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Real Estate Vocab > Modern Real Estate Vocab > Flashcards

Modern Real Estate Vocab Flashcards

1
Q

What is Chattel?

A

Another word for Personal Property which is movable, not permanently attached to the real property and must be included on the Bill of Sale.

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2
Q

What are Appurtenances?

A

Appurtenances are attached to and run with the land.

Example: landscaping

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3
Q

Real Estate or Real Property consist of what three things?

A

Land, improvements, rights

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4
Q

A characteristic of real property is ______________

A

It is immovable

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5
Q

What rights are attached to owning land specifically?

A

Surface rights, sub-surface rights, & air rights

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6
Q

What are improvements?

A

Items attached to the land with the intent of being permanent. For example: house, fence, roads, landscaping.

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7
Q

What are the three forms of rights?

A

Rights in land: air, water, mineral
Rights of ownership: right of the owner to posses, transfer, and control the property
Governmental rights: gives the government the right to determine land use, set taxes, take back property through eminent domain or escheat.

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8
Q

The government controls water rights and grants permits for the beneficial use of water, such as irrigation, under the doctrine of _____________________.

A

Prior appropriation

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9
Q

Riparian refers to ________________

Littoral refers to ________________

A

River (flowing water)

Lakes/ oceans (water is standing still)

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10
Q

______________ is the addition to land through natural causes.

A

Accretion

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11
Q

_________________ is sudden loss of land, from being washed away or another violent act. Example: sink hole

A

Avulsion

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12
Q

Water right do not include the right of access. The owner of a water right would. It have the right to cross another’s property and would. Red to obtain an ____________ or right of use to do so.

A

Easement

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13
Q

Mineral rights are often held by a __________________.

A

Third Party

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14
Q

A _________________ would allow the property owner to lease all three rights (mineral, surface, and air) to different tenants.

A

Vertical lease

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15
Q

Real estate- transferred by a

A

Deed

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16
Q

All property that is not real property is _________, is not permanently ___________ and must be ________ in the purchase contract to transfer with the property.

A

Movable, attached, included

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17
Q

Personal property is transferred by a _______________.

A

Bill of Sale

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18
Q

A fixture is an object that was once personal property that has been __________________________ so as to become real property.

A

Attached to an improvement

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19
Q

Land is never a _______________.

A

Fixture

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20
Q

Once the fixture (personal property) is attached, it becomes an _________________ and is automatically transferred in the deed.

A

Appurtenance

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21
Q

Test for intent

Was the object affixed or installed with the apparent __________ of improving the land.

A

Intent

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22
Q

Intent is evaluated by the three A’s

____________, ________________, ________________

A

Attachment, Adaptation, Agreement

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23
Q

Fixtures must be ___________ from the purchase contract if the seller is not going to convey.

A

Excluded

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24
Q

What type of property must be included in writing?

A

Personal property

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25
Q

What type of property must be excluded in writing?

A

Fixtures

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26
Q

What are emblements?

A

Annually cultivated crops that belong to the person that planted them, unless agreed otherwise.

Note: never choose emblements

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27
Q

Trade fixtures are considered _______________, and are transferred by a ________________.

A

Personal property, bill of sale

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28
Q

What are the three most common methods of land description?

A

Metes and bounds, rectangular (government) survey, recorded plat.

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29
Q

A survey is used to _______________.

A

Create or confirm a legal description.

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30
Q

A survey is an __________ measurement of _____________ and the location of _______, _________, and ___________.

A

Onsite, property lines, houses, easements, and encroachments.

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31
Q

____________ are visible markers that establish property boundaries.

A

Monuments

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32
Q

An ILC or ______ _________ ________ or mortgage survey locates improvements on the property but is not used to legally set the property boundaries.

A

Improvement location certificate

33
Q

What is an encroachment?

A

Intrusion on another person’s property.

34
Q

Metes measures in _____________ and __________. Bounds: ______ or ___________.

A

Feet, compass degrees, shapes, boundaries.

35
Q

Monuments: fixed objects that serve as _______ _________ for the surveyor when setting boundaries.

A

Reference points

36
Q

Metes and Bounds uses phrasing like “Begins and ends at _________ ___ ___________ or POB.

A

Point of beginning

37
Q

Metes and Bounds is the only description that uses _________________________ and moves in a set direction.

A

Starting at or commencing at

38
Q

Metes and bounds description must completely __________ the property and is measures in a __________ direction.

A

Encircle, clockwise

39
Q

A rectangular or ___________ survey is a system developed by the U.S. government that locates a parcel of land within a grid system, based on its location with reference to meridians and ranges and base lines and tiers.

A

Government

40
Q

What are meridian and base lines?

A

Large imaginary reference lines in the Rectangular (Government) survey.

41
Q

A _____________ is a square formed by the meeting or ranges and tiers (__ miles by __ miles).

A

Township

42
Q

In the Rectangular (Government) survey

Range runs ______& _________

A

North and South

43
Q

In the Rectangular (Government) survey

tiers run ______& _________

A

East & West

44
Q

A ______ is a vertical row of townships

A

Range

45
Q

A ______ is a horizontal row of townships.

A

Tier

46
Q

How many township contains _____ sections.

A

36 (6*6= 36)

47
Q

How many acres are in a section?

A

640

48
Q

A section is a _ mile by _ mile square.

A

1,1

49
Q

An acre contains _____ sq ft.

A

43,560

50
Q

The N 1/2 of the SW 1/4 of the NE 1/4 of the SE 1/4 sold for $8,500 per acre. What was the selling price?

A

$42,500

51
Q

The ____ map is also called the “_____, _______, _________ system” or the “____ and _______ system.”

A

Plat, lot, block, subdivision, lot, block

52
Q

A _______ is a map that is created by a survey and shows the location and ____________ of individual lots in a land subdivision.

A

Plat, boundaries

53
Q

Once the final map is approved, but before building, ____________ in the county recorder’s office of the county in which the property is located.

A

The plat is recorded

54
Q

This system is most common in _____________ areas.

A

Urban residential

55
Q

Recording a subdivision plat is the common way for streets in developments to become ____________ for public use.

A

Dedicated

56
Q

Master development plans are used to _________________.

A

Control growth

57
Q

List the 5 land use classification set by zoning laws.

A

Residential, commercial, industrial/ manufacturing, agriculture, mixed

58
Q

A ________ is an area of land that separates two significantly different land use zones. Parks and open spaces are often used as ________ zones.

A

Buffer, buffer

59
Q

The purpose of land use restrictions is to protect against ________________, protect ________________, and ______________.

A

Uncontrolled growth, public health, preserve compatibility

60
Q

All new construction and most renovations require a _________________.

A

Building permit

61
Q

Building permits are used to ensure that property owners are in __________________________.

A

Compliance of building code

62
Q

The state sets minimum construction and safety requirements known as ___________.

A

Codes

63
Q

If there’s a difference between national, state, and county or local building codes, the most ____________ is used.

A

Stringent

64
Q

Building codes are primarily concerned with the structural integrity and ___________________.

A

Safety of building.

65
Q

Separate codes are used for _________, ____________, ____________, and so on.

A

Plumbing, electrical, fire

66
Q

CO or ____________ ___ __________________ are obtained after fulfilling all the requirements of the building permit.

A

Certificate of Occupancy

67
Q

Building sites have a minimum frontage requirements so the ______________ can provide __________.

A

Government, services

68
Q

What type of insurance is typically sold separately?

A

Flood insurance

69
Q

Zoning laws and ordinances are set at a ______ level.

A

Local (city, county)

70
Q

Illegal use of building codes or a zoning violation does NOT become __________ because a large amount of time has passed.

A

Grandfathered

71
Q

What’s an amendment as it pertains to zoning.

A

Changes the zoning of an entire area

72
Q

An amendment could cause ________________.

A

Non-conforming use

73
Q

A __________ allows an individual owner to vary or deviate from strict compliance with zoning in order to relieve or prevent a hardship.

A

Variance

74
Q

___________ or ______________ permits allow a particular property to be used for a special purpose that is in the public’s best interest.

A

Conditional use, special use

75
Q

Government land use controls

A

Planning, zoning, building codes, building permits, building inspections, certificate of occupancy

76
Q

What’s an example of overlaying zoning?

A

School zone, residential zone

77
Q

Brokers and salespeople should explain that it is the _________________ to verify that the current zoning use and rules will meet the buyer’s needs.

A

Buyer’s responsibility

78
Q

Area = ____ X _____

A

Width X Length

79
Q

If the lot is 70 X 105, what is the area? What size is the frontage?

A

7,350, 70ft

Real Estate Vocab (1 decks)

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