Module 1 - Property rights & Onwership Flashcards

1
Q

What is the difference between Real property and Personal Property?

A

Real Property is anything that is subject to owner ship. Its attached and not easily removable. Personal property is the opposite anything that is not attached or perminate.

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2
Q

Tangible vs Intangible

A

Tangible would be things that can be touched and intangible is the opposite.

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3
Q

Define: Title

A

(1) The right to ownership or the ownership of land. (2) The evidence of ownership of land. 102

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4
Q

Define Deed:

A

deed A written instrument that, when executed and delivered, conveys title to or an interest in real estate. 102

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5
Q

Define Assemblage:

A

The combining of two or more adjoining lots into one larger tract to increase their total value. 302 (Kyle 520)

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6
Q

Define Surface Rights:

A

Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the space above it (air rights) or the substances below the surface (subsurface rights). 18

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7
Q

What is the Doctrine of Prior Appropriation:

A

The right to use water for an appropriate use.

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8
Q

Define Cooperative:

A

A residential multiunit building whose title is held by a trust or corporation that is owned by and operated for the benefit of people living within the building who are the beneficial owners of the trust or shareholders of the corporation, each possessing a proprietary lease to a property unit. 78

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9
Q

Define eminent domain:

A

The right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines the compensation to be paid to the owner. 60

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10
Q

Define escheat:

A

The reversion of property to the state or county, as provided by state law, in cases in which a decedent dies intestate without heirs capable of inheriting, or when the property is abandoned. 62

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11
Q

Define police power:

A

The government’s right to impose laws, statutes, and ordinances, including zoning ordinances and building codes, to protect the public health, safety, and welfare. 60

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12
Q

Define taxation:

A

The process by which a government body raises monies to fund its operation. 62

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13
Q

Define fee simple:

A

The highest interest in real estate recognized by the law; the holder is entitled to all rights to the property. 53

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14
Q

Define fee simple determinable:

A

A fee simple estate qualified by a special limitation. Language used to describe the limitation includes the words so long as, while, or during. 53

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15
Q

Define life estate:

A

An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons. 54

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16
Q

Define Tenancy by the entirety:

A

The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse, the survivor becomes the owner of the property. 72

17
Q

Define tenancy in common (TIC):

A

A form of co-ownership by which each owner holds an undivided interest in real property as if each were sole owner. Each individual owner has the right to partition. Unlike joint tenants, tenants in common have the right of inheritance. 68

18
Q

Define joint tenancy:

A

Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, the decedent’s interest usually passes to the surviving joint tenant or tenants by the right of survivorship. 69

19
Q

Define easement:

A

A right to use the land of another for a specific purpose, such as for a right-of-way or utilities; an incorporeal interest in land because it does not include a right of possession. 56

20
Q

Define foreclosure:

A

A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the mortgage document. The foreclosure procedure brings the rights of the parties to a conclusion and passes the title in the mortgaged property to either the holder of the mortgage or a third party who may purchase the realty at the foreclosure sale. Depending on the priority of the foreclosed mortgage, the property may be sold free of all other encumbrances incurred prior to the sale. 252

21
Q

Define license

A

(1) In real estate practice, the privilege or right granted to a person by a state to operate as a real estate broker or salesperson. (2) The revocable permission for a temporary use of land—a personal right that cannot be sold. 26, 59

22
Q

Define dower:

A

The legal right or interest, recognized in some states, that a wife acquires in the property her husband held or acquired during their marriage. During the husband’s lifetime, the right is only a possibility of an interest; upon his death, it can become an interest in land. 112

23
Q

Define curtesy:

A

A life estate, usually a fractional interest, given by some states to the surviving husband in real estate owned by his deceased wife. Most states have recognized other marital property rights and abolished curtesy. 54

24
Q

Define nonconforming use:

A

A use of property that is permitted to continue after a zoning ordinance prohibiting it has been established for the area. 393