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Taco John's > Study Real Estate > Flashcards

Study Real Estate Flashcards

Prep for the final

1
Q

Bundle of Rights

A
  1. 1) Right to use/control. 2) Right to possession. 3) Right to quiet enjoyment. 4) Right to encumberment. 5) Right to Dispose
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2
Q

Right to use/control

A

The owner owns the land and can use the land in any way that they see fit (so long as it is within county laws). Example: Like hunting rights or building something on their property etc.

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3
Q

Right to dispose

A

The owner has the right to give the land over to someone else to own.

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4
Q

Right to encumberment

A

The owner has the right to place a lien on the house or get a mortgage.

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5
Q

Right to possession

A

The owner owns the property but can share all or part of the property with someone else.

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6
Q

Real Estate

A

The house and anything permanently attached to the land or house.

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7
Q

Real Property

A

Real property = Bundle of Rights + Real Estate

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8
Q

Chattel

A

Personal Property, anything easily moveable without damage to the property

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9
Q

Emblements

A

In regards to farm land, the crops are considered the previous owners or of the cultivator

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10
Q

Fixtures

A

Appurtenances attached to the land or improvements, which usually cannot be removed without agreement as they become real property; examples – plumbing fixtures, store fixtures built into the property, etc.

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11
Q

Personal Property

A

AKA Chattel, or any property that is not REAL PROPERTY (real estate + bundle of rights = real property)

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12
Q

Trade Fixture

A

In regards to commercial buildings, anything that can be removed by the seller/previous business.

Example: Bartender’s bar, hair dresser’s chairs etc… sometimes the HVAC system can be considered removeable but has to be agreed upon by seller.

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13
Q

Mobile Home Definition

A

Definition (WI):
-Built BEFORE June 15, 1976
-Longer than 45 feet.
-Designed to be towed in one or multiple sections.
-Designed for residential use
-Has rigidly built walls that don’t collapse.
-Must be a residential structure with or without a permanent foundation.
-Must have been built off-site.
-Complies with HUD standards for manufactured homes.

If someone owns the mobile home they own everything about it, HVAC + Plumbing, Electrical, etc.

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14
Q

When is a Mobile/Manufactured Home Considered Real Estate?

A

When it is hooked up to plumbing that is installed in the land. This means it will be unmovable.

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14
Q

When is a Mobile/Manufactured Home Considered Personal Property?

A

If it still has wheels and can be detached from the plumbing etc and moved it is considered personal property. Regardless of being on rented or owned land.

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15
Q

What are property rights?

A

6 of them. (Think, bundle of rights). Possession, enjoyment, disposition, control, and exclusion. + Any further agreements made by seller and buyer.

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16
Q

Possession

A

A property right. Possession of the property is exactly what it sounds like.
Transferring the deed of a property over to a new owner gives that new owner the right to possess the property.
If a person owns property and decides to sell it, they must have the right of possession already.
In other words, they can’t sell a piece of property that doesn’t belong to them.
If it belongs to them and another person together, they may or may not be able to sell it without the other person’s permission, depending on what kind of title they have.

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17
Q

Who has the right of possession after transfer of the home’s Title?

A

The buyer has right of possession and ownership of property. Even if they have a mortgage, they’re still the legal owner.
The mortgage lender is a lienholder, and doesn’t hold title to the property. That means the mortgage company doesn’t have the right of possession.

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18
Q

Disposition of Property

A

One of 5 bundle of rights. The owner can transfer ownership, either temporarily or permanently, to someone else. That “someone else” would generally be the buyer who would become the new owner. ***** It can only be fully realized if there’s no mortgage, lien, or other type of encumbrance. When a seller plans to transfer ownership of their property, any mortgage or lien that’s on the property has to be satisfied. Usually, that’s done at closing. The property then belongs to the new owner, but the right of disposition was never fully with the seller.

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19
Q

The right of Control

A

One of the 5 Rights. You have the right to control your property and what you do on it (similar to right of enjoyment- but enjoyment is about what activities you do on your land) Control is about what sort of things you do on your land like if you decide to run a pig farm or place fun lawn ornaments etc. You’re allowed to paint your house whatever color you want (unless there’s a Home Owner’s Association).

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20
Q

The right of Exclusion

A

One of the 5 rights. You have the right to allow people to be on your property or off your property. Think “No Trespassing” signs. Though there legally may have to be easements for public property or utilities that need fixing etc.

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21
Q

Property Insurance covers what?

A

Real property that is not the land. So ANYTHING BUILT ON THE LAND is covered by property insurance. A damaged tree or shrub a property insurance might cover that but for a very low cost to nothing. The land itself is not covered (dirt).

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21
Q

Differences between Modular Homes and Mobile Homes?

A

Modular homes are built in chunks and are moved to a forever spot. Whereas Mobile Homes can be in their forever spot OR given wheels and moved.

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21
Q

When a customer is buying property what Government controls do they need to consider?

A

Zoning laws/regulations, taxes, and building codes + any other regulations/laws/codes

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21
Q

What is a condominium?

A
  • Units may be owner occupied, or used primarily for rentals, or vacation homes.
  • All common areas, such as walkways, meeting rooms, swimming pools and other shared spaces in a condominium arrangement are JOINTLY OWNED by all condominium owners.
  • Condominium renters/homeowners pay monthly or annual dues to cover the maintenance, repair and insurance expenses established by covenants and by-laws approved and voted on by a select board and owners.
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21
Q

International Building Code (IBC) guidelines for a high-rise?

A

Any structure with occupied living space over 75 feet above “the lowest level of fire department vehicle access” is considered a high-rise. Must have a staircase for exit.

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21
Q

Time-Shares, 3 Types & Ownership?

A

*Renters are gaining access to property. But not any ownership.
3 Main Categories of Time-Shares
*1) FEE SIMPLE contract which results in deeded interest, with a title in perpetuity (forever stasis or doesn’t have an end date).
*2) Right-to-Use (RTU) arrangement where you have rights to exclusive use that expire on a given date and revert to the actual owner – this is usually ten to twenty years.
*3) “Leasehold”. Like the FEE SIMPLE the property is deeded. However, it also has an expiration date, like the RTU. Some Leasehold contracts offer a first right to renew clause.

21
Q

What is a Co-op or Cooperative?

A

*Cooperatives are apartment buildings owned by a corporation that sells shares which entitle shareholders to exclusive, private use of a residential dwelling, or housing unit.
*Co-ops aren’t considered “real property,” since buyers only purchase the RIGHT TO USE. Occupants are renters, so some of the tax benefits of home ownership aren’t available to co-op residents, although they could get some deductions, like the allowance for home office and certain qualified repairs.
*All shareholders must pay a common area maintenance charge, typically calculated based on the square footage of the unit they occupy.

22
Q

Fee Simple Contract (2 types)

A

There are two types.
Defeasible and Absolute.
*Defeasible you get a deed and a title that has no end date. There are stipulations from the previous owner and if you fail to follow through with those then you lose your property.
*Absolute is you have absolute ownership of your property but if you fail to pay your mortgage on time or property taxes then you lose your rights to the property.

22
Q

Right-to-Use (RTU) (Time-Share)

A

You have the right to use the property for 10-20 years and then the property reverts back to the owner again.

22
Q

4 Types of Homes

A

1) One story (aka Ranch home)
2) 1 1/2 Story
3) Multi Story
4) Split Level

22
Q

Retirement Communities

A

Apartments for people aged 55+. It can offer handymen services and lawncare etc.

22
Q

Leasehold

A

1 of 3 types of Time-Share property. The property is deeded but it has an expiration date. SOME offer a first right to renew clause.

22
Q

1 1/2 Story Home

A

*Appear to have all the same traits as the larger two story home.
*Walk up a staircase to arrive at the upper floor, and it will include full bedrooms, a bathroom, among other features. (Like a 2 story/multi-story home).
*Distinguishing factors are that the roofline has dormers or gable ends with windows embedded. The half-story is typically a loft area between the first-floor ceiling and roof. *Many one-and-a-half story homes have angled ceilings that follow the roofline.
*More cost-effective per square foot of living space than one story homes.
*Less cost-effective than multi-story homes.

22
Q

Ranch Homes/One Story (Pros & Cons)

A

More expensive per square foot. One level, no stairs. Old people and people with disabilities like these homes.

23
Q

Multi Story Homes

A

*More cost-effective than one story and one-and-a-half story structures. As more levels are added, cost savings accumulate due to not needing an additional foundation, unique water or sewer tie-in, or additional roof area, among other cost drivers.
*Multi-story structures can include two stories, two-and-a-half, three, and so on. They also enjoy versatility, such as upper-level decks, porches, privacy, and energy efficiency.
*Disadvantages sometimes include
staircases and lower ceiling heights.

24
Q

Split-Level Home

A

*Typically have staggered layers.
*When entering a split-level, you will often be standing at the base of two staircases: one that goes up to a living space and one that goes down to a basement area. In many cases, the basements are finished to include bedrooms, bathrooms, kitchens, and laundry areas. In many split-level homes, the lower floor acts as the primary living space or gathering area.
*Tend to be budget friendly and cost efficient. (Easy to build as well).

25
Q

4 necessary foundation components

A

footings, slabs, foundation walls, and piers

26
Q

Foundation Footings

A

*Typically 16 to 20 inches wide and are located at the bottom of a foundation wall. *Essential for weight distribution.
*Without a footing, the weight of the building on the foundation wall would likely sink, shift, and make the structure unsafe.

27
Q

Slab Foundation

A

*Does not necessarily use walls.
*Poured concrete, four to six inches thick, and rest on edges that are usually about 24 inches thicker than the rest.
*Slab foundations eliminate basements and crawlspaces
*More expensive than walled foundations.

28
Q

Foundation Walls

A

*Foundation walls rest on footings and are commonly made from poured concrete. *Other materials may include cinder blocks and stone, which are usually found in older properties.
*Foundation walls form a base that generally create a basement or crawlspace for substantial usable space.

29
Q

Piers (necessary foundation component)

A

*Elevates a home above floodplains.
*Large columns include pier caps that the building rests on as well as pile caps at the ground level. The pile cap usually has steel rods embedded that are driven into the ground for structural support.
*Pier foundations are often referred to as “post foundations” and are effective ways to reduce flood and severe weather damage to the structure.

30
Q

three types of framing systems

A

platform (Western framing), balloon, and post and beam systems

31
Q

Platform Framing (Western Framing)

A

*Most popular system
*Often uses less timber and reduces labor costs.
*Independent walls are typically layered floor by floor.

32
Q

Balloon Framing

A

*Uses an abundance of lightweight lumber over two stories.
*Uses more lumber, so it has largely been replaced by the platform system.
*More sturdy than platform framing (can withstand high winds and less maintenance afterwards than platform framing).

33
Q

Post and beam framing

A

*Uses heavy timbers to bear the roof and floor loads.
*The timbers are often thicker and longer than those used in platform and balloon framing.
*Post and beam framing employs long-standing joinery methods
*Minimizes the use of nails.

34
Q

Floor Joist

A

A joist supporting flooring that is over it.

35
Q

Subfloor

A

Subflooring is the flooring laid as a support for new flooring or carpets or a finished flooring etc. “Strip it down to the subfloor.”
*Often is particle board or plywood that is connected to the floor joists.

36
Q

Bridge Loan

A

*Short-term loan that’s used to make a down payment on a new home.
*Comes in handy if you need extra cash to buy a new home before selling your current home and want to make an offer without it being conditional on your home selling first.

37
Q

Bridging (construction)

A

*Technique used to keep the floor joists in a static position.
*Small wooden boards that crisscross between the floor joists to keep the joists from shifting.

38
Q

Sill / Mud Plate / Sill Plate

A

*Bottom portion of a wall that runs horizontally.
*Vertical framing materials, usually called studs, are connected to the sill to form the framing for the wall.
*Construction workers may refer to this as a sill plate, mud plate, or just sill.

39
Q

four necessary components of wall construction

A

1) Studs
2) Top Plates
3) Headers
4) Sole Plates

40
Q

Studs

A

2x4 pieces of lumber that extend vertically from Sill to the Top Plate to form the frame of the wall.
(in our walls to hold em up)

41
Q

Headers

A

*Double the thickness of studs or other wall materials, are installed above the windows and doors for additional support.

42
Q

Top Plate

A

A top plate runs horizontally across the top of the studs to hold them in place.

43
Q

Sole Plate

A

A sole plate is the lumber that the studs rest on.

44
Q

key roof design elements (6)

A

1) Gable
2) Hip
3) Shed
4) Flat
5) Mansard
6) Gambrel

45
Q

Gable Roof

A

*When a child draws a house, it’s usually a house with a gable.
*A gable has two sloping sides that meet at a peak called a “ridge.”

46
Q

Hip Roof

A

A hip roof typically slopes in all four directions.

47
Q

Shed Roof

A

A shed roof slopes in only one direction.

48
Q

Flat Roof

A

A flat roof is always not entirely flat; instead, it has a 10-degree slope, also called the “pitch.”

49
Q

Mansard Roof

A

A mansard is a type of hip roof (sloping in 4 directions); the difference is that each slope is broken in two to maximize living space.

50
Q

Gambrel Roof

A

Type of gabled roof (a roof that has two slopes that meet at a peak) with the slope interrupted partway.
Often used in Dutch-style homes and barns.

51
Q

4 Ceiling/Roof Main Vocab

A

ceiling joists, rafters, ridge boards, and eaves.

52
Q
A

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