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Real Property vs Personal Property > Segment 1 > Flashcards

Segment 1 Flashcards

1
Q

QUITCLAIM DEED

A

Transfer and relinquish interest in real property that grantor may have

  • considered least protective deed
  • contains no covenants or warranties
  • can transfer title
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2
Q

Alluvion

A

Addition of soil and rock by accretion (action of water which deposits soil upon shoreline)

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3
Q

Sheriff’s Deed

A

Deed given by court order in connection with sale of property following a foreclosure or the out one of a court hearing

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4
Q

Trust Deed

A

Legal title to property is transferred by grantor (trustor) to trustee, to be held and managed

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5
Q

Survey

A

Process by which a parcel of land is measured and it’s area is ascertained

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6
Q

Allodial Tenure

A

Individuals can hold title to real property and have full ownership of rights held by government

-however, you must use it or lose it

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7
Q

Littoral Rights

A

Water rights of landowners whose land touches a commercial lake, sea or ocean

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8
Q

General Warranty Deed

A

The warranty deed where the seller guarantees that the title is marketable

-considered the best deed

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9
Q

Personal Property

A

Things that are tangible and movable

  • also known as a chattel
  • transferred by a bill of a sale

Ex: tree is real property while rooted, but when severed it becomes personal property

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10
Q

Deed/ Purpose of Deed

A

Instrument by which property owner (grantor) conveys and transferred to a grantee an ownership interest in real property

  • transfer must be in writing to be valid
  • recorded to give constructive notice to world, but not required
  • transfer of deed takes place only if grantee accepts deed
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11
Q

Severance

A

Termination of a joint tenancy

-turning realty into personal property

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12
Q

Fixture

A

An object that was once personal property but has been so affixed to real estate it becomes real property

Ex: stove, chandelier, sink, toilet

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13
Q

Emblements

A

Fruit of the crop

-regarded as personal property

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14
Q

Title Insurance

A

Insurance policy protecting insured from financial loss caused by defect in title to real property

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15
Q

Trade Fixture

A

Business related article (personal property) installed by tenant under terms of lease and removable by tenant before lease expires

-failure to do so, will become real property called accession

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16
Q

Reliction

A

The addition to land by permanent recession of water

Ex: dry lake

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17
Q

Riparian Rights

A

Right of a landowner to flowing water on, under or adjacent to their land

-applies to river and stream rights

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18
Q

Real Property

A

The earths surface, the air above and the ground below as well as all appurtenances to land

Including: buildings, structures, fixtures, fences

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19
Q

Real Estate

A

Real property; land and things affixed to land and appurtenances to land

Including: crops planted by humans, fruit from annual crops

20
Q

Waste

A

The destruction, removal, material alteration of or injury to premises by tenant

21
Q

Land

A

Solid material of the earth and anything affixed permanently to it

Including: buildings, trees, minerals, water flowing on land or beneath it and air space above it

22
Q

Tacking

A

When successive periods of use or possession by more than one person are added together to make up the 5 years required for adverse possession

23
Q

Encroachment

A

Illegal physical extension on another’s property such as a wall or fence

-form of trespassing

24
Q

Licensee

A

Privilege to be on someone’s property and authorization to engage in business, activity or profession

-can be cancelled by licensor (owner)

25
Q

Adverse Possession

A

Acquisition of property by continuous, actual, open and notorious use of land of another without permission for period of time

26
Q

Factors Affecting the Supply

A

Include labor force availability, construction, and material cost, government controls and monetary policy that impacts interest rates in the money supply

27
Q

Financing

A

The business of providing the funds that make real estate transactions possible through loan secured by a mortgage or deed of trust on the property

  • with the funding provided by commercial banks, credit unions and mortgage bankers
28
Q

Appraisal

A

Process of developing an opinion of the properties market value, based on established methods and appraisers professional judgment

29
Q

Supply and demand

A

Influenced by uniqueness and immobility of parcels of real estate

Uniqueness- no two parcels of real estate or ever exactly like

Immobility- property cannot be relocated to satisfy demand where supply is low or greater

When supply increases relative to demand prices go down and went demand increases relative to supply prices go up SIDD DISU

30
Q

Appreciation

A

Holding property primarily for increasing value

31
Q

Equity buildup

A
  • amount invested in property
  • appreciation will result in equity buildup as a value of property increases
  • Equity may be lost if properties value decreases due to economic conditions or natural disaster
32
Q

Depreciation (cost recovery)

A

Allows investor to recover the cost of an income-producing asset through tax deductions over the assets useful life

33
Q

Advantages of investing in real estate

A

Include:

  • higher rate of return
  • greater control over the investment -appreciation overtime that leads to equity buildup -leveraging of funds to provide greater purchasing power
  • tax benefits of depreciation
  • deductions
  • use of a property exchange to avoid taxation
34
Q

Types of real property

A

Residential: single-family or multi family housing
Commercial: business property including office space shopping centers stores theaters hotels
Mixed-Use: allows for two or more commercial and residential uses in the same building
Industrial: warehouses factories land in industrial districts and power plants
Agricultural: farms, timberlands, ranches and orchards
Special Purpose: privately owned properties places of warship schools cemeteries municipal buildings parks

35
Q

Liquidity

A

How quickly an ass I can be converted into cash

36
Q

Factors affecting the demand

A

Include population, demographics, employment and wage levels

37
Q

Property manager/management agreement

A

A person/company hired to maintain property on behalf of property owner

Employment contract between owner and manager

38
Q

Home inspection

A

Interest to both purchasers and homeowners, an inspection report will show results of a thorough survey of observable property condition

39
Q

Sales person/sales associate/associate licensee

A

Employed by broker to perform brokerage activities on behalf of or for the broker

40
Q

Broker

A

Person/company license to sell exchange or lease real property for others and to charge a fee for these services

41
Q

Subdivision and development

A

Splitting a single property with smaller parcels (subdividing) and constructing improvements on the land (developing)

42
Q

Disadvantages of real estate investment

A
  • Lack of liquidity so that I may take a long time to convert into cash
  • Requires active management to make sure it is being managed properly
43
Q

Types of housing

A
  • Single-family detached house
  • Apartment building-apartment complex
  • Condominium-conventional ownership; deed
  • Cooperative-proprietary lease
44
Q

Capital gain

A

Difference between the purchase price of property and it’s not selling price

45
Q

Leverage

A

Use of borrowed money to finance investment

Real Property vs Personal Property (3 decks)

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