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Real Estate > Property Ownership > Flashcards

Property Ownership Flashcards

1
Q

Scarcity

A

Economic characteristic

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2
Q

Improvements

A

Economic characteristic

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3
Q

Permanence of investment

A

Economic characteristic

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4
Q

Location or area preference

A

Economic characteristic

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5
Q

Definition of Situs

A

The site or location where something exists or originates.

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6
Q

Immobility

A

Physical characteristic

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7
Q

Indestructibility

A

Physical characteristic

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8
Q

Uniqueness

A

Physical characteristic

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9
Q

Personal Property

A

Everything is not attached

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10
Q

A free standing hot tub is an example of what?

A

Personal property

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11
Q

Real Property

A

Land and everything attached to the land

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12
Q

A built-in hot tub is an example of what?

A

Real property

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13
Q

Disposition

A

Real Property Ownership Rights

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14
Q

Possession

A

Real Property Ownership Rights

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15
Q

Enjoyment

A

Real Property Ownership Rights

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16
Q

Exclusion

A

Real Property Ownership Rights

17
Q

Control

A

Real Property Ownership Rights

18
Q

What are the 4 common interest property types?

A

Townhomes
Co-ops
Condos
Time shares

19
Q

Townhomes

A

The owner owns both the structure and the land

20
Q

CO-OPS

A

Shareholders donʼt own any real estate, only shares in the corporation

21
Q

Condos

A

The owner owns a unit within the structure, but no land

22
Q

Time-shares

A

Ownership of property allows purchaser to use for periods through the year

23
Q

Sole Poprietorship

A

Business that owns real estate

24
Q

Partnership

A

Business that owns real estate

25
Q

Corporation

A

Business that owns real estate

26
Q

Limited Liability Company

A

Business that owns real estate

27
Q

Limited Liability Partnership

A

Business that owns real estate

28
Q

Joint Ventures

A

Business that owns real estate

29
Q

What are freehold estates?

A

Freehold estates are ownership estates of indeterminable length.

30
Q

Fee Simple Estates

A

Freehold Estate

31
Q

Defeasible Estates

A

Freehold Estate

32
Q

Conventional Life Estates

A

Freehold Estate

33
Q

Legal Life Estates

A

Freehold Estate

34
Q

What are leasehold estates?

A

Leasehold estates are the rights of possession without ownership

35
Q

Estate for years

A

Leasehold Estate

36
Q

Periodic Estate

A

Leasehold Estate

37
Q

Tenancy at will

A

Leasehold Estate

38
Q

Tenancy at sufferance

A

Leasehold Estate

Real Estate (3 decks)

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