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Real Estate > N1 Real Property Characteristics,Legal Descriptions And Property Use (9) > Flashcards

N1 Real Property Characteristics,Legal Descriptions And Property Use (9) Flashcards

1
Q

____________ consist of land, improvements attached to the land, benefits, right, and ownership interest that go with the land.

A

Real Property

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2
Q

The term _______ is often used to describe the rights, privileges or improvements that belong to and pass with the land.

A

Appurtunence

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3
Q

__________ are man’s additions to the land such as buildings and landscaping.

A

Improvements

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4
Q

_________ is a right or interest in something of a temporary or movable nature and includes anything that’s classed as real property and is often called chattel or personality.

A

Personal property

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5
Q

Ownership is transferred by a __________.

A

Bill of Sale

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6
Q

Tests of a _________ include method of attachment, adaptation to the property (custom built as opposed to stock items), and the intention of the parties attaching the fixture

A

Fixture

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7
Q

The process of attaching may also be called _________.

A

Annexation

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8
Q

The process of real property becoming personal will be described by the term ______ or ______.

A

Severed or severance

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9
Q

_______________ are fixtures installed by a tenant in order to carry out a business, and they may be removed from leased property prior to the termination of the lease. If not, they become real property and pass to the landlord.

A

Trade fixtures

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10
Q

___________ are fixtures installed by a tenant in order to carry out a business, and they may be removed from leased property prior to the termination of the lease.

A

Trade Fixtures

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11
Q

________ are crops cultivated annually and are considered personal property of the farmer who cultivated them.

A

Emblements

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12
Q

The three physical characteristics of land are:

Hint: NII

A

Nonhomogenuity
Immobility
Indestructibility

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13
Q

The physical characteristic of land that states that a no two pieces of land are exactly alike where each piece of land is unique is called _________.

A

Nonhomogenuity

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14
Q

The physical characteristic of land that states that land cannot be moved - a person must go to the land is called _________.

A

Immobility

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15
Q

The physical characteristic of land that states it will always be there and speaks to its durability is called ______.

A

Indestructibility

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16
Q

The four economic characteristics of land are:

Hint: SMFS

A

Scarcity
Modification
Fixity
Situs

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17
Q

The economic characteristic stating that land is in short supply where demand is great is called ______________

A

Scarcity

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18
Q

The economic characteristic of land stating that land use and value are greatly influenced by improvements made by man to land and to surrounding parcels of land is called ________.

A

Modification

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19
Q

The economic characteristic of land describing land and buildings and other improvements to the land being considered fixed or permanent investments and not liquid assets is called ________

A

Fixity

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20
Q

The economic characteristic of land describing location preference, or location from an economic rather than geographic standpoint which may change over time as people change is called _______.

A

Situs

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21
Q

The three types of legal and descriptions are:

A

Metes and bounds
Lot,block and subdivision
The Rectangular Survey System

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22
Q

The legal description uses terminal points and angles and always has a point of beginning and uses compass directions degrees in minutes is called __________.

A

Metes and bounds

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23
Q

This legal description that uses residential listing agreements derived from recorded map called a plat is called ________.

A

Lot, block and subdivision

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24
Q

This legal description also known as a government survey system taking into consideration baselines, and meridians, townships and sections is called _________.

A

The Rectangular Survey System

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25
Q

One Township contains ___ sections

A

36

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26
Q

One section contains ____ acres

A

640

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27
Q

1 acre contains ________ square feet

A

43,560

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28
Q

The power given to a municipality to regulate and control the character and use of property for the health, safety and general welfare of the public is _________

A

Police Power

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29
Q

__________ is the most common example of police power

A

Zoning

30
Q

A change in zoning may result in _________ which was permissible under former rules but new rules prohibit it

A

Nonconforming use

31
Q

If your property violates zoning, you may request a ______ .

A

Variance

32
Q

A _________ is an area of land separating one land use from another, such as residential from commercial. It is located between incompatible uses.

A

Buffer zone

33
Q

_________ provides the government with the right to establish building codes.

A

Police power

34
Q

__________ is the right of the government to take private property for public use through the action of condemnation. This is the only time the government must compensate property owners.

A

Eminent Domain

35
Q

When an individual forces the government to buy his or her property, this is called _______.

A

Inverse condemnation

36
Q

________ are the highest priority lien on real property

A

Property taxes

37
Q

Property taxes are _____ or according to value.

A

Ad valorem

38
Q

The term when property reverts to the state when someone dies leaving no will and no heirs or kindred is called ___________.

A

Escheat

39
Q

The purpose of ______ is to ensure that no land remains unowned

A

Escheat

40
Q

The most common private controls of land use are _________?

A

CC&R’s - deed covenants, conditions and restrictions

41
Q

________ are imposed to control land-use, development in methods and materials for construction.

A

Deed restrictions

42
Q

The court will issue an ________ to enforce restrictions

A

Injunction

43
Q

In the case where deed restrictions and zoning both exist which ever is ________ must be obeyed

A

Most restrictive or limiting

44
Q

An ______ is a limit on a property, or a limit on a property owners rights that may or may not also be a cloud on the title.

A

Encumbrance

45
Q

A __________ is imposed by the grantor WITHOLDING title to a PART of the land described in the deed. An example would be mineral rights.

A

Reservation

46
Q

When a structure or improvement overlaps or trespasses onto another’s property, it is called an _____________.

A

Encroachment

47
Q

An _______ allows limited use or enjoyment of another’s land. It is a right in land and should be created in writing and recorded.

A

Easement

48
Q

Easements can be created by ________ and ________ and grant agreement, reservation, limitation or prescription, necessity or condemnation.

A

Express (written or verbal)

Implied (by actions or evidence)

49
Q

The government will take an easement by _________ for itself, the utilities or the railroads.

A

Condemnation

50
Q

If you have two parcels of land with a road across one parcel, the owner who crosses over the other’s land is __________.

A

Dominant

51
Q

An _________ belongs to a person or corporation. An example would be a utility easement.

A

Easement in gross

52
Q

A ________ is a permission to do a particular act upon the land or property of another.

A

License

53
Q

__________ occurs when the PROPERTY is ACQUIRED from the RIGHTFUL owner through the STATUTE of limitations.

A

Adverse possession (squatters rights)

54
Q

_________ is a record of notice filed against a specific property, meaning that some form of lawsuit has been filed, but not yet resolved in court.

A

Lis pendens

55
Q

Another name for personal property is _________ or __________

A

Chattel or personalty

56
Q

When personal property is included in a sale, an ___________ may be attached to the contract to describe the details of the transaction

A

Addendum

57
Q

A __________ is created and determined by a surveyor

A

Legal description

58
Q

A ________ can be GRRANTED by a zoning committee or a deed restrictions (HOA)

A

Conditional use or special use

59
Q

A ________ allows for a higher population density with houses clustered together, leaving more green area open for parks and recreation

A

PUD (Planned Unit Development) zone

60
Q

The space between wetlands and construction is another example of ___________

A

Buffer zone

61
Q

_______ taxes create an automatic lien on property

A

Unpaid

62
Q

At foreclosure, unpaid taxes are always paid ______.

A

First

63
Q

Property reverts to the ______ when someone dies leaving no will and no heirs or kindred.

A

State

64
Q

_________, _________, and _________ are all examples of encumbrances

A

Reservations, encroachments, and easements

65
Q

An easement is use with/without permission

A

Without

66
Q

________________ which may or may not be installed, are also considered real property, such as stoves, pool equipment, etc.

A

Accessories

67
Q

A legal description is created and determined by a _____________

A

Surveyor

68
Q

_____________ acres is equal to 1 square mile

A

640

69
Q

A non-conforming use is allowed to continue as it is considered _______________

A

Grandfathered

70
Q

A ____________ is the space between the lot line and the building line.

A

Setback

71
Q

A __________ or special use can be granted by a zoning committee or deed restrictions (HOA), benefiting the neighborhood , like a school within a residential subdivision

A

Conditional

72
Q

When an encroachment exist on a listed property, what are the roles of the agents involved?

A

The listing agent discloses the encroachment, and the buyers agent recommends a survey

Real Estate (78 decks)

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