Realtor exam Flashcards
Is the process of growth or enlargement by a gradual buildup.
Accretion
Actual exclusive, open, notorious, hostile and continuous possession and occupation of the real property under an evident claim of right or title. The time required to obtain legal title by adverse possession varies from state to state.
Adverse Possession
The property interest in the “space” above the earth’s surface. Generally speaking, owning, or renting, land or a building includes the right to use and develop the space above the land without interference by others.
Air Rights
The typical cause is sediment (alluvium) deposited by a river. An alluvial fan is an accumulation of sediments
Alluvion
The attachment of a right or property that attaches to the property
Appurtenance
French arpent land divisions are long narrow parcels of land, also called ribbon farms, usually found along the navigable streams of southern Louisiana and along major waterways in other areas.
Arpent
The principal east-west line (i.e., a parallel) upon which all rectangular surveys in a defined area are
based. The baseline meets its corresponding principal meridian at the point of origin, or initial point, for the land
survey.
Baseline
All the legal rights attached to the ownership of real property.
Bundle of Legal Rights
Those portions of a building, land, or improvements and amenities owned by a planned unit development (PUD) or condominium project’s homeowners’ association (or a cooperative project’s cooperative corporation) that are used
by all of the unit owners, who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common corridors of buildings,
parking areas, means of ingress and egress, etc.
Common Areas
A unit in a multiunit building. The owner of a condominium unit owns the unit itself and has the right, along with other owners, to use the common areas but does not own the common elements such as the exterior walls, floors and ceilings or the structural systems outside of the unit.
Condominium
A project in which a corporation holds title to a residential property and sells shares to individual buyers, who then receive a proprietary lease as their title
Cooperative (Co-op) Project
The benefited land is called the dominant tenement The land that benefits from an easement.,
Dominant Tenement
The right to use another’s land for a stated purpose. A nonpossessory (incorporeal) interest in landed property conveying use, but not ownership, of a portion of that property
Easement
A right to use the property of another. An easement by necessity is an easement that is created when the owner of a landlocked parcel has no access to a public right of way such as a street or highway.
Easement by Necessity
are created when an individual continually and
openly uses a portion of another person’s property without the permission of the owner. This most frequently happens in rural areas, when a landowner fails to notice their property being used.
Easement by Prescription
An easement that attaches a particular right to an individual or entity rather than to the property itself. The easement in gross is often considered irrevocable for the life of the individual, but it can be rendered void if the individual sells the property upon which the easement request was based.
Easement in Gross
While land isn’t considered rare, the total supply is fixed. 1. Economic characteristic of land
Scarcity
Any additions or changes to the land or a building that affects the property’s value is
called an improvement. Improvements of a private nature (such as homes and fences) are referred to as improvements on the land. Improvements of a public nature (e.g., sidewalks and sewer systems)are called improvements to the land.
2. Economic Characteristic of land
Improvements
Once land is improved, the total capital and labor used to build the improvement represent a sizable fixed investment. Even though a building can be razed, improvements like
drainage, electricity, water, and sewer systems tend to be permanent because they can’t beremoved (or replaced) economically
- Economic Characteristic of land
Permanence of investment
refers to people’s choices and tastes regarding a given area, based on factors like convenience, reputation, and history. Location is one of the most important economic characteristics of land (thus the saying, “location, location, location!”).
- Economic Characteristic of land
Location or area preference
The right of government to take private property for public use upon payment of just compensation. The fifth amendment of the U.S. Constitution (taking Clause) guarantees payment of just compensation upon appropriation of
private property.
Eminent Domain
Any claim or liability that affects or limits the title to property. An encumbrance can affect the title such as a
mortgage or other lien, or it can affect the physical condition of the property such as an easement. An encumbrance
cannot prevent the transfer of possession, but it does remain after the transfer.
Encumbrance
