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Real Estate Sales Agent > Lesson 2 > Flashcards

Lesson 2 Flashcards

1
Q

A condominium is NOT a description of an architectural style… it’s a ___________

A

Type of Ownership

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2
Q

A community that usually includes a variety of land uses such as single family homes, rentals, retail, and recreational space.

A

Planned Unit Development (PUD)

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3
Q

The definition of land includes rights to…

A

Surface Rights
Subsurface Rights
Air Rights

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4
Q

Real estate is defined as land and all __________ attached to the land.

A

Appurtenances

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5
Q

Appurtenances include…

A

buildings
trees
portion of tree’s that overhang into air space
right of way (easements) over path to lake

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6
Q

Natural plants that do not require yearly planting are called ___________. They are considered _______ property

A

Fructus Naturales / Real Property

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7
Q

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.

A

Rights

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8
Q

Plants/crops that need to be replanted yearly are called _________ or ___________, and are considered to be personal property

A

Emblements or

Fructus Industriales

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9
Q

The 3 physical characteristics of real estate:

A

Heterogeneity
Immobility
Durability

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10
Q

Heterogeneity in real estate is…

A

Every parcel of land is UNIQUE

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11
Q

Immobility in real estate is…

A

Ownership is transferred but not the land itself

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12
Q

Durability in real estate is…

A

Improvements my be destroyed by not the land

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13
Q

Economic characteristics of real estate:

A

Scarcity
Improvements
Permanence of Investments
Location

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14
Q

__________ is usually the single most important factor in determining the value of real property.

A

Location

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15
Q

Personal property installed by a business tenant is called _______. It must be removed before end of lease or it then belongs to the landlord.

A

Trade fixture

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16
Q

A ________ is an item of personal property that by its use or attachment is considered to be real estate.

A

Fixture

17
Q

The word __________ refers to an owner’s interest in real property.

A

Estate

18
Q

There are 2 categories of estate

  1. _________ estate is the interest in ownership
  2. _________ estate is the interest in occupancy
A
  1. Freehold estate

2. Leasehold estate

19
Q

Freehold estates are divided into 2 categories…

A

Present Estates

Future Estates

20
Q

PRESENT Freehold Estates exist today - the 3 types of present estates are…

A

Fee Simple Absolute
Defeasible Fee Simple
Life Estate

21
Q

FUTURE Freehold Estates will come into being sometime in the future - the 2 types of future estates are… AND define

A
  1. Remainders - interest in a real estate that follows a life estate that may be granted to a person
  2. Reversions - interest in a real estate that follows a life estate that go back to owner or heirs
22
Q

2 types of Defeasible Fee Simple estates… AND define

A
  1. Fee Simple DETERMINABLE: formed with words such as “so long as” the transfer is used for that purpose.
  2. 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…)
23
Q

2 types of Life Estates… AND define

A
  1. 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.
  2. Legal Life Estate - dower, curtesy, homestead
24
Q

3 types of Legal Life Estates… AND define

A
  1. Dower - wife’s interest in her husband’s property
  2. Curtesy - husband’s interest in his wife’s property
  3. Homestead - partial exemption from real estate tax
25
Q

Public records about each parcel of land can be found at ____________.

A

Registry of Deeds

26
Q

Common primitive limitations on land use…

A

Covenants, conditions, and restrictions (CC&R’s)

27
Q

4 broad government powers that regulate land use…

A 
PETE
Police Power
Eminent Domain
Taxation
Escheat
28
Q

The process of taking property by Eminent Domain

A

Condemnation

Real Estate Sales Agent (3 decks)

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