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Real Estate > Real Estate - Unit 3 Review > Flashcards

Real Estate - Unit 3 Review Flashcards

1
Q

what is the bundle of rights?

A

the right of disposition, use, possession and exclusion

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2
Q

bundle of rights broken down?

A

disposition (you may sell, pledge or transfer your land), use (you may use and control your property), possession (you may occupy the property in privacy) and exclusion (you may control entry on your land).

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3
Q

what is an estate?

A

a legal interest or right in land that allows possession

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4
Q

what are the types of estates in land?

A

freehold estate and leasehold estate.

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5
Q

what is a freehold estate?

A

a freehold estate gives ownership for an indefinite duration.

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6
Q

what is fee simple absolute?

A

fee simple absolute is the largest, highest complete form of ownership interest possible.

  • it is the largest bundle of rights
  • lasts forever
  • has absolute and complete ownership of the property
  • transferable + inheritable.
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7
Q

what is a life estate?

A

a life estate is an ownership estate that is limited in duration to the lifetime of a named individual.

  • lasts “for the life” of someone
  • life tenant (grantee) is the owner and has lifetime use
  • death = goes back to the fee simple absolute
  • transferable but not inheritable.
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8
Q

leasehold estate?

A

a non-ownership interest measured in calendar time (specific deadline)

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9
Q

tenancy for years?

A

a tenancy for a fixed/specific time period. there is a specific termination date and death does not terminate.

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10
Q

tenancy at will?

A

a tenancy in which the tenant has the right to occupy and use the landlords property for an indefinite period. theres no termination date, could be week to week or month to month. terminated by sale, notice or death of either party.

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11
Q

tenancy at suffereance

A

a tenancy when a tenant continues without permission from the landlord to occupy property after the lease expires. payment doesn’t renew the lease.

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12
Q

what happens if there is written consent given a tenancy at sufferance?

A

it becomes a tenancy at will

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13
Q

deed restrictions and restrictive covenants?

A

privately created limitations of land use that bind current / subsequent owners.

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14
Q

deed restrictions?

A

placed by an individual in the deed.

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15
Q

restrictive covenants?

A

conditions placed by a developer affecting how the land can be used in an entire subdivision.

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16
Q

what is an example of a deed restriction?

A

a lake front view home, with a neighbor across the street living on a hill. the person living in a home on the hill may place a deed restriction onto the home infant go them to not be able to build over 25ft, so that they won’t lose the view of the lake across the street on the hill.

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17
Q

restrictive covenant examples?

A

minimum square footage, architectural design & height limitations

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18
Q

easements?

A

the right to use lands of another for a specific purpose

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19
Q

easement appurtenant?

A

easements that contains a dominant (together with) and servient (subject to) property. for example, a driveway going through lot 2 in order to get to the home on lot 3.

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20
Q

easement in gross?

A

easement that is not related to a dominant property. for example, a sewer or water utility easement.

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21
Q

easement by necessity?

A

easement that gives grantee an easement over grantors land if landlocked. done through the courts.

22
Q

easement by prescription?

A

easement that is granted after 20 years of using another property for a specific purpose without permission. for example, a lake walkway that cuts through someones property line. this is also done through the courts.

23
Q

liens?

A

a hold or claim upon the property of another as a security for debt.

24
Q

construction lien?

A

liens right begins at first labor. it must be filed 90 days of completion and it terminates after 1 year of filing. for example: pool construction.

25
Q

judgement lien?

A

a court ordered lien against an individual and property. it is not forcloseable against ones homestead. (ex cc debt)

26
Q

mortgage lien?

A

a voluntary pledge of lands to secure payment of a debt

27
Q

encroachment?

A

unauthorized possession of another land. disclosed by a visual inspection or survey. ex: overhanging tree on property / garage across property line.

28
Q

license?

A

a revokable agreement to use property & granting privilege. ex: Disneys property

29
Q

sole ownership?

A

ownership by one individual or entity.

30
Q

tenancy in severalty?

A

ownership by one individual

31
Q

syndication?

A

ownership by one entity such as a corporation, LLC, limited partnership or partnership.

32
Q

joint venture?

A

a syndication for one project that is terminated upon completion or sellout of that property.

33
Q

multiple ownership?

A

when 2 or more persons share ownership with undivided interests. they have equal rights of possession and no co-owner has a right to any specific part of the property.

34
Q

tenancy in common?

A

co-ownership WITHOUT right of survivorship to other owners. it is default from ownership, and upon death interest goes to heirs or devisees.

35
Q

joint tenancy?

A

co-ownership WITH the right of survivorship to other owners.it must be specified in the deed as joint tenants. upon death, the co-owners interest goes to the surviving co-owners .

36
Q

what are the 4 conditions required for joint tenancy?

A

PITT (possession, interest, title, time)

37
Q

tenancy by the entirety?

A

joint ownership by a husband and wife ONLY. this is default when a husband and wife purchase together. the right of surviorship exists and neither spouse may transfer or devisee interest. if theres any property owned separately BEFORE marriage it stays separate.

38
Q

homeowners association (HOA)’s?

A

homeowners associations act establishes developer / association obligations and consumer rights when selling property that is subject to a mandatory homeowners’ association.

39
Q

HOA disclosure requirements?

A

sellers need to present buyers with a HADS (summary) that itemizes:

  • the existence of restrictive covenants
  • any assessments charged by the association
  • associations right to file a lien.
40
Q

HOA sales contract disclosure rules?

A
  • must state buyers right to cancel within 3 business days after disclosure summary
  • cannot be waived by the buyer
41
Q

cooperatives?

A

owned by a corporation which in turn “leases” space to stockholder members.

42
Q

cooperative cancelation provisons?

A

1st sale - 15 business days

resale - 3 business days

43
Q

time-sharing?

A

ownership of a condo unit for intermittent time periods. each week is 1 week out of the year. 1/52 interest in the unit. listing or selling requires a RE license and the license contracts must fully disclose all aspects of the timeshare plan.

44
Q

condominiums?

A

a common interest community in which portions of the real estate are designated for separate ownerships (units or apartments).

45
Q

how are condominiums created?

A

they are created by recording a declaration of condominium.

46
Q

how does the deed transfer in a condo?

A

the deed transfers fee simple interest in unit, plus proportionate undivided interest in common elements. the unit together with common elements is a percentage and it is a separate parcel.

47
Q

how are condominiums taxed?

A

taxed, mortgaged and transferred as one parcel.

48
Q

what does association maintain on condominiums?

A

maintains insurance on building and common elements

49
Q

upon the sale of a condominium the seller must provide buyers with what?

A
  • condominium association disclosure addendum to sales contract (CADA)
  • FAQ info for prospective purchases.
  • estimated operating budget (new) or last years actual operating budget (resale)
50
Q

condominium cancellation provisions?

A

first sale - 15 business days

resale - 3 business days

Real Estate (3 decks)

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