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Real Estate > Ownership Interest and Encumbrances > Flashcards

Ownership Interest and Encumbrances Flashcards

1
Q

Police Power

A

A states authority to preserve power, protect public health and safety and promote general wealth to citizens

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2
Q

Eminent Domain

A

The right of the government to acquire privately owned real estate for public use

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3
Q

Riparian Rights

A

The rights of the owner of the property along the banks of a river

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4
Q

Cooperative Ownership

A

Corporation holds title to the land and building

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5
Q

Townhouse ownership

A

Any type of house connected by walls

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6
Q

Encroachments

A

Occurs when all or part of a structure illegally extends beyond the land of its owner or beyond the legal building lines.

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7
Q

License

A

Personal Personal privilege, can be canceled by the licensor

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8
Q

Littoral rights

A

Rights of owners whose land borders commercially navigable by seas, lakes and oceans.

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9
Q

Accretion

A

Increases in the land resulting from the deposit of soil by the water action

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10
Q

Erosion

A

The gradual and imperceptible wearing away of land by natural forces such as rain, wind and flowing water

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11
Q

Avulsion

A

Sudden removal of soil by act of nature

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12
Q

Severity

A

Title is held by one individual

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13
Q

Co-Ownership

A

Title is held by two or more individuals

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14
Q

Trust

A

A third individual holds title for the benefit of another

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15
Q

Brokerage

A

The business of bringing people together in a real Estate Transaction

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16
Q

Appraisal

A

the process of estimating a properties market value based on established methods

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17
Q

Property management

A

A person or company hired to maintain and manage property on behalf of the owner

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18
Q

Financing

A

is the business of providing funds that make real estate transactions possible

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19
Q

Auctioning

A

Buying or Selling Real Estate at auction uses an open and competitive bidding process

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20
Q

Residential Property

A

Single or Multifamily housing in an urban, suburban or rural area

21
Q

Commercial Property

A

Office Space, Shopping Centers, Stores, Theaters or Hotels

22
Q

Industrial Property

A

Warehouses, Factories, Land in Industrial Districts

23
Q

Special Purpose Properties

A

Churches, Schools, Cemeteries, and government held lands

24
Q

Land

A

The earths surface extending downward to the center of the earth and upward toward infinity

  • Immobility
  • Indestructibility
  • Uniqueness
25
Q

Real Estate

A

Land, at, above and below the earths surface. Plus all things permanently attached to it.

26
Q

Real Property

A

The Interests, benefits and rights that are included in the ownership of the land and real estate

27
Q

Bundle of Legal Rights

A
  • Possession
  • Control
  • Enjoyment
  • Exclusion
  • Disposition
28
Q

Personal Property

A

Property that is MOVABLE, such as chairs, tables, clothes and money

29
Q

Conversion

A

General name for converting personal property into real property or real property into personal property

30
Q

Severance

A

the operation of converting real property into personal property (cutting down a tree, and making them into boards)

31
Q

Annexation

A

the operation where personal property is converted into real property

32
Q

Fixture

A

Personal property that has been so affixed to land that by law it becomes real property

33
Q

Trade Fixture

A

Personal Property of a business owner, that when attached to a rented space or building remains personal property

34
Q

Economic Characteristics of Real Estate

A
  • Scarcity
  • Improvements
  • Permanence of Investments
  • Location
35
Q

Imobility

A

The geographic location of any given parcel of land that can never be changed

36
Q

Indestructibility

A

Because land is indestructible, land does not depreciate

37
Q

Uniqueness

A

No two parcels of land are exactly the same

38
Q

Laws effecting Real Estate

A
  1. United States Constitution
  2. Laws passed by congress
  3. States Constitution
  4. States Statues
  5. Local Ordinances
  6. Common Law
39
Q

Real Estate Licensing Act of 2000

A

Governs the practice of real estate in Illinois and to protect public from fraud, dishonesty and incompetence in real estate transactions

40
Q

Government Control

A

Most government controls are on a local level

41
Q

Zoning

A

A regulatory tool that helps communities regulate and control how land is used and limits the type of business in a given area

42
Q

Subdivider

A

A person who buys undeveloped acreage and divides it into smaller lots for sale

43
Q

Plat

A

A detailed map that illustrates the geographic boundaries of individual lots

44
Q

Three methods to Real Estate

A

Metes and bounds
Rectangular
Lot and block

45
Q

Metes and bounds

A

Used in illinois when describing irregular tracts

46
Q

Rectangular

A
  • Based on two intersecting lines, principles meridians and baselines
  • principles meridians run north and south
  • baselines run east and west
47
Q

Ranges

A

Land on either side of the principle meridian

48
Q

Remainder Real Estate

A

A third party who has future ownership interstate the property upon death

Real Estate (1 decks)

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