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Alaska Real Estate Exam > Property Ownership > Flashcards

Property Ownership Flashcards

1
Q

appurtenant easement

A

an easement that has 2 adjoining properties where there is a dominant and servient tenement

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2
Q

curtsey

A

legal life estate that a deceased wife gives her husband

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3
Q

deed restriction

A

limitations to the future use of property

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4
Q

easement

A

authorized use of anothers property, document proof

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5
Q

easement by condemnation

A

acquired by public body by eminent domain after paying just compensation.

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6
Q

easement by necessity

A

allowed by law for ingress and egress to a property (you can not be land locked)

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7
Q

easement by prescription

A

squatters right, acquired by continuos, open, uninterrupted, exclusive and adverse use of a property over time prescribed by state law

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8
Q

dower

A

legal life estate a deceased husband leaves his wife

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9
Q

easement in gross

A

easement over another property not necessarily for their use

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10
Q

eminent domain

A

acquiring property for public use thru condemnation

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11
Q

encroachment

A

a wall or fence or something extending onto your property without permission.

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12
Q

encumbrance

A

any claim or liability against a property that will effect its value

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13
Q

escheat

A

when a property becomes ownerless if you die without a will and without heirs the property will revert to the state.

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14
Q

estate in land

A

the degree and quantity in which you own your property

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15
Q

fee simple absolute

A

the highest estate in land, you own continuing forever (Fee simple is 100% ownership)

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16
Q

fee simple defeasible

A

something in the future could change your ownership, of something happens or doesn’t happen.

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17
Q

freehold estate

A

ownership for an indeterminable length of time

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18
Q

future interest

A

a persons present right in property involves future ownership (remainder man)

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19
Q

homestead

A

land that is owned and occupied as your primary residence and is protected from judgements up to $54K

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20
Q

Gross lease

A

tenant pays a fixed amount, landlord pays all property charges

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21
Q

net lease

A

tenant pays a fixed rental amount and also pays some or all of the property charges

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22
Q

percentage lease

A

tenant pays a fixed rent plus a percentage of their gross income from the business (franchise)

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23
Q

graduated lease

A

provides for increases in rent at set future dates

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24
Q

riparian rights

A

given to owners of a non-navigable stream (riparian - rivers streams) - gives ownership to the middle of the stream

25
Q

littoral rights

A

littoral - lake - held by owners by large lakes and oceans stating ownership of the land up to the high water mark.

26
Q

leasehold estate

A

a tenants right to occupy during a lease

27
Q

license

A

a revokable permission to use someones property…. verbal “hey you can use my driveway to park your motorhome whil you repave your driveway”

28
Q

life estate

A

an estate for the life of the owner

29
Q

party driveway

A

a driveway shared by 2 neighbors each having an easement on the others half.

30
Q

party wall

A

a wall that is holding up 2 structures (ex: center wall of a zero lot line)

31
Q

police power

A

the governments right to impose laws effecting our property ownership.

32
Q

prior appropriation

A

state owns the water & you must have a permit to use it.

33
Q

remainder interest

A

the part of the life estate given to the life tenant that reverts to the remainder man upon life tenants death.

34
Q

reversionary interest

A

remnant of life estate after giving the life estate

35
Q

taxation

A

the process w/here the government raises money for its operation

36
Q

zoning ordinance

A

exercise of police power of a municipality in regulating and controlling use of property

37
Q

beneficiary

A

the person for whom a trust is set up

38
Q

common elements

A

the parts of a property that are necessary for its existence

39
Q

community property

A

property ownership that all property gained during a marriage is co-owned

40
Q

condominium

A

individual ownership of the unit with undivided interest in the common are

41
Q

cooperative

A

multi-unit building owned by the coop tenants have shares in the coop and a proprietary lease on their unit

42
Q

co-ownership

A

ownership by more that one party or person

43
Q

general partnership

A

an association of 2 or more each having full liability

44
Q

joint tenancy

A

ownership must be taken at the same time in equal percentages w/right of survivorship

45
Q

right of survivorship

A

joint tenancy - the ownership of a deceased tenant is absorbed by the other tenant

46
Q

limited partnership

A

investors who can only lose their investment and general partners make decisions will full liability

47
Q

partnership

A

association of 2 or more for a business propose

48
Q

partition

A

a court suite to divide a partnership when one or more do not wish to.

49
Q

separate property

A

any property brought into a marriage or any inheritance during a marraige

50
Q

severalty

A

ownership by one party

51
Q

syndicate

A

combination of people or firms who combine recourses to buy a larger property

52
Q

tenancy by the entirety

A

joint tenancy only by a husband and wife with the right to survivorship

53
Q

tenancy in common

A

ownership can be taken at anytime in any percentage with the right of inheritance

Each party can hold a separate lease and shares possession. Can sell their interest, upon death interest passes to the tenants heirs.

54
Q

trustee

A

third party hired to create a land trust

55
Q

trustor

A

owner of the property conveys title to the third pary

56
Q

undivided interest

A

unit of possession among co-owners of the property

57
Q

zoning ordinance

A

exercise of police power of a municipality in regulating and controlling the use of property

58
Q

nonconforming use

A

no longer conforms to the regulation of the zone it is located (grandfather right)

Alaska Real Estate Exam (4 decks)

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