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Principles of Real Estate 1 > Module 3 > Flashcards

Module 3 Flashcards

1
Q

A system of land ownership in which land is privately held, free and clear of any rent or service due to the government (all land in the US); commonly contrasted to the Feudal System

A

Allodial System

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2
Q

The process by which a government or municipal quasi-public body raises funds to pay for its operation

A

Taxation

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3
Q

A tenant’s right to occupy real estate during the term of a lease; generally considered to be a personal property interest

A

Leasehold Estates

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4
Q

Any lien (such as a mortgage, tax or judgment lien or an easement/restriction on the use of the land) that may diminish the value of a property. A cloud against clear, free title to property that limits a property owner’s rights in land

A

Encumbrance

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5
Q

A building or some portion of it (a wall or fence) that extends beyond the land of the owner and illegally intrudes onto some land of an adjoining owner

A

Encroachment

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6
Q

The government’s right to impose laws, statutes and ordinances (including zoning ordinances and building codes) to control the way land is used in order to protect the public’s health, safety and welfare

A

Police Power

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7
Q

The reversion of property to the state or county, as provided by state law, in the event the property is abandoned or the owner dies without leaving a will and has no heirs to whom the property may pass.

A

Escheat

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8
Q

A statutory estate is created by law. Examples of statutory estate include community property and homestead protection.

A

Statutory Estates

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9
Q

CC&Rs Private restrictions that have been placed in the public records that control the use of property.

A

Covenants, Conditions, and Restrictions

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10
Q

The right of a landowner to use water that borders a property.

A

Water Rights

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11
Q

The right of a government or municipal quasi-public body to acquire private property for public use through a court action called a Condemnation (where the court decides that the property is a need for public use and determines the price or compensation to be paid to the owner)

A

Eminent Domain

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12
Q

An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.

A

Freehold Estates

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13
Q

A right or interest in land that is less than ownership or possession; a contract, lien, or easement can create this estate for a buyer

A

Equitable Estates

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14
Q

Those rights, privileges and improvements that belong to and pass with the transfer of real property but are not necessarily a part of the property, such as rights-of-way, easements, water rights and property improvements

A

Appurtenance

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15
Q

Land can be privately owned by individuals

A

Allodial System

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16
Q

Estates created by law

A

Statutory Estates

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17
Q

Ownership of real property

A

Freehold Estates

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18
Q

Estate for years, periodic estate, estate at will, tenancy at sufferance

A

Leasehold Estates

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19
Q

Liens, easements

A

Equitable Estates

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20
Q

Taxes that are “according to value”. These taxes are paid first at foreclosure, and create the highest priority lien.

A

Ad valorem Taxes

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21
Q

The _______________ is private ownership of land.

A

Allodial System

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22
Q

The government has the right to take private land for public good.

A

Eminent Domain

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23
Q

The government’s right to regulate and control private land.

A

Police Power

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24
Q

In order to use land in a way that violates zoning laws, the owner must apply for and receive a/n _______________ from the zoning committee.

A

Variance

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25
Q

The government’s right to tax real property.

A

Taxation

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26
Q

Property taxes are according to value.

A

Ad Valorem Taxes

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27
Q

Land that separates one land use from another.

A

Buffer Zone

28
Q

__________________ is considered to be the best type of ownership, as it places the least number of limitations on the owner.

A

Fee Simple Absolute, or Fee Simple

29
Q

_____________________ is any lease with a specific starting and ending date.

A

The Tenancy for Years, or Estate for Years

30
Q

With Estate for Years & Periodic Estate No notice is required for this estate to ________

A

end

31
Q

______________ are an exception to homestead protection.

A

Ad valorem tax liens

32
Q

______________ is automatic and cannot be waived.

A

Homestead Protection

33
Q

_______________________ is the continuous use of the land over some time without the owner’s permission that may establish a right to use the land (also called Limitation).

A

Prescription

34
Q

A lease has expired and the tenant refuses to move out. The tenant is not paying rent.

A

Tenancy at Sufferance

35
Q

An interest in real property that gives possession and use of the property without ownership.

A

Leasehold estate

36
Q

A law that protects a person’s primary residence from forced sale by creditors.

A

Homestead

37
Q

A transfer of some or all of the rights to someone else with the liability remaining with the original tenant.

A

Sublet

38
Q

A lease where the tenant pays a base rent plus a percent of the receipts of the business.

A

Percentage Lease

39
Q

A lease with a specific starting and ending date needing no notice to terminate.

A

Estate for Years

40
Q

A lease where the tenant pays rent plus a portion of the expenses of the property, such as taxes, maintenance, or utilities.

A

Net Lease

41
Q

A benefit that reduces the taxable value of someone’s primary residence.

A

Homestead Exemption

42
Q

The rights associated with ownership of land.

A

Bundle of rights

43
Q

The type of ownership that has the greatest bundle of rights.

A

Fee Simple Absolute

44
Q

A lease where the landlord pays all the expenses of the property and the tenant only pays rent.

A

Gross Lease

45
Q

A lease that automatically renews for a like period of time, requiring a notice to terminate.

A

Periodic Estate

46
Q

A claim, lien, charge, or liability attached to and binding real property.

A

Encumbrance

47
Q

One of the foreclosable liens on a property.

A

Mechancics and Material Mans Lien

48
Q

A lien that is freely given by the debtor.

A

Voluntary Lien

49
Q

A lien that attaches to one or more named properties.

A

Specific Lien

50
Q

A right given to certain creditors to have debts paid out of the property of a defaulting debtor.

A

Lien

51
Q

A lien that is created because of a law.

A

Statutory Lien

52
Q

A lien that attaches to all the property of a debtor.

A

General Lien

53
Q

A lien that is placed on a property against the wishes of the owner.

A

Involuntary Lien

54
Q

A private encumbrance placed on a property.

A

Covenants, Conditions, and Restrictions

55
Q

A neighbor’s fence is an example of an

A

Encroachment

56
Q

______________ give an owner the right to use water from a lake, ocean, or sea on or next to the property.

A

Littoral Rights

57
Q

_______________ is considered to be the best type of ownership, as it places the least number of limitations on the owner.

A

Fee simple/ Fee Simple Absolute

58
Q

_________ is ownership that could be voided if a condition is not met, or if a requirement is violated.

A

Condition Fee

59
Q

________ is a transfer of some or all of the rights and or leased space under a lease to another, with liability remaining with the original tenant.

A

Subletting

60
Q

_________ caused by high-tension power lines are a controversial topic.

A

Electromagnetic Fields EMFs

61
Q

A/n __________ gives a buyer the right to purchase a property within a preset time period at a preset price.

A

option

62
Q

If the intended use of a property violates zoning, the owners must request a/n ____________, which is permission to violate the rules.

A

Variance

63
Q

_________ is used to insulate pipes, in chimneys and in roofs, as well as flooring materials and siding. Problems arise in its removal because the dust can be extremely hazardous.

A

Asbestos

64
Q

A/n ________ is freely given, usually as collateral for a loan. A mortgage lien is a common example of this.

A

Voluntary Lien

65
Q

In thirteenth century England, the king decided that land could be privately owned by individuals. This is referred to as the __________.

A

Allodial system

66
Q

Eminent domain is the right of the government to take private land for public use. The action of taking the land is called _________.

A

Condemnation

67
Q

A/n ___________ is a right or privilege or improvement that belongs to and passes with land, but is not necessarily a part of the land.

A

Appurtenance

Principles of Real Estate 1 (12 decks)

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