Brainscape's Knowledge GenomeTM

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


See full index

Real Estate > I. Real Propety Characterstics, definitions, Ownership, Restrictions , and Transfer (16 Questions) > Flashcards

I. Real Propety Characterstics, definitions, Ownership, Restrictions , and Transfer (16 Questions) Flashcards

1
Q

Land along with its improvement?

A

Read Property or Reality

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

Includes the Earth’s Surface, subsurface to the center of the earth, The space overhead and the rights to each

A

Land

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

3 Common recognized Physical Characteristics of Land?

A

Immobility
Permanence (or indestructibility)
Uniqueness

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

Seen as additions to the property that increase its value or enhance its appearance and may include attached property, suchas as a house, garage, or fixtures.

A

Improvements

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

The legal term for property deterioration, abuse, or destruction, generally by a negligent tenant.

A

Waste

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

This is generally considered anything that is unattached and moveable

A

Personal Property (AKA Personalty or chattel)

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

Some Intangible Assets that are personal property?

A

Bank accounts
Stocks
Many other Securities and financial instruments

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

One-Moveable items that have been attached to Real Property?

A

Fixtures

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

Fixtures used by a business tenant?

A

Trade fixtures (considered personal property)

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

Term for how, by attachment, something that was personal property becomes real property?

A

Annexation

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

The process of separation a fixutre from the real property.

A

Severance

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

The Legal Tests for a fixture (4) are:

A
  1. Intention
  2. Method of attachment or annexation
  3. Adaptation
  4. Relationship and General Understanding
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Those things that ‘belong” to something else, generally by attachment, and in real estate generally include any number of rights that “run with the land,”

A

Appurtenances

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Crops that a tenant gernerall owns as person property and may return to harvest even after a lease expires.

A

Emblements

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

Property descriptions may be legal descriptions such as: (3)

A

Metes and Bounds
Lot and Block
Street address

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

One that would not only keep one property from being confused with another, but could be precisely traced by a surveyor/

A

Full Legal Description

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

Full Legal Description is

A

required for a deed to be valid.

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

Metes and Bounds

A

system of property descript that “walks” the property boundaries by first identifing a physic Point of Beginning(POB) and then describing the distances and diretions along the property line.

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

Any of a number of landmarks that provides a stable point of reference for survey is a

A

Monument

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

System of Property description is generally used for subdivisions.

A

Lot and Block or
Lot, block, and tract or
Recorded Plat System

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Lot and Block identifies properties according to a

A

Pat Map or sometimes even an assessor’s map of the subdivision

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

The Parcel of land under consideration is a

A

Lot or Site

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

A crucial element in describing a property and determining its possible uses is

A

Lot size

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

The survey acres is how many square feet?

A

43,560 Square Feet

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

An East-West line used in measurement is a

A

Baseline

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

A North-South line axis is called a

A

Principal Meridian

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

A grid system used mostly in the Midwest and West that starts measuring from the axis where a baseline and Principal meridian intersect..

A

Government Rectangular survey or

Rectangular Survey

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Six-Mile by Six-Mail squares are know as

A

Townships

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Townships are identified by where the ____ line (east-west) and _____ line (north-south) are in relation to the principal meridian and baseline.

A

Township

range

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Each township contains __ one-mile squares, or sections.

A

36

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Four townships add up to a

A

quadrant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Necessary for defining air rights, as in specifying the floor-to-ceiling sale of air logs in multistory condos or co-ops.

A

Vertical land descriptions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Established a series of markers nationwide that serve as permanent reference points for orienting accurate surveys

A

Geodetic survey System

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Name of these permanent markers (used in the geodetic survey system) are called

A

Benchmarks

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

A term for the point, line or surface from whcih elevations are measured.

A

Datum

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Simply means everything one owns, including both real and personal property

A

Estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

2 Estates in real property

A

Freehold Estates

NonFreehold Estates/Leasehold Estates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Owned Property is what type of Estate

A

Freehold Estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Leased Property Estate

A

Leasehold Estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Freehold estates commonly imply

A 
Fee simple or
absolute and complete ownership of real property
Also can be called:
Fee
Fee simple
Fee simple absolute
estate if fee simple
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Fee simple defeasible or defeasible fee or qualified fee means

A
  • *that the deed or title has some sort of qualification

* *makes it subject to being annulled or voided and reverting to the original owner or some third party

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Fee simple determinable or qualified fee or determinable fee means

A

Should a stated condition occur, the estate automatically ends and the grantor has a possibility of revert-er or to the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

fee simple subject to a condition subsequent means

A

should a state condition occur, the grantor, heirs, or assigns must take action to exercise a right to terminat the estat under the power of termination…If the right isn’t exercised, the estae remains under the control of the grantee.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

Type of estate that conveys an estate for the duration of the life of the life tenant

A

Life Estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

Conventional Life Estates

A

intentional arrangements amouong the interested parties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

Life Estate pur autre vie means”for the life of another” in French and:

A

measures its duration by the life of someone other than the life tenant, as when a caregiver or companion is allowed to live in a house until the death of a specified other person.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

This refers to the right to acquire the estate upon its termination as a life estate

A

Future Interests

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

The grantor of the life estate has named someone else to take title, such an individual is referred to as a remainderman

A

Remainder Interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

The Estate revers to, or is returned to the grantor of the life estat, who is known as a reversioner

A

Reversionary Interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

Once common terms now used in fewer and fewer states to refer to the property inheritance rights of windows and widowers

A

Dower and Curtesy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

Entities or Parties involved in a real estate transaction may be _____ or ______

A

businesses

individuals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

An individual is the sole owner of a property?

A

Sole Ownership or
Tenancy in Serveralty or
Serveralty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

Ownership by two or more parties at the same time?

A

Concurrent Ownership or co-ownership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

Parties hold an undivided fractional interest in the property

A

Tenancy in Common

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

Type of ownership in which Each tenant may hold a deed that does not name any of the other owners

A

Tenancy in Common

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

The parites hold an undivided rather than uneven shares in the ownership

A

Joint Tenancy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

Four Unities of Joint Tenancy ownership

A

Unity of Title
Unity of Time
Unity of Possession
Unity of Interest

58
Q

What is the right of Survivorship?

A

as each individual joint tenant passes away, the remaining tenants’ interest would increase until the last remaining person becomes the sole owner;

59
Q

Tenancy by the Entireties, or Tenancy by the Entirety means :

A

Ownership has the same unities as a joint tenancy, but adds the concept that the couple owns the property as one indivisible legal unit, which provides broad property protections against creditors..

60
Q

Property acquired by married people during the marriage is owned by both, unless it is exempted by one party acquiring it as separe property through gift, inheritance, or separe funds…

A

Community Property

61
Q

Type of ownership that generally refers to multiple owners having an overlappping, inseparable interest in a property complex

A

Common Interest Ownership

62
Q

Condominium ownership grants the owner (2)

A

1) fee simple title to the unit

2) an undivided interest in the jointly owned common areas as tenants in common

63
Q

Horizontal Property acts are normally created so ______ owns the unit’s airspace.

A

Condominium

64
Q

THe Occupant is a shareholder who owns stock in the company that owns the complex, and in exchange for agreeing to obey the bylaws and pay the fee, is granted a proprietary least interest to occupy the specific unit.

A

Cooperative Ownership or

Co-op

65
Q

How are the taxes different between a coop and condo?

A

Coop is liable for the entire building’s property taxes and collects them from the owners through the co-op fee.
Condo owners is directly and solely responsible for taxes

66
Q

TYpicall characterized by fee simple ownership of interval occupancy of a specified unit.

A

Timeshare Ownership

67
Q

A specialized category of subdivision that is both a regulatory process and a type of building development.

A

Planned Unit Development (PUD)

68
Q

The rights of an owner to the use of a flowing watercourse, such as a river, pond, or lake that borders the property, or a stream that crosses one’s land. This term is generally understood to refer to a commercially nonnavigable waterway, and gives an owner who borders on it ownership to its middle.

A

Riparian Rights

69
Q

Rights an owner has to the use of frontage on an ocean, sea, or large lake. This term is generally understood to refer to commercially navigable waterways, and gives an owner who borders on it ownership to the high-water mark.

A

Littoral Rights

70
Q

Terms of addition, or deposits:

A

accession, accretion, alluvial, alluviou

71
Q

Terms of reduction, or removal,

A

corrosion, avulsion and deliction

72
Q

This doctrine asserts that those along a waterway may take all they want regardless of those downstream.

A

Doctrine of prior appropriation.

73
Q

4 Government Powers

A

Police Power
Taxation
Eminent Domain
Escheat

74
Q

The STate’s authority to provide for the general welfare of the community through legislation and a range of enabling acts, or enabling sttures, that authorized agencies to organize and both implement and enforce their obligations

A

Police Power

75
Q

Type of Police Power under which municipalites can regulate land use

A

Zoning

76
Q

Zoning begins with a

A

Master Plan or Comprehensive plan, or general plan

77
Q

Identifies the broad economic objectives and goals and seeks to achieve them through classifying certain areas or buildings as usable for specific purposes…

A

Master Plan

78
Q

_____ in zoning refers to a property continuing a prior use after a zoning change

A

Nonconforming use

79
Q

Allows for a use other than the primary zoning catagory–or that is not standard according to the zoning codes–but may be granted after review by the zoning authorities

A

Variance

80
Q

similar to Variance, but is more restrictive and is governed by a permit that can be revoked

A

Conditional Use or Special Use

81
Q

The specified distance a building myst be from a property line

A

Setback

82
Q

Are that serves to separate one use from another

A

Buffer Zone

83
Q

The physical outline of a building or other property improvement

A

Footprint

84
Q

Simple municipal regulations govering zoning and land-use requirements

A

Zoning Ordinances

85
Q

Governed by zoning ordinances and outline the local requirements for construction standards

A

Building Codes or Housing Codes

86
Q

Required to begin new construction or significant renovations; they serve to notify the municipality of intened imporvements and allow the municipality to review the plans for conformity with codes

A

Building Permit

87
Q

Typically Required in order for residents to move into a newly constructed building or return to a renovated one

A

Certificate of Occupancy or CO

88
Q

Both Federal and state, are public controls grounded in the governmen’s exercise of police power…

A

Environmental regulations

89
Q

A Government power necessary to raise revenue for municipal expenses, like schools and roads

A

Taxation

90
Q

The general real estate taxes are also call _____ taxes, which means they are taxed “at value” so that properties with a higher assessed value pay proportionally more than those with a lesser value

A

ad valorem

91
Q

In the event of an outstanding sepecial assessment or unpaid general taxes, the governmental power of taxation includes the power to place ____ ON PROPERTY.

A

LIENS

92
Q

One mill =

A

1/1,000 of a dollar or 1/10 of one cent (.1 cent)

93
Q

$85500 access value taxes at a mill rate of 34.5 =

A

85500 * 34.5 /1000=$2949.75

94
Q

Government power that refers to the talking of title to real property for some use, public or private, that has been judged by the appropriately authorized governemtal enitity to be beneficial to the community’s interest,..

A

Eminent domain

95
Q

Eminent domain is a type of involuntary alienation and involves 2 steps:

A

1) the process of condemnation

2) Payment of just compensation of the displaced owner.

96
Q

Refers to the transfer of property ownership from an indivudual to the state when the individual dies intestate, or without a whill and with no know heirs…

A

Escheat

97
Q

Non-Ownership interests that represent a restriction on the use and/or transfer of real property are

A

Encumbrances

98
Q

Non-monetary encumbrances include such physical and legal restrictions as (4)

A

easements
encroachments
subdivision CC&Rs
Owners’ association rules that encumber the use and/or transfer of property

99
Q

Interests in land that give a non-owner the right to use a property for a specific purpose, generally to cross over it

A

Easements

100
Q

The right to use one property for the benefit of another one

A

Easement appurtenant or appurtenant easement

Most common is a right-of-way

101
Q

Appurtenant rights and interests are say to ___ ___ ___ Land.

A

run with the

102
Q

A special but common, type of appurtenant easement that arises automatically in cases where an owner sells a landlocked parcel of a larger property

A

Easement by necessity or easement of necessity

103
Q

The property that privides and must allow the access is referred to as the

A

Servient tenement or servient estate

104
Q

Land that “commands” the benefits of this use is referred to as

A

the dominant tenement or dominant estate

105
Q

Owners that allow others to use their land without a specific arrangement may lose the right to stop that use if it becomes protected by law after a legal actions:

A

easement by prescription or prescriptive easement, or adverse easement

106
Q

Prescriptive easements must meet several legal tests, most notably, that the use of the property has occurred

A

regularly for the minimum statutory period required by state law.

107
Q

The Principle by which a new owner may be able to claim a previous owner’s period of similar adverse use to satisfy a statutory minimum-period requirement.

A

tacking

108
Q

An owner is forced to allow a particular, limited use, which may be extinguished if abandoned

A

Adverse possession of a property

109
Q

A common wall or a stand-alone wall either on or at a property line and therefore involves both owners in ownership, maintenance, and/or access issues

A

Party wall easement

110
Q

Benefits an entity (commercial use) or individual (personal use), but differs from an easement appurtenant in that there is only a servient tenement.

A

Easement in gross

111
Q

Something granted by an owner to someone else to use the property, typically in a brief, limited way, and may or may not include compensation..

A

License is a personal, revocable right or privilege…

112
Q

Special type of encumbrance that involve some form of overlapping use of one property by another..

A

Encroachments

113
Q

Unauthorized and/or illegal infringements that can affect a title’s marketability

A

encroachments

114
Q

Simple encroachments may be removed by: (2)

A

selling the property in question to the encroaching property owner
Deeding the use as an easement

115
Q

Some form of litigation against the property is pending that may become the responsibility of a new owner

A

‘lis pendens” or Pending lawsuit

116
Q

A monetary encumbrance that asserts the lienholder has a creditor’s claim to a specific monetary interest in the property’s value

A

Lien

117
Q

Voluntary transfer (4)

A

1) deeding it after selling it or making it a gift
2) assigning it to another
3) Dedicating it for public use
4) Wiling it to an heir

118
Q

The donation of private property for public use

A

Dedication

119
Q

Refers to having a will

A

testate

120
Q

Someone who has made a will

A

Testator

121
Q

Refers to a situation where a person dies without a valid will

A

Intestate

122
Q

The public, leagal process of executing the terms outlined in a will, or determining how to settle the estate if there is not will

A

probate

123
Q

The person designated to see that the terms of a will are carried out

A

Personal Representative

124
Q

Executor

A

is/was the term for a personal representative appointed by the testor in the will to execute the terms of the will

125
Q

Executrix

A

female of the Executor

126
Q

The term for a personal representative appointed by probate when someone dies intestate or when there is a will and the court sees a reason to appoint an _____

A

Administrator

127
Q

the distribution of an estate that is not governed by a will and follows state laws of descent and distribution for intestacy

A

Intestate succession

128
Q

The process of property reverting to the state in the event someone dies intestate and with no heirs

A

Escheat

129
Q

Witnessed, which are typically prepared with the help of an attorney

A

Formal Will

130
Q

Handwritten and unwitnessed

A

Holographic Will

131
Q

Is spoken by the person who is near death and written down by a witness

A

Oral or Numcupative

132
Q

Real Property disposed of in a will is known as a

A

devise

133
Q

Recipient of real property disposed of in a will is a

A

divisee

134
Q

Personal property disposed of in a will is known as a

A

legacy or bequest

135
Q

The Recipient of personal property in a will is a

A

legatee

136
Q

Any situation where title transfers in a manner that the owner may not have any control over or would generally prefer not to have happen

A

Involuntary transfer or

Involuntary alienation

137
Q

Involuntary transfer or involuntary alienation types (7)

A

1) foreclosure
2) condemnation
3) inverse condemnation
4) escheat
5) adverse possession as a result of open, notorious and hostile use of a property for a state-determined statutory period
6) Partition
7) Reversion duo to a breach in the terms of the deed or contract, or other unmet conditions

138
Q

An alternattive by which the creditor refrains from taking legal action against a borrower in default after being satisfied that th eborrower is taking acceptable measures to satisfy the debt (possibly a mortgage modification)

A

forbearance

139
Q

A situation in which the owner gives a lender the deed rather than going through a foreclosure proceeding

A

Deed in lieu of foreclosure or deed in lieu

140
Q

Refers to the right to pay off a debt, even after mortgage default and reclaim the property

A

redemption

141
Q

May include a before-foreclosure-sale right known as the equitable right of redemption or even a statutory period after a sale, known as a statutory right of redemption are called ____ rights

A

Redemption

Real Estate (4 decks)

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