Real Estate Principles Flashcards
what is a metropolis?
The Capital or cheif city of a country or region
what is a megalopolis?
a very large, heavily populated city or urban complex
What are a property’s 5 bundle of rights?
Use, possess, Transfer, Encumber, Enjoy
What is personal property and some examples?
Can be transferred or sold using a bill or sale and may be pledged as security for a loan. Examples are cash, negotiable instruments such as a promissory note, emblements, intangible assets, trade fixtures, cars, bank accounts, insurance policies, and patents.
What is real property?
Land, Attachments, Appurtenances, Anything immovable by law
It also includes the legal bundle of Rights inherent in the ownership of real property.
When real property is sold, anything that has become attached to it goes to the buyer as part of the sale unless other arrangements have been made cc $658
What is land and what does it include?
Land is the physical component of real property and is three-dimensional because it includes surface, limited quantities of airspace above the surface, and the materials and minerals beneath the surface to the center of the earth.
What are surface rights?
Surface is the topsoil and the rights to the use of the soil. Surface Rights include the right to build on the land, grow crops, hunt, fish, and the basic enjoyment of the land period it also includes the right to drill or mine through the surface when subsurface rights are involved period water on the surface, flowing in a stream or underground is real property. If it is taken and bottled then it becomes personal property.
What are surface water rights?
Certain water rights that go with the land are considered real property. A person’s water rights do not exceed the amount reasonably needed for one’s own personal use.
What are the five test to determine a fixture? (MARIE)
Method of attachment Adaptation Relationship of the parties Intention Agreement of the parties
What are natural attachments?
Growing plants attached by its roots, such as trees, shrubs, and flowers. And there are two types of natural attachments Fructus Naturales & Fructus Industriales.
What is an appurtenance?
Those rights and improvements that belong to and pass with the transfer of real property but are not necessarily a part of the actual property i.e. shed, pool
Anything used with the land for benefit. It means belonging to so, an Appurtenance does not exist apart from the land to which it belongs. Easements and stock rights in a mutual water company are the two most common appurtenances to real property
What is an estate?
The ownership interests or claim of a person has in real property (either definite or indefinite.)
What is a freehold estate?
And a state with an indefinite duration or that is measured by the length of someone’s life, it is also called an estate of inheritance.
What is a non-freehold estate?
In estate with a fixed or determinable duration.
What is an estate in fee? (Or fee simple estate)
An estate that is unqualified, of indefinite duration, freely transferable, and inheritable. It is known as an estate of inheritance or a perpetual estate because the owner May dispose of it in his or her lifetime or after death by Will.
The greatest ownership interest in real property.
If sold with no conditions or limitations it is known as fee simple absolute.
If it is sold with conditions it’s known as a fee simple subject to condition subsequent.
What is a life estate?
An estate that is limited in duration to the life of its owner or the life of some other chosen person.
If a third person or a person of no interest it’s called a pur autre vie
What is the holder of a life estate known as?
Life tenant
What is an estate in reversion?
Amy Grant’s Bob a life estate with the provision that upon Bob’s death, the property reverts to amy. Bob is then the life tenant and Amy holds an estate in reversion.
What is reserving a life estate?
When an elderly couple sells their property to a developer reserving the right to live on the property until their death when the developer will be able to take possession of the property.
What is a non-freehold state?
Also called “less than freehold estate” or leasehold, is owned by renters or tenants.
What is a chattels real?
Another name for a leasehold
What are the four types of leasehold interest? (A leasehold interest in real estate and installation is known as tenancy)
Tenancy for years
Periodic tenancy
Tenancy at will
Tenancy at sufferance
