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Real estate > Introduction Chaper 1 > Flashcards

Introduction Chaper 1 Flashcards

1
Q

Feudal system VS Allodial System of land ownership.

A

Feudal =King owns, Allodial=Private ownership.

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2
Q

What are the 5 major real estate services

A 
brokerage-(Buying/selling)
appraisal- CMA (Home value)
property management
finance
property development
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3
Q

What are the rights of ownership?

A
  1. Possession-
  2. Use
  3. Encumbrance-borrow money against property.
  4. Exclusion-bar others from premise
  5. Transfer-pass title
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4
Q

Real Property VS Personal Property

A

Real Property-Includes the earth’s surface, the air above and the ground below, plus permanent physical attachments, such as buildings, tenements, and fences.
(Can be corporal or incorporeal)

Personal Property-Also called ‘Chattel” and “personality” It is different in that it is movable and includes tangible and intangible objects.
tangible-bed, chair
intangible-copyrights, patents, trademarks, relationships.

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5
Q

Fixture

A

Those items of personal property that are affixed to real property.

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6
Q

The legal test determining what is or is not a fixture go by the acronym MARIA.

A

M- Method of attachment- How permanent is the fixture. Is it secured by nails, screws, or clamps.

A- Agreement- Is the agreement between the parties on the fixture oral or written? Real property agreements must be written.

R- Relationship- What is the relation of the fixture to the parties? Is it needed for health or welfare? Are the parties sellers, renters, or buyers?

Intent- What is the intent of the “annexors?” Meaning the persons who installed the fixture.

Adaptability- How does the fixture fit into the property? What is its purpose?

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7
Q

Trade fixture

A

Are personal property and can be removed by departing tenants as long as they do it before the lease expires. Includes: Bookshelves, partitions,

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8
Q

Tenements

A

Building, improvements, fixtures

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9
Q

What 3 things make up Corporeal Real Property

A
  1. Land
  2. Tenements
  3. Natural Fruits
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10
Q

Incorporeal

A

Rights and relationships, cant touch it. Easements and right of ways, hereditaments- any property that can be inherited.

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11
Q

The physical characteristics of real property are:

A

1) Immobile
2) Indestructible
3) Non-homogeneous
4) Law of Situs

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12
Q

Real Properties economic characteristics include

A

1) Scarcity
2) Modification
3) Fixity
4) Situs

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13
Q

The title transfer of personal property, contrary to real property requires________ rather than a deed?

A

Bill of Sale

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14
Q

Ways to transfer a title (via deed)

A

1) voluntary-choice
2) Involuntary- foreclosure, Immanent Domain, Adverse possession.
3) Testate- Someone died with a will
4) Intestate succession-without a will-Estate distributed with laws.

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15
Q

Government retains 4 basic rights over property, which is in reality vestiges of the feudal system.

A

PETE

1) Police Power- The right to regulate or limit, and confiscate property temporarily under emergency situations: Both state and federal.
2) Eminent Domain-Right to take private property for public use. State and Federal
3) Taxation- The right to tax private property for the costs of governments and area improvements- only applies to state and local.
4) Escheat- The right to take back property if the owner dies without a will or heirs, or if abandoned. Applies to state and county.

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16
Q

Zoning

A

Regulation of structures and uses of property within districts and zones. Government control and largest police power.

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17
Q

Zoning is enforced with

A

building permits- require to follow zoning rules

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18
Q

violations in zoning can result in

A

penalties- such as the title being rendered unmarketable.

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19
Q

Variance

A

Rezoning of a single parcel

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20
Q

Spot Zoning

A

Type of variance- exception to the rule.

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21
Q

Different types of land use zoning categories.

A

1) residential (R)
2) agricultural (A)
3) planned area development (PAD)
4) commercial (C)
5) industrial (I)

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22
Q

Codes are enforced through;

A

1) Building permits
2) Certificates of occupancy
3) Inspections

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23
Q

Taxation of real estate is the jurisdiction of?

A

State and local governments.

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24
Q

Real estate taxes are used for?

A

Education, welfare, highways, and public needs.

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25
Q

Property taxes are levied?

A

Annually-January 1st

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26
Q

Property taxes are paid?

A

2x a year- October 1st, March 1st

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27
Q

What is the primary reason for a property lien?

A

unpaid taxes

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28
Q

What are the 2 tax periods?

A

Jan 1- June 30,

July 1- December 31st

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29
Q

Master planned community

A

2 or more subdivisions with CC&R’s

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30
Q

Planned area development

A

Has greenbelt and one stop shopping

31
Q

Buffer Zone

A

Separates one use of land from another.

32
Q

Condition use permit

A

Help for property owner with special needs

33
Q

Conditional use permit

A

Help for property owner with special needs

34
Q

Setback

A

Area you cannot build on.

35
Q

Downzoning

A

Changing zoning to a less dense use.

36
Q

Upzoning

A

Changing zoning to a more dense use.

37
Q

Grandfathered

A

Use was there before zoning-you can use it, but not expand its use.

38
Q

Nonconforming use

A

Use was once lawful but does not conform. (Becomes spot zoning or variance)

39
Q

Cumulative zoning

A

Can do the zoning and all lower
R-3
R-2
R-1

40
Q

Dedication

A

Giving away land from a developer to be able to develop. Could be land for roads, sidewalks, schools.

41
Q

Types of property controls

A

Zoning-governmental
Deed restrictions-private
Lender

42
Q

taxation

A

A charge against real estate to raise funds to meet public needs of government and to raise money for area improvements.

43
Q

What is always number one for liens?

A

property taxes

44
Q

Ad Valorem

A

Type of tax assessment based on the assessed valuation of the property. (Property Tax)

45
Q

Assessed Value

A

The value of real property established for computing real property taxes. Done by county and township assessors. Land is separate from home.

46
Q

Property taxes are levied___________, and paid__________?

A

Levied- Annually-October

Paid Semi Annually-October 1st, March 1st

47
Q

Property taxes become delinquent

A

November 1st,

May 1st

48
Q

What is the assessment ratios for residential, vacant land, and commercial/industrial?

A

Residential- 10%
Vacant Land-16%
Commercial/Industrial-18%

49
Q

Community Facility District (CFD)

A

Is a special taxing district that allows the financing of the installation, operation and maintenance of public improvements such as roads, water and sewer facilities, flood control and drainage projects. (Fire stations, side walks)

50
Q

Community Facility District tax is on____?

A

Property Tax Bill

51
Q

Is Community Facility District tax assessed

A

No

52
Q

Eminent Domain

A

Taking private property for public use. (Parte of PETE)
Has to be fair and just and compensated for.
Constitutional right-1971

53
Q

Condemnation process

A

Lawsuit dealing with Eminent Domain if you don’t agree with the offer. 1st step…

54
Q

Escheat

A

reversion of property to state if property owner dies without a will or heirs.

55
Q

What is the time frame of Escheat

A

State will hold for 5 years
If no heirs step forward they will sell and hold money for 2 years in a state general fund. Can get part of money back during this two years. After 8 no money is given back.

56
Q

Appurtenant

A

Belonging to: Like a garage to a home. Appurtenant items run with the land when the property is transferred.

57
Q

Arrears

A

The state of being delinquent in paying debt,

58
Q

Assemblage

A

The combining of 2 or more lots into one large lot. Usually to increase value

59
Q

Beneficial use

A

A legal term describing a persons right t o enjoy the benefits of specific property, View, light, air, water

60
Q

Caisson

A

The foundation supports for a building.

61
Q

Chattel

A

An item of personal property. Chattels are transferred with a bill of sale.

62
Q

Corporeal Property

A

Tangible real or personal property such as buildings, fixtures, fences. Also includes intangibles such as rents, easements, and goodwill.

63
Q

Emblements

A

A growing crop that is produced annually.

64
Q

General Plan

A

A long range governmental program to regulate the use and development of property in an orderly fashion.

65
Q

restrictions

A

A limitation on the use of property. Can be public or private. CC& Rs, deed restrictions, mortgage, zoning

66
Q

Hereditament

A

Every kind of inheritable property, including real, personal, corporeal, and incorporeal

67
Q

improvements

A

Valuable additions made to property that amount to more than repairs, costing labor, and capital, intended to enhance the value of the property.

68
Q

Intangible

A

Anything having not material or physical existence. Cant be seen or touched

69
Q

land

A

The surface of the earth extending down to the center and upward to the sky, including all natural things… trees, crops. Mineral rights and air rights. It also includes all artificial things attached. Home, fence, fixtures

70
Q

Non conforming use

A

A permitted use of real property that was lawfully established at its original constructions, but no longer conforms to the current zoning law. Does not have to be discontinued after sale.

71
Q

Personal Property

A

Things that at tangible and movable; not real property. Such as chattels.

72
Q

Personality

A

Chattels

73
Q

Pro Rata

A

The division of real estate expenses according to the proportion of ownership expenses.

74
Q

Situs (Law of)

A

Law of location

Real estate (14 decks)

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