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Real Estate Licence - Study > Intro to Real Estate > Flashcards

Intro to Real Estate Flashcards

1
Q

What is REAL PROPERTY?

A

LAND and ANY PROPERTY directly attached to it. It also includes IMPROVEMENTS made to this land and property. It also includes certain LEGAL RIGHTS OF OWNERSHIP (like, “air rights” above a building”).

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2
Q

What is REAL ESTATE?

A

The LAND and any PERMANENT, MAN-MADE IMPROVEMENTS on the land (buildings, Fences, sidewalks, etc).

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3
Q

Personal Property

A

Everything that is not REAL PROPERTY

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4
Q

PROPERTY is either ______ or ________ owned?

A

Publicly or Privately

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5
Q

State Capitol Building is an example of ______ owned PROPERTY?

A

Publicly owned

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6
Q

PERSONAL PROPERTY is also called ______ or ______?

A

Personalty or Chattel

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7
Q

FIXTURE

A

PERSONAL PROPERTY that becomes PERMANENTLY ATTACHED to a house and becomes REAL PROPERTY - and is sold with the property.

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8
Q

What are BUNDLE OF RIGHTS?

A

LEGAL RIGHTS that come with the OWNERSHIP of property.

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9
Q

Do OWNERSHIP RIGHTS vary?

A

Yes. OWNERSHIP RIGHTS are numerous and vary with the type of ownership a person has.

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10
Q

Can OWNERSHIP RIGHTS be sold?

A

Yes. Ownership Rights and pwers can be sold.

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11
Q

How can OWNERSHIP RIGHTS affect the value of the underlying real estate?

A

OWNERSHIP RIGHTS can be SOLD. And if they are SOLD, they can affect the value of the underlying real estate.

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12
Q

What are the Property Ownership BUNDLE OF RIGHTS (D.E.E.P. C.)?

A
  1. DISPOSITION:
    Title Holder has the right to (SRT) sell, rent, or transfer ownership or USE of the property at will. However, the MORTGAGE must be paid before ownership can be transferred.
  2. ENJOYMENT:
    Title Holder has the right to ENJOY THE PROPERTY and use it in any legal manner.
  3. EXCLUSION
    Title Holder has the right to limit who MAY or MAY NOT ENTER THE PROPERTY. However, Utility Companies will have the right to enter to maintain their RIGHTS OF WAY and Utility Lines - as part of an EASEMENT.
  4. POSSESSION
    The rights given to the Title Holder of a Property. (The property is “owned” by whoever holds the title)
  5. CONTROL
    Title Holder has the right to CONTROL THE USE of the property, within the law.
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13
Q

What does REAL PROPERTY consist of?

LAW FAMLIE FOB

A
  1. The LAND itself (Surface Rights)
  2. AIRSPACE above the land (Air Rights)
  3. WATER RIGHTS
  4. FIXTURES (once personal, now permanently attached)
  5. APPURTENANCES
  6. MINERAL RIGHTS (Subsurface Rights)
  7. LAND IMPROVEMENTS - of and to the land. (grading, ponds, buildings, fences, etc)
  8. INTERESTS
  9. EASEMENTS
  10. FRUCTUS NATURALES (trees, bushes, landscaping)
  11. OWNERSHIP RIGHTS
  12. BENEFITS
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14
Q

APPURTENANCE

A ➡️, 👩🏻‍🦳, or 🔨 (A2) and (PW) (RP)

A

A (RPI) (A2) (PW) (RP)

A (RPI) RIGHT, PRIVILEGE or IMPROVEMENT, ATTACHED TO (A2) and PASSING WITH (PW), REAL PROPERTY (RP).

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15
Q

Are APPURTENANCES a part of property?

A

Yes. But not always. For example a right of way through a neighbor’s yard is an APPURTENANCE.

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16
Q

EASEMENT

🎯and⚠️) (➡️or👩🏻‍🦳

A

A SPECIFIED and LIMITED, RIGHT or PRIVILEGE to use someone’s else’s property

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17
Q

SURFACE RIGHTS

(⚖️📜2️⃣) (🎮), (🏠)and(UZ) 🛣 of 📦 ⛰.

A

The LEGAL RIGHT to CONTROL, OCCUPY and USE the SURFACE AREA of a parcel of land - INCLUDING IMPROVEMENTS (real estate) and the GROWING of CROPS.

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18
Q

AIR RIGHTS

⚖️📜2️⃣) (🎮), (🏠)and(UZ

A

The legal right to control, occupy and use airspace ABOVE A PARCEL of real estate.

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19
Q

Can AIR RIGHTS be transferred?

A

Yes. They can be SOLD or LEASED.

20
Q

Are there any restrictions to AIR RIGHTS?

  1. 🚫🏭 2. 🛬
A

Yes. AIR RIGHTS are NOT UNLIMITED.

  1. Owners are not permitted to pollute the air.
  2. Aircraft have the right to fly over land as longs as they don’t interfere with the owners right to use and occupy the land.
21
Q

LEASE, LESSOR, LESSEE

🤝 1️⃣ 🤳⬆️ 👻🏕, 🚫for🥇, but ⏺of🕑

A

An agreement where one gives up possession of real property - NOT FOR TITLE, but for a stipulated period of time.

22
Q

SUBSURFACE RIGHTS

🤳the➡️2️⃣🗺, (DRL)or(DIG)🚇4️⃣💧💊

A

Gives the right to explore, drill or dig below the surface for minerals and water.

23
Q

What is the key to determining the classification of REAL PROPERTY (FIXTURES) vs PERSONAL PROPERTY?

A

INTENTION. If PERSONAL PROPERTY was affixed or installed to REAL PROPERTY with the INTENTION of permanently improving the real estate - then that object becomes a fixture and is classified as REAL PROPERTY.

24
Q

What is SEVERANCE?

A

SEVERANCE is the act of removing something attached to REAL PROPERTY., thereby classifying it as PERSONAL PROPERTY.

25
Q

What are the 4 tests that help determine whether something is a fixture or not?
(M.A.R.I.A)

A

M.A.R.I.A.

  1. METHOD OF ATTACHMENT
  2. ADAPTABILITY
  3. RELATIONSHIP OF THE PARTIES
  4. INTENTION of the Parties
  5. AGREEMENT
26
Q

METHOD OF ATTACHMENT

A

Is the item permanently affixed to the wall, ceiling floor? By using nails, glue, cement, pipes, or screws? If it was affixed, it is considered a fixture. - even if you can unscrew it (i.e, light fixture).

27
Q

ADAPTABILITY

A

If the item becomes an integral part of the home, it cannot be removed. Flooring, Custom Drapes, Track Lighting, House Keys, etc. A Built-in Refrigerator could be unplugged and removed, but it is considered to be a fixture because it fits inside a specified space.

28
Q

RELATIONSHIP OF THE PARTIES

A

If the dispute is between tenant and landlord, the tenant is likely to win. If a renter replaces his Landlord’s light fixture with a large chandelier of his own, that chandelier would remain the personal property of the renter. Upon leaving, the renter would need to reset the Landlord’s original fixture. If the dispute is between the buyer and seller, the buyer is likely to prevail.

29
Q

INTENTION of the parties

A

When the item was attached. When the item was installed, if you intended it to be permanent, it is a fixture. If you installed a built-in bookcase or planted rose bushes, they were intended to be permanent

30
Q

AGREEMENT BETWEEN PARTIES

A

Purchase contracts usually contain a clause that defines the items that will be included in the sale, such as, “All existing fixtures and fittings that are attached to the property.” It may further list specific items.

31
Q

FRUCTUS NATURALES

A

Permanent plants like flowers, trees and bushes. They are classified as REAL PROPERTY

32
Q

FRUCTUS INDUSTRIALES

A

Annual plants that require re-planting each year. These are considered PERSONAL PROPERTY

33
Q

NATURALLY OCCURRING WATER is considered ______ Property

A

REAL PROPERTY. Water in ponds lakes, streams, oceans, seas are considered REAL PROPERTY.

34
Q

Does a Landowner whose property abuts a natural body of water own that abutting water?

A

NO. They do have certain legal rights to use the water, but they don’t own the water. Water rights are APPURTENANT.

35
Q

NAVIGABLE WATERS

🤽🏾‍♂️💧Uz4️⃣💰,🚂.

A

A body of water that is used for commerce or transportation.

36
Q

Who has jurisdiction over NAVIGABLE WATERS?

🏛. (W, H, BW, 🧴)

A

The Federal Government - not States. They determine who, how, by whom and under what conditions NAVIGABLE WATERS are to be used.

37
Q

LITTORAL LAND

🏕 🗺🏝of L, S, O…

A

Land whose borders are on the shore of a lake, sea or ocean that is effected by tidal currents. Most states establish the landowner’s boundary at the high tide mark.

38
Q

LITTORAL RIGHTS

📜2️⃣ Uz+🥰 🌊🛹🏕

A

The Landowner’s right to use and enjoy the water bordering their land.

39
Q

RIPARIAN LAND

A

Land bordering a moving body of water like a stream or river. The right to use the water is held in common with all other RIPARIAN Landowners.

40
Q

Who governs RIPARIAN RIGHTS?

A

STATE LAWS govern RIPARIAN rights.

41
Q

Are RIPARIAN Landowner RIGHTS absolute?

A

NO. They have the right to REASONABLE water use as long as that use does not harm upstream or downstream RIPARIAN Land or CONTAMINATE the water.

42
Q

If RIPARIAN LAND borders a non-navigable waterway, the LANDOWNER typically owns the land_______?

A

…beneath the water to the middle of the waterway.

43
Q

PRIOR APPROPRIATION

🥇in⏱, 🥇in📜. (⬅️➡️s )(💧📜s) FRM (🏕🙅‍♂️).

A

Doctrine establishing FIRST IN TIME, FIRST IN RIGHT. This doctrine separates water rights from land ownership AND establishes that water rights can be sold and mortgaged like other property.

44
Q

When a WATER RIGHT is sold it retains______?

A

…its original APPROPRIATION DATE.

45
Q

During a drought, Junior Appropriation dates may get_____

📉🧮💧, 🚫💧

A

…reduced amounts of water or NO WATER.

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