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Real Estate > General > Flashcards

General Flashcards

1
Q

Real Property

A

includes real estate plus the interests, benefits and rights automatically included with real estate ownership. Includes land and everything that is permanently attached to the property, whether artificially or naturally

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2
Q

Possession

A

The right of occupy the property

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3
Q

Enjoyment

A

The right to use the property in any legal way the owner desires

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4
Q

Exclusion

A

The right to refuse others entry to, or use of, the property

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5
Q

Control

A

the right to determine how the property will be used by the owner, or by others (similar to enjoyment, but extends to other parties)

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6
Q

Disposition

A

The right to dispose of any interest in the property

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7
Q

Personal Property

A

everything that is not real property

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8
Q

MARIA

A

Tests of a fixture. Method of Annexation, Adaptability of the inter to land’s use, Relationship of the parties, intention in placing item on land, agreement of the parties

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9
Q

Forms of legal description

A

Metes and bounds, lot and block, rectangular survey

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10
Q

Rights in the Bundle

A

Mineral Rights, air rights, water rights

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11
Q

Encumbrance

A

anything that limits or presents the transfer of title to a property. Monetary or physical, liens, easements, encroachments, licenses and existing leases

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12
Q

Lien

A

a debt against a property that must be paid off in order to a title to be transferred. Voluntary or involuntary

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13
Q

Easement

A

physical restriction on the use of property, remain attached to a property permanently, unless both parties agree to remove them

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14
Q

encroachment

A

an unauthorized affixed intrusion into another’s property

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15
Q

How can easements be terminated

A

Express agreement, abandonment, merger, lack of necessity

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16
Q

Land Trust

A

trust consisting of real property only

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17
Q

Improvements

A

artificial attachments, such as fencing, buildings and walkways

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18
Q

Land

A

Earth’s surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects

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19
Q

Living Trust

A

created during an individual’s lifetime

20
Q

metes and bounds

A

uses compass heading and directions

21
Q

monument system

A

permanent land markers are used as point of beginning

22
Q

lot and block

A

provides plat referenced

23
Q

Rectangular survey system

A

divides land surveyed into six-mile-square townships, which are further subdivided

24
Q

Testamentary Trust

A

a trust created per the will of a deceased person

25
Q

Easement appurtenant

A

easements attached to a specific parcel of land that transfer with the land; grants the right to use adjoining property

26
Q

Easement in gross

A

easements are granted to a specific individual or business entity rather than attached to the property itself

27
Q

Express easements

A

written documents that typically outline the element’s terms, location and purpose

28
Q

Easements by prescription

A

are created through the continued, uninterrupted, obvious and adverse (without permission) use of another’s property for many years

29
Q

Easement by necessity

A

only can be created for the purpose of entering and exiting the property

30
Q

Use Variance

A

allows owner to use land for a purpose otherwise be prohibited by zoning law

31
Q

Area Variance

A

allows owner to use land in a way not supported by the physical or dimensional requirements of zoning law

32
Q

Accessory Use

A

a use incidental to the main purpose of a property. Ex. mother-in-law suite

33
Q

condemnation

A

act of taking property under eminent domain

34
Q

Doctrine of laches

A

legal loss of a right with the thought that “if you don’t use it, you lose it.”

35
Q

Eminent Domain

A

the power of the government to take private property for public use

36
Q

Escheat

A

the power of the government to claim a deceased person’s estate when no will, heirs or creditors are found

37
Q

Home occupation

A

owner of a small business using the owner’s residential property to conduct business

38
Q

Restrictive Covenant

A

A promise between two parties appearing on a deed that specifies what may or may not be done with the real property

39
Q

CC&Rs

A

covenants, conditions and restrictions are the usage limitations imposed on owners/shareholders of a community housing, such as a HOA, Cooperative, or condominium Assoc.

40
Q

Planning Board

A

Prepares and amends the master plan for the community, and implements that plan through site plan and subdivision ordinances and recommendations to other agencies; investigates, maps, reports and makes recommendations relating to planning and development of the municipality, and recommends amendments to the zoning ordinance or map

41
Q

Zoning

A

Local rules that divide a city or community into different areas and dictate how the land in each area can be used

42
Q

special use permit

A

allows a property to be used in a way that isn’t in accordance with zoning regulations

43
Q

Nonconforming use

A

a use that not longer conforms with new or changed zoning; its use is allowed through the concept of grandfathering

44
Q

CERCLA

A

to facilitate the clean-up of any abandoned or uncontrolled sites containing hazardous substances and to impose strict liability for clean-up costs on potentially responsible parties

45
Q

SARA

A

Superfund Amendments and Reauthorization Act; amended CERCLA to limit new owners’ liability for clean-up when due diligence was performed prior to purchase

46
Q

Incentive Zoning

A

encourages private developers to provide amenities for public use in exchange for opportunity to build larger or taller structures on a site

47
Q

VOC

A

volatile organic compounds; chemicals present in some household items can harm indoor air quality…air fresheners

Real Estate (4 decks)

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