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Real estate > Real estate > Flashcards

Real estate Flashcards

1
Q

Severalty

A

Sole ownership

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2
Q

Bundle of rights

A

Right & interest of having title such as possession, control, excision, sell, and enjoyment

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3
Q

Real property

A

Not movable, goes with the property

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4
Q

Personal property

A

Goes the person, movable

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5
Q

Chattel Real

A

Personal Property

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6
Q

Fixture

A

Was personal an now real

MARIA - method, adaptability, relationship, Intention, agreement

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7
Q

Trade fixture

A

Personal property, goes with the business

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8
Q

Riparian Rights

A

River - moving body of water

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9
Q

Littoral Rights

A

Lake - standing body of water

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10
Q

Accretion

A

Adding of land

Adds soil, sand to property natural causes

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11
Q

Avulsion

A

Tearing away land

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12
Q

Reliction

A

Gradual recession of water leaving land permanently

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13
Q

Appurtenances

A

Runs with the land

EX - A barn on a property goes with the land

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14
Q

Free hold estate

A

No fixed duration of ownership

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15
Q

Fee simple estate

A

Highest ownership

Also known as fee simple absolute

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16
Q

Fee simple Defeasible

A

Possesses the property as a fee simple subject to a condition

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17
Q

Life estate

A

Ownership of land for a persons life

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18
Q

Less than freehold estate

A

Limited period of time

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19
Q

Estate for years

A

Period of time defined

EX - 6 months or July 3rd to September 8th

20
Q

Periodic tenancy

A

Period to period, month to month

21
Q

Estate at will

A

Can end at anytime

22
Q

Estate of sufferance

A

Landlord suffering, tenant is in possession passed agreed upon time

23
Q

Concurrent Estate

A

Ownership with others

24
Q

Joint Tenancy

A

Equal right of entry and possession, right of survivorship

25
Q

Encumbrance

A

Claim against asset by another

Ex - liens, easement, mortgage leases

26
Q

Dominant Tenement

A

Gaining the benefit of an easement

27
Q

Servient Tenement

A

Suffers the burden of an easement

28
Q

Easement by prescription

A

Someone uses another’s property for a certain amount of time without permission

29
Q

Appurtenance Easement

A

Right to use adjoining property that transfers with the land

30
Q

Easement in Gross

A

No dominant tenament

Utility company

31
Q

Government powers

A 
PETE 
police power
Escheat
Taxation 
Eminent domain
32
Q

Police power

A

Regulate the betterment of the health, safety, morals, an general welfare of the community

33
Q

Zoning

A

Police power that divides areas for designated uses

34
Q

Variance

A

Exception to the zoning laws

35
Q

Nonconforming use

A

A use of property that was allowed under the zoning regulations at the time but have since become non compliant

36
Q

Escheat

A

Reversion of property to the state when the owner does without heirs

37
Q

Intestate

A

Someone dies has no will

38
Q

Testate

A

Person does and has a will

39
Q

Probate

A

Executor for the state, sells property in order to divide the property among the beneficiaries

40
Q

Holographic will

A

Will written by hand

41
Q

Taxation

A

Financial changes by the state to fund public expenditures

42
Q

Ad valorem

A

Taxes levied against property at certain rate based upon properties value

43
Q

Eminent Domain

A

Governments ability to take private property for public use

44
Q

Condemnation

A

Compensating a person when property is taken by eminent domain

45
Q

Inverse condemnation

A

Suing the government for just compensation when property is taken

46
Q

Encroachment

A

Structure is built in or on a neighbors property

Real estate (6 decks)

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