to exclude
  6. Right to control what’s allowed by law
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Tangible

A

physical, visible and material (home, car, boat, furniture)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Intangible

A

Abstract with no physical existence (stocks and checking account)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

land

A

Includes minerals and water below the earths surface, air and plants, trees and grass

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

parcel/tract

A

section of land defined by boundaries

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

3 characteristics of land

A
  1. immobile/permanent
  2. Indestructible
  3. Non-homogeneous/unique
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Improvements

A

man-made structures attached to land (fences, streets, building, wells, sewers, sidewalks and piers)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Property classification

A
  1. Real property

2. Personal property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Real Property

A

ownership of real estate and bundle of rights associated with owning real estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Personal property/personalty chattels

A

ownership of anything NOT real estate (moveable from one location to another)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

chattel real

A

property such as land or a building that is held for a limited amount of time, as on a lease (an agreement to use property for a fixed period of time)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Real property rights

A
  1. Right to use
  2. Right to transfer
  3. Right to encumber - to mortgage property as collateral for debt
  4. Right to exclude - keep others off property and prosecute trespassers
  5. Air rights - restricted to allow planes to fly over person’s property
  6. Surface rights - all natural things affixed to ground, improvements, and water rights
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Subsurface rights

A

land beneath the surface downward to the center of the earth (landowner could decide to sell or lease the rights to any gas or oil found in the land)

parcel of land could be owned by a number of persons or entities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

water rights

A

right to own and use water found in lakes, streams, rivers, and the ocean

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Littoral rights

A

border bodies of water that are not moving like lakes, bays, seas and oceans

own the land up to the high water mark DO NOT own the water or land under the water.

EXCEPTION: If body of water like lake or pond is entirely contained within the boundaries of owner’s property they would own the water as well as unrestricted right to use it

Littoral rights attach to the property. They can’t be sold separately or kept when property is sold.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Riparian rights

A

moving water such as streams and rivers.

non-navigable stream - owner has unrestricted use of the water and owns land beneath stream to midpoint

navigable stream - public use and owner’s property extend to high-water mark

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Accretions

A

increase in land mass resulting from deposit of soil by water/wind

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Erosion

A

lose land mass by the change in stream’s channel

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Fixture

A

personal property that is permanently attached to land or building (toilets, water pumps, septic tank)

Note: Fixtures not included in the sale must be listed and excluded in the sale contract

21
Q

Legal Test of fixture

A
  1. Method of annexation (how item is attached to the building - central AC versus window AC)
  2. Adaptability - custom designed item for property
  3. Intention
  4. Existence of agreement
22
Q

Trade fixtures/chattel fixtures

A

items tenant’s personal property temporarily attached to real property to conduct business (food freezers, clothes rack)

23
Q

Emblements

A

plants and crops that need human involvement and labor considered personal property

24
Q

Types and uses of real property

A
  1. Residential property
  2. Industrial property
  3. Commercial property
  4. Agricultural property
  5. Special purpose real estate - unique use such as church, hospital, school, government buildings
25
Q

5 economic characteristics affect value of real property

A
  1. Improvements - adds value and use
  2. Location
  3. Supply and demand
  4. Scarcity
  5. Permanence of investment - real property requires large capital and labor investment and suffers from illiquidity (not easily converted to cash)
26
Q

Undivided interest

A

two or more parties share ownership

27
Q

Estate in land

A

interest holder has the right of possession

28
Q

Encumbrance

A

interest holder does not have the right to possess (enables non-owning party to restrict owner’s bundle of rights with tax liens, mortgages etc…)

29
Q

Freehold estate

A

own the property and no end date. Types of freehold estates:

  1. Fee simple
  2. Fee simple absolute
  3. Fee simple defeasible
  4. Fee simple on condition
  5. Qualified fee simple
30
Q

Leasehold estate

A

rent the property and there is a definite end date. Type s of leasehold estates:

  1. Estates for years
  2. Periodic estate
  3. Estate at will
  4. Estate at sufferance
31
Q

Fee simple/fee interest

A

highest form of ownership one can acquire (complete bundle of rights and unlimited tenancy)

32
Q

Fee simple absolute

A

No condition or restricted use. Most common and desireable estate that can be obtained in residential real estate

33
Q

Fee simple defeasible

A

Indefinite ownership if the use of the property meets certain STATED CONDITIONS

34
Q

Qualified fee simple

A

deed specifies property must be used for a specific purpose or will automatically terminate and revert to owner and heir

35
Q

Fee simple on condition

A

infinite term provided the condition is met and reversion the estate back to the original grantor is not automatic

36
Q

Reversionary

A

estate reverts to the original owner or the owners heirs

37
Q

Remainder

A

If life estate names a third party to receive title to the property upon death of the tenant

38
Q

2 types of conventional life estates

A
  1. ordinary life estate - death of life estate owner pass back to the original owners of their heirs
  2. Pur Autre Vie - passes from the tenant holder to the original grantor or a third party
39
Q

Legal life estates

A

created by state law and protects rights of surviving family members upon death

  1. Homestead - protects family against losing their home to creditors (NY DOESNT RECOGNIZE).
  2. Dower and Curtesy - when husband or wife dies surviving partner can claim portion of the decedent’s property (NY DOESNT RECOGNIZE).
40
Q

Act of waste

A

life tenant has responsibility to protect property and not injure property in any way (causing fire, not paying property tax, activities decrease value of the property)

41
Q

Forms of ownership

A
  1. In severalty (sole ownership or tenancy in severalty) - single party owns life estate
  2. In co-ownership - owned by 2 or more people
  3. In-trust
42
Q

3 types of co-ownership

A
  1. Tenancy in common (estate in common) - most common form of co-ownership when owners are not married and share undivided possession or unity of possession
  2. Joint tenancy - 2 or more persons collectively own a property as if they were single person. Rights and interest are indivisible and equal
  3. tenancy by the entirety - reserved for husband and wife. In NY transfer of property to married couple is automatically tenancy by entirety unless the deed says otherwise.
43
Q

Transfer of interest

A

joint tenant can transfer their interest in property to an outside party

44
Q

Survivorship

A

In NY if a joint tenant dies, all interest and rights pass to the surviving join tenants

45
Q

Partition suite

A

terminates a joint tenancy or tenancy in common (foreclosure and bankruptcy can terminate automatically)

46
Q

Community property law

A

consists of all property earned or acquired during the marriage (DOESN’T EXIST IN NY)

47
Q

Estate in trust

A

fee owner transfer legal title to a fiduciary who holds and manages the estate

48
Q

Business are organized in several ways:

A
  1. Sole proprietorship - one person owns the whole business (easy to organize and operate)
  2. Partnership - 2 or more people share in the profits of business
  3. Limited partnerships - partners have limited liability and only liable to the extent of their investment
  4. Joint ventures
  5. Corporation - separate legal entity
  6. LLC - characteristics of both corporation and partnership. Provide limited liability protection of corporations without regulations associated with corporations
49
Q

escheat

A

law doctrine that ensures property is not left in limbo and without owners

Real Estate (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions