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Real Estate > Module 2 > Flashcards

Module 2 Flashcards

1
Q

Undivided interest

A

people share land

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2
Q

curtesy

A

when your husband dies, so you get the real property

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3
Q

dower

A

when your wife dies, so you get the real property

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4
Q

homestead

A

primary residence

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5
Q

police power

A

power to restrict

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6
Q

freehold

A

ownership

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7
Q

fee simple absolute

A

absolute ownership

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8
Q

fee simple defeasible

A

if the rules are broken, you will no longer own what you own

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9
Q

estate in land

A

the degree, quantity, nature and extent of interest that a person has in real property; an estate always involves possession, presently or in the future.

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10
Q

future interest

A

a person’s present right in real property that will not result in use, possession, or enjoyment until sometime in the future.

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11
Q

conventional life estate

A

when I die, this person can use this (I think)

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12
Q

undivided interest

A

Two or more parties share ownership

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13
Q

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.

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14
Q

Legal life estate

A

Life estate created by state statute

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15
Q

Fee simple determinable

A

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

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16
Q

dower

A

the legal right or interest, recognized by some states, that a wife acquires in the property her husband held or acquired during their marriage.

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17
Q

fee simple defeasible

A

an estate in land where the holder of the estate has fee simple title that may be divested on the occurrence or nonoccurrence of a specified event. There are two categories of defeasible fee estates: determinable fee and fee simple subject to a condition subsequent

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18
Q

homestead

A

land that is owned and occupied as the family home. In many states, a portion of the area or value of this land is protected or exempt from judgements for unsecured debts.

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19
Q

life estate

A

an interest in real or personal property that is limited in duration to the lifetime of the owner or some other designated person

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20
Q

fee simple

A

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

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21
Q

freehold estate

A

an estate in land in which ownership is for an indeterminable length of time.

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22
Q

fee simple absolute

A

the maximum possible estate or right of ownership in real property; continuing forever

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23
Q

taxation

A

the process by which a government or quasi-municipal body raises monies to fund its operations

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24
Q

leasehold estate

A

a tenant’s right to occupy real estate during the term of the lease

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25
Q

license

A

the revocable permission for a temporary use of land - a personal right that cannot be sold or assigned to another

26
Q

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.

27
Q

Remainder interest

A

the remnant of an estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another (a remainderman)

28
Q

reversionary interest

A

the remnant of an estate that the grantor holds after granting a life estate to another person

29
Q

tacking

A

adding or combining successive periods of continuous occupation of real property by adverse possessors. This concept enables someone who has not been in possession for the entire statutory period to establish a claim of adverse possession.

30
Q

Estates in land

A

an owner’s degree, quantity, nature, and extent of interest in real property can vary from full ownership and all associated legal rights to small parts of the whole, “bundle of rights”. ESTATE is the word for which indicates the legal interest held includes the right to occupy and use, or hold, the real estate as an owner.

31
Q

Leasehold estates

A

the right to “hold” the real estate in estates for fixed periods of time

32
Q

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.

33
Q

Tenancy in common

A

A form of co-ownership by which each owner holds a physically undivided interest in real property as if he or she were sole owner. Unlike joint tenants, tenants in common have rights to inheritance.

34
Q

Limited liability company (LLC)

A

Business entity that combines the concepts of a partnership and corporation. It offers limited liability to the members and allows for flexibility in distribution of assets and liabilities.

35
Q

Limited partnership

A

A business arrangement whereby the operation is administered by one or more general partners and funded, by and large, by limited or silent partners, who are by law responsible for losses only to the extent of their investments and have no operational involvement or authority.

36
Q

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 one tenant, his or her interest automatically passes to the surviving joint tenant or tenants (hence survivorship interest), which means their interest cannot be left to anyone else upon death.

37
Q

Severalty

A

Ownership of real property by one person only; sole ownership

38
Q

Right of survivorship

A

One of the distinguishing characteristics of joint tenancy; provides that as each successive joint tenant dies, the surviving tenant or tenants acquire the interest of the deceased tenant.

39
Q

Trustor

A

The party who deeds his property to a trustee as security for repayment of a loan (The borrower under a deed of trust)

40
Q

Trustee

A

The party who is appointed, or required by law to execute a trust. Holds title to real property under the terms of a deed of trust.

41
Q

Time-share

A

Fee simple ownership allocated to a specific calendar period. Ownership interest that may include an estate interest in real property and that allows use of the property - usually a resort hotel or condominium - for a fixed or variable period of time.

42
Q

Condominium

A

The absolute ownership of an apartment or unit based on the legal description of airspace the unit actually occupies, plus an undivided interest in the common elements, which are owned jointly with the other unit owners.

43
Q

Undivided interest

A

A unit of possession among co-owners of real estate, whether held under a tenancy in common or a joint tenancy.

44
Q

Actual cash value

A

The amount in dollars paid for the asset

45
Q

Capital gain

A

The profit or the difference between the amount of asset sold for and what it was purchased for.

46
Q

Equity

A

The interest or value that an owner has in his or her property over and above any mortgage indebtedness.

47
Q

Common elements

A

Parts of a property that are necessary for or convenient to the existence, maintenance and safety of a condominium or are normally in common use by all condominium residents; each condominium owner has an undivided interest in such areas.

48
Q

community property

A

a system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage. This is not used in Indiana.

49
Q

Cooperative

A

Normally a residential multi-unit building whose title is held by a trust or corporation that is owned by and operated for the benefit of persons living within the building, who are the beneficial owners of the trust or stockholders of the corporation, each holding a propriety lease. It could be any type of real estate.

50
Q

Co-ownership

A

ownership of one parcel of real estate that is vested in more than one owner concurrently with each having the “right of possession”

51
Q

corporation

A

an entity or organization, created by operation of law, whose rights of doing business are essentially the same as those of an individual. The entity has continuous existence until it is dissolved according to legal procedures. They can in theory exist forever.

52
Q

General partnership

A

As association of two or more individuals who carry on a continuing business for profit; all co-owners are general partners and share full liability for any debts and losses and any general partner can legally commit all partners. (See partnership)

53
Q

Joint venture

A

Two or more persons or entities entering into a common venture.

54
Q

Partition

A

A court suit whereby tenants-in-common or joint tenants terminate their co-ownership and divide their interests when the parties do not all agree to its termination.

55
Q

Partnership

A

An association of two or more individuals who carry on a continuing business for profit as co-owners; regarded by law as a group of individuals rather than as a single business entity.

56
Q

REIT - Real Estate Investment Trust

A

A group of hundred investors or more in a trust ownership of real estate where the profits are distributed back to the investors.

57
Q

Separate property

A

In states that operate under community property laws, property that is owned solely by either spouse before the marriage or is acquired by gift or inheritance during the marriage.

58
Q

Town house

A

a dwelling unit usually with two or three floors and common walls.

59
Q

Trust

A

A fiduciary arrangement whereby property is conveyed by a trustor to a person or institution, called a trustee, to be held and administered on behalf of another person, called a beneficiary.

60
Q

Beneficiary

A

The person for whom a trust operates or in whose behalf the income from a trust estate is drawn.

61
Q

undivided interest

A

A unit of possession among co-owners of real estate, whether held under a tenancy in common or a joint tenancy.

Real Estate (4 decks)

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