property ownership Flashcards
real estate
land, plus all things permanently attached to it naturally or artificially
real property
real estate, plus interest, benefits and rights included with real estate ownership
improvements
artificial attachment to the land that includes things such as fencing, buildings, and walkways
ownership right
are the bundle of rights all of them
land
the earth’s surface extending downwards to the center of the earth and upwards to infinity, including permanently attached natural objects
personal property
everything owned that is not real property aka chattel
annexation
the process of converting personal property into real property
the baseline
runs east and west from which measurements originates
north and south lines are called
range lines
runs east and west lines called
township lines
important: every township is 6 miles or 36 square miles
the rectangular government system
divides land into townships and further into sections. it is read from right to lefts: S1/2 SE1/4 NW 1/4 section 14, township Clarkson
the principal meridian
are the north-south line that runs through an initial point
every section is
one square mile, which is also one-mile square
lots and block
a lot and block leagal descriprion looks like
lot 6 of block 3 of the east subdivision plus ad recorded in mao book 18, page 11 and the recorded of deeds
Do metes refer to?
distance
Do bounds refer to?
direction
metes and bounds
descriptions characterized by a point of beginning, which is where the description both begins and ends
a metes and bounds legal description looks like this:
beginning at a stake and stones about 30 feet from the center of the brook that runs accross the road southwesterly from the dwellig house etc
datum
a horiontal point of reference from which survetors measure the depth and height of various land elevation
benchmark
is a a point of exact elevation
servient estate
is the property that suffers from the easement. the servient is the property on which the easement lies
dominant estate
the property or individual who uses the easement holds the dominant estate. he enjoys the easement
what liens take priority over all other types?
HOA lines
prior appropriation
if you use or take water from a source you will continue to have a claim of the water
reliction
when water uncovers new land
avulsion
a sudden loss of land or tearing away land
erosion
gradual loss of land due to a natural force
alluvion
a new deposit of land that is the result of accretion
accretion
water carries rock, sand, and soil and causes a land build-up
tenancy in common
form of co-ownership in which each is entitled to possession. and owners ownership is inheritable upon owners death, doesn’t necessarily pass to the other owners
When considering loan risk, which two items will lenders consider in equal measure?
borrower and credit
A living trust differs from a testamentary trust in that a living trust is established to convey property as well as to ______.
Transfer ownership before death and avoid probate
What does the income approach to value rely on when valuing properties that are five or more units?
gross income multiplier
income approach
analyzes income the property could generate
Gross Income Multiplier
Sales price divided by gross annual income
Gross Rent Multiplier
Sales price dividing by gross monthly rental income
bulk zoning
controls density and overcrowding
Which of the following is most likely to have an extremely negative effect on the time and cost of a development project?
Discovery of hazardous materials on the project site
What’s the term for a requirement that all property owners in a subdivision have a six-foot privacy fence surrounding their entire property?
restrictive convenant
Which agency enforces Title II under the Americans with Disabilities Act of 1990, when it relates to state and local public housing, housing assistance, and housing referrals?
Department of Housing and Urban Development
Bob signed a contract to purchase Ingrid’s apartment building. Bob decided he didn’t want to be a landlord, and Ingrid decided she didn’t want to sell and move to Maui. They mutually agreed to cancel the contract, and Ingrid returned Bob’s earnest money. This is referred to as ______.
recession
Which clause in a contract states that one or more parties won’t be held liable if there are losses or expenses related to the contract?
indemnification clause
a clause in a contract that states that if parts of the contract are held to be illegal or unenforceable, the remainder of the contract should still be valid. It is also called a Salvatorian clause.
Severability clause
John’s property is shaped like a triangle. The street side is 185 feet, and from the street to the longest point of the triangle is 225 feet. How do you calculate the square footage of John’s property?
Multiply 185 by .5; multiply your answer by 225.
Joe gave land to a school, but still wanted to have some control over its use, so a deed was prepared that gave the school title as long as the land is used for educational purposes. What type of interest does the school have?
Fee simple determinable
A fee simple determinable has limitations as to what can or can’t be done with a property. It uses phrases such as “so long as,” “while,” or “during” to describe the required condition.
What does an REO on a lender’s assets mean?
The lender owns real estate after a foreclosure sale.
Which statement best describes an adjustable rate mortgage?
A loan with a rate that fluctuates based on the economic index to which it is tied
What’s the purpose of a buyer representation agreement?
To establish an exclusive agent/buyer relationship
In contract law, undue influence differs from duress in that duress includes _____
Use or threat of force
In order to qualify as one of the five real estate professional members of the Maryland Real Estate Commission board, how many years of real estate experience must you have?
10 years
Fabio just received his broker’s license and is striking out on his own after 15 years as a salesperson. He’s registered his firm with the commission and is setting up his firm’s bank accounts. What must he make sure to do in order to comply with Maryland law regarding trust accounts?
Maintain the accounts at a federally insured financial institution in Maryland.
what is the purpose of underwriting
to determine the risks of making a loan
credit, capacity, collateral
BLOCKBUSTING
An illegal method of obtaining houses at below fair market value by telling the inhabitants that people of a different race or religion, moving into the area, will cause property values to fall.
steering
is the act of directing or not directing clients to a certain area based on their, color, religion, sex, familial status, national origin, or handicap. just because she believes that a person is Muslim and the area does not mean that the area is bad for them is a violation of the federal fair housing act.
what is the main purpose of regulation Z?
to let borrowers know the true cost of credit
