Property Ownership Flashcards
Metes and Bounds
Legal description of land having point of beginning, using terminal points and angles degrees and minutes to outline a property
Property held in Trust
Property held by one party for the benefit of another
Syndicate
Two or more parties join to operate a real estate investment.
Tenancy by the Entirety
Joint tenancy.
Co-owners are husband and wife
Leasehold Estate
Interest in real property giving party possession without ownership
Estate for years
Leasehold with specific starting and ending date.
It survives death or the sale of the property
General Partner
partner who shares full responsibility and full liability
Sole Ownership
ownership by one person, one corporation, one partnership
Rectangular Survey System
legal description of land
uses base lines, meridians townships, sections, and ranges
also called the Government Survey System
Indeterminate Length
period of time with no set termination date
ownership or freehold estate is of indeterminate length
Scarcity
economic characteristic of land
states that a short supply where demand is great will cause an increase in value
usually based on geography
Economic Characteristics of Land
Scarcity, modification, fixity and situs
Onsite construction
Improvements constructed or built on the land
Not prefabricated
Offsite Construction
Improvements built in a controlled environment and transported to land for installation
Encumbrance
A limitation on the rights of a property owner
Cloud on the title
Encumbrance that causes doubt as to the validity of title and can prevent sale or transfer of title
Homestead
Residence property of a landowner
Homestead
Residence property of a landowner
Homestead
Residence property of a landowner
Homestead
Residence property of a landowner
Homestead
Residence property of a landowner
Homestead
Residence property of a landowner
Homestead
Residence property of a landowner
Homestead
Residence property of a landowner
Homestead
Residence property of a landowner
Homestead
Residence property of a landowner
Homestead
Residence property of a landowner
Homestead
Residence property of a landowner
Homestead
Residence property of a landowner
Homestead
Residence property of a landowner
Homestead
Residence property of a landowner
Tenancy at Sufferance
The interest in a property held by a holdover tenant not paying rent
Holdover Tenancy
The interest in a property held by holdover tenant who is paying rent
Statutory Estate
An interest in real property created by law
Community property
A statutory estate
All property acquired after marriage is jointly owned by the husband and wife
Methods to create an easement
Express or implied grant
Agreement
Reservation
Limitation or prescription
Necessity
Condemnation
Accession
Gaining title to improvements as a result of the annexation of fixtures
Trade Fixture
Personal property installed on leased property for the purpose of the tenants occupation or profession
Severance
Real property becomes personal property when “severed” from the land.
Uninstall, unattach
Annexation
Process if attaching personal property so it becomes real property thus creating a fixture
Bundle of Rights
Term used to describe an owners legal rights in land
Right to sell, lease, occupy, etc
Few Simple
Ownership with the greatest bundle of rights
Has all available rights to the property
Can always pass to heirs
Also called few Simple absolute
Defensible Fee
Ownership with terms or conditions which if violated could cause the ownership to be terminated
Conditional Fee
Ownership with terms or conditions which if violated could cause ownership to be terminated
Fixture
Personal property installed or attached to become real property
Personalty
Personal property
Modification
An economic characteristic of land stating that improvements made by man will alter the value of the land and surrounding properties
