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Real Estate > Ownership > Flashcards

Ownership Flashcards

0
Q

Air rights

A

Ownership or lease of air space above real estate. i.e. Billboards

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1
Q

Accretion

A

Gradual deposit of soil

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2
Q

Annexation

A

Personal property that becomes permanently attached

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3
Q

Appurtenance

A

A right that accompanies a property. Example- a right of way through a neighbors property

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4
Q

Bill of sale

A

Transfers personal property from one party to another

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5
Q

Bundle of rights

A

Rights that the owner receives when they purchase real estate

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6
Q

By-laws

A

Rules put in place by organizations such as condo associations to establish guidelines and policies adhered to hb association members

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7
Q

Chattel

A

Personal property

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8
Q

Common elements

A

Common or shared areas in a condo building

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9
Q

Condo documents

A

A master deed known as the enabling declaration and by laws, rules that govern the condo association. These documents are recorded at the registry of deeds

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10
Q

Conversion

A

When a property is changed to a different use or type of ownership

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11
Q

Cooperative

A

A corporation that acquires a building for purpose of providing housing. Buyers receive stock certificates for the co-op and a proprietary lease

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12
Q

Curtesy rights

A

Upon the death of a wife who owned property in her own name only, the surviving spouse is entitled to one third life interest in the deceased spouse property

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13
Q

Emblements

A

Annual or semi annual plantings such as corn crops are considered Emblements and personal property

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14
Q

Fee simple

A

Highest form of ownership one can have in real estate. No limitations. Indefeasible estate. Least limited form of ownership

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15
Q

Fixture

A

An item that is permanently attached to real estate

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16
Q

Freehold estate

A

An estate that runs for an indefinite time period. Known as fee, fee simple or fee simple absolute. Highest form of ownership one could hold

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17
Q

Intangible property

A

Property that does not have any physical being, property rights

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18
Q

Joint tenancy

A

Ownership of realty by two or more people, each of whom has an undivided interest with the right of survivorship. Typically used by related people. If one joint tenant dies, their share of the property goes to the surviving joint tenant

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19
Q

Life estate

A

An estate or interest that someone has during their lifetime or the lifetime of another person. These are not inheritable estates and are the lowest form of freehold estates.

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20
Q

Littoral rights

A

The rights of a property owner who borders a lake, pond, or seashore

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21
Q

Master deed

A

Legal doc that creates a condominium. It describes the individual units and the common areas. Reviewed by the lender when providing a loan. This document is recorded at the county registry of deeds. Units are conveyed in few simple.

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22
Q

Mineral rights

A

The rights one has within the enrichments offered in their soil. Gas, oil, etc.

23
Q

Non freehold

A

Procession of a property via a leasehold

24
Q

Personalty

A

Personal property, items that are movable.

25
Q

Real property

A

Land and anything associated with the land. Buildings, trees, and property rights are a part of real property

26
Q

REIT

A

Real estate investment trust. Ownership held in a trust for the beneficiaries by a trustee. In the event of bankruptcy, an investor only loses the money they invested. The organizing force is responsible for additional debts.

27
Q

Remainderman

A

The person named to reive an interest in a property in the future

28
Q

Reversionary interest

A

Future interest one has in a property. Could be through life estate or the right to gain control of a leased property

29
Q

Right of survivorship

A

The right one party has to claim the interests of another property owner if that owner died. Joint tenants have this right

30
Q

Riparian rights

A

Right of a property owner who has land that borders a waterway

31
Q

Rod

A

A unit of measurement. One rod is 16.5 feet. Used when measuring watermarks

32
Q

Tangible property

A

Property that has physical existence, buildings, trees. Another form of corporeal property.

33
Q

Tenancy by the entirety

A

Form of ownership reserved for husbands and wifes

34
Q

Tenancy in common

A

Ownership of one property by different people with each person having equal rights. It is inheritable

35
Q

Tenancy in severalty

A

Property owned by one person

36
Q

Trade fixtures

A

Personal property that is used in ordinary course of business. Although attached, they are removable and considered personal property

37
Q

Unit deed

A

Document given to a condo owner. It’s their proof of ownership and outlines the interest they hold in it.

38
Q

Physical characteristics of real property

A

Immobility. Indestructibility. Uniqueness

39
Q

Economic characteristics of real property

A

Scarcity. Improvements. Permanence. Location

40
Q

Corporeal property

A

Visible or tangible property

41
Q

Test methods to determine if something is a fixture

A
  1. Intention
  2. Method of attachment/annexation
  3. Adaptability/custom
  4. Agreement
42
Q

MGL 183A

A

MA legislation governs the formation and management of condos.

43
Q

Fee, fee simple, fee simple absolute

A

Highest form of ownership. Yours to do with what you please

44
Q

Creation of life estate

A
  1. By a will
  2. By grant
  3. By a reservation
45
Q

Life estate

A

An interest one has in a property that only lasts for their lifetime.

46
Q

Remainderman

A

Third party who takes control of a property after the person who held the life estate no longer controls the property.

47
Q

Pur Autre Vie

A

An estate someone has based on the life of another person

48
Q

Dower rights

A

Rights a spouse would have to real estate if their spouse passed away without leaving a will and owned the property in their name only.

49
Q

Tenancy in severalty

A

Sole ownership. Property is owned by one person or business entity

50
Q

Co-ownership or concurrent ownership

A

The ownership of real property by two or more people.

51
Q

Conditions required to create a joint tenancy

A

Four unities:

  1. Possession-all tenants have equal rights of possession
  2. Interest- all joint tenants have equal shares
  3. Time- title must be acquired at the same time
  4. Title- all names on one deed
52
Q

Joint tenancy

A

Two or more people with rights of survivorship.

53
Q

Tenancy in common

A

Two or more people own a property together and they can leave the property to a loved one.

54
Q

Tenancy by the entirety

A

Reserved for spouses. Upon the death of one owner, the other is the sole owner. Divorce would change this to tenancy in common

55
Q

Conversion requirements

A

Opportunity to purchase

Time to move. One year given

Moving expenses 750$ up to 1000 for elderly or disabled

Real Estate (6 decks)

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