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Real Estate > Flashcards > Flashcards

Flashcards

1
Q

Four Land Use Districts

A

Urban (4.7%)
Agriculture (47%)
Rural (0.2%)
Conservation (48%)

UAR - counties administered
C - State Department of Land and Natural Resources

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2
Q

Who administers river, agriculture, and rural land districts?

A

The Counties

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3
Q

Who administers conservation districts?

A

State Department of Land and Natural Resources

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4
Q

Dower

A

Widow’s interest in husband’s estate pre-1977. 1/3 portion of the real property.
Wife to husband. Husband needs wife to sign off on sale.

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5
Q

Curtesy

A

The right that husband may have in wife’s estate after her death. 1/3 portion of the real property.
Husband to wife. Wife didn’t need his sign off.

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6
Q

Appurtenance

A

Something added to a property which becomes inherent part of property, and will pass with it when conveyed; includes improvements

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7
Q

Accretion

A

Gradual additions to land, by deposits of sand or soil, by bordering waters through natural causes
-landowners think they should own the new land but state says otherwise

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8
Q

CC&Rs

A

Covenants, conditions and restrictions

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9
Q

Chattel

A

Personally property that is tangible and moveable; personalty

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10
Q

Adverse possession

A

The means of acquiring a title to land against the real owner, where possession has been actual, open, hostile, exclusive, continuous, and under claim of right for the statutory period of 20 years.

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11
Q

Joint tenancy

A

Ownership by two or more persons
-rights of survivorship
-equal interests
-each possesses an undivided part of the whole
-can sell interest with or without consent of others (then tenancy in common)
-must be expressly stated
-no probate

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12
Q

Tenancy in common

A

Two or more persons who hold undivided interest
-no right of survivorship (goes to heirs)
-doesn’t have to be equal
-but still entitled to undivided possession of property regardless of size of his share

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13
Q

Accession

A

Acquisitions of property by its joining with other property

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14
Q

Avulsion

A

Sudden removal of land of one owner and depositing on the land of another when a stream changes its channel
-does not result in immediate change of boundary line

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15
Q

Bundle of Rights

A

Ownership concept that embraces the right of possession, use, enjoyment, and disposition
Fee Simple?

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16
Q

Covenant

A

Agreement written into deeds and other instruments which promises or guarantees that something shall or shall not be done; an agreement stipulating certain uses or non/uses of property

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17
Q

Dominant estate

A

An estate attached to and benefiting from the servient estate; an easement runs over the servient estate and serves the dominant estate; also called dominant tenement

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18
Q

Easement

A

A right, privilege or interest which one part has in the land of another

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19
Q

Easement Appurtenant

A

An easement that is attached to and runs with the land, it cannot exist apart from the particular land to which it is attached.

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20
Q

Easement in Gross

A

An easement which encumbers the land, and is usually given to a quasi-public corporation, such as electric or phone company.

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21
Q

Encroachment

A

Building or fixture that intrudes partly or wholly upon the property of another

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22
Q

Fee Conditional

A

An estate granted absolutely but only so long as a specified event occurs or does not occur.
Estate with conditions

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23
Q

Fee Simple

A

An estate in real property, by which the owner has the greatest power over the title. He may dispose of, trade, or will, as he chooses.
-largest bundle of ownership rights
Limitations:
1. Right of eminent domain
2. Escheat
3. Taxation
4. Police powder to regulate land use

24
Q

Fee Tail

A

Estate that is inheritable by particular lineal heirs. Upon lack of such heirs the estate reverts back to grantor or his heirs.
-not recognized in Hawaii

25
Q

Freehold

A

Estate in real property for an indefinite and uncertain time, such as fee simple or life estate
Opposed to leasehold
-fee simple
-fee defeasible
-fee tail
-life estate

26
Q

Probate

A

An action of the court to determine the validity and legality of a last will and testament

27
Q

Reciprocal Beneficiaries

A

By following strict rules, people who couldn’t otherwise marry are given certain rights of those who can

28
Q

Remainderman

A

The one in whom an estate vests after termination of a prior estate

29
Q

Riparian Rights

A

The right of a landowner to the use of water on or adjacent to his land.
You cannot dam or stop the flow, or change direction of a river.
-for navigable and non-navigable streams and rivers
-riparian owner are the owners of the rights

30
Q

Servient Estate

A

An estate of land over which an easement exists in favor of the dominant estate; servient tenement.

31
Q

Severalty

A

Sole or independent ownership

32
Q

Tenancy by the Entirety

A

-husband and wife
-equal right to possession
-upon death of one it goes to the other
-right of survivorship ?

33
Q

General Partnership

A

-two or more to carry on a business for profit
-each is liable for all debts
-heirs of deceased partner have no dower or curtesy interest in property
-“Hui”

34
Q

Limited Partnership

A

-two or more
-one or more general partners and one or more limited partners
-limited partners not liable
-general partners control

35
Q

Land Trust

A

Method of holding or acquiring real estate. The legal title is held by a trustee. Owner is the beneficiary. Keeps it secret.
-often called a “Title Holding Device”

36
Q

Joint Venture

A

-two or more
-similar to a partnership
-for specific project

37
Q

Encumberance

A

-lien or easements, mortgages
-affects or limits the title or use

38
Q

Prescription

A

An easement or title obtained by possession for a prescribed period; prescriptive rights
-similar to acquiring a title by adverse possession

39
Q

Eminent Domain (Condemnation)

A

-land is needed for public use
-must be needed for good of the public
-owner must receive just compensation

40
Q

Life Estate

A

A gives to B
B dies, it goes back to A, the grantor (reversionary) or third party C (remainderman)
Can use during their life
-created by deed or will

41
Q

Fee Simple Defeasible

A

-has conditions
1. Fee simple condition subsequent
2. Fee simple determinable

42
Q

Fee Simple Conditional Subsequent

A

Recognized by “but if” or “provided that”
- if there is ever alcoholic beverages sold on property for example, title may revert back to the grantor

43
Q

Fee Simple Determinable

A

Recognized by “until” or “as long as”
As long as my son doesn’t marry.

44
Q

Kuleana

A

Land
Hawaiian word for responsibility

45
Q

Improvements

A

All real estate except land
Includes buildings, fixtures, fences, curbs, sewers, etc

46
Q

Tenements

A

Land as well as rights (tangible and intangible) that may arise from owning the land.
Passes with land

47
Q

Hereditaments

A

Every sort of inheritable property, whether corporeal, incorporeal, real, personal, or mixed

48
Q

Corporeal

A

That which pertains to a right or rights of a visible and tangible nature

49
Q

Incorporeal

A

Intangible; without physical existence

50
Q

Personal Property

A

Moveable items
-personalty
-chattel
Financed by way of security agreement and financing statement (chattel mortgage)
-bill of sale

51
Q

Real Property

A

Earth’s surface and everything attached
-financed by mortgage
-conveyed by deed or fee simple, or assignment of lease if leasehold

52
Q

Math formula

A

Sales price x percentage commission = commission paid

53
Q

Math: Net to Seller

A

Sales price x percent to seller = net dollars to seller
100% is gross sales
100% - commission = net % to owner/seller

54
Q

Math: Profit/Loss on Sale

A

Investment x percent of profit = dollars in profit
Investment x percent of loss = dollars lost

55
Q

Math: Property Tax

A

Assessed value x tax rate = annual taxes

56
Q

Math: Simple Interest

A

Loan balance x rate of interest = annual interest

57
Q

Escheat

A

Right of State after 15 years the claim abandoned land (no will or next of kin)

Real Estate (27 decks)

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