Lesson 2 Flashcards
A condominium is NOT a description of an architectural style… it’s a ___________
Type of Ownership
A community that usually includes a variety of land uses such as single family homes, rentals, retail, and recreational space.
Planned Unit Development (PUD)
The definition of land includes rights to…
Surface Rights
Subsurface Rights
Air Rights
Real estate is defined as land and all __________ attached to the land.
Appurtenances
Appurtenances include…
buildings
trees
portion of tree’s that overhang into air space
right of way (easements) over path to lake
Natural plants that do not require yearly planting are called ___________. They are considered _______ property
Fructus Naturales / Real Property
The definition of real property includes the bundle of ________… which also allows a property owner to do what she wants with the real estate as long as it is legal.
Rights
Plants/crops that need to be replanted yearly are called _________ or ___________, and are considered to be personal property
Emblements or
Fructus Industriales
The 3 physical characteristics of real estate:
Heterogeneity
Immobility
Durability
Heterogeneity in real estate is…
Every parcel of land is UNIQUE
Immobility in real estate is…
Ownership is transferred but not the land itself
Durability in real estate is…
Improvements my be destroyed by not the land
Economic characteristics of real estate:
Scarcity
Improvements
Permanence of Investments
Location
__________ is usually the single most important factor in determining the value of real property.
Location
Personal property installed by a business tenant is called _______. It must be removed before end of lease or it then belongs to the landlord.
Trade fixture
A ________ is an item of personal property that by its use or attachment is considered to be real estate.
Fixture
The word __________ refers to an owner’s interest in real property.
Estate
There are 2 categories of estate
- _________ estate is the interest in ownership
- _________ estate is the interest in occupancy
- Freehold estate
2. Leasehold estate
Freehold estates are divided into 2 categories…
Present Estates
Future Estates
PRESENT Freehold Estates exist today - the 3 types of present estates are…
Fee Simple Absolute
Defeasible Fee Simple
Life Estate
FUTURE Freehold Estates will come into being sometime in the future - the 2 types of future estates are… AND define
- Remainders - interest in a real estate that follows a life estate that may be granted to a person
- Reversions - interest in a real estate that follows a life estate that go back to owner or heirs
2 types of Defeasible Fee Simple estates… AND define
- Fee Simple DETERMINABLE: formed with words such as “so long as” the transfer is used for that purpose.
- Fee Simple on CONDITIONAL SUBSEQUENT: formed with word such as “on the condition that” and usually prevents a certain use (never to be used as…)
2 types of Life Estates… AND define
- Conventional Life Estate - granted to a person for his life… OR life estate pur autre vie - granted to a person for the life of a 3rd party.
- Legal Life Estate - dower, curtesy, homestead
3 types of Legal Life Estates… AND define
- Dower - wife’s interest in her husband’s property
- Curtesy - husband’s interest in his wife’s property
- Homestead - partial exemption from real estate tax
Public records about each parcel of land can be found at ____________.
Registry of Deeds
Common primitive limitations on land use…
Covenants, conditions, and restrictions (CC&R’s)
4 broad government powers that regulate land use…
PETE Police Power Eminent Domain Taxation Escheat
The process of taking property by Eminent Domain
Condemnation
