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Real Estate License Exam > Terminology > Flashcards

Terminology Flashcards

1
Q

Land

A

Surface of the earth, all permanently attached natural features, extending downward to the center and upwards to infinity.

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2
Q

Real Estate

A

Land + Improvements

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3
Q

Improvements

A

Any non-natural structure permanently attached to the land (e.g. buildings, fences, decks, roads, but NOT trees)

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4
Q

Real property

A

Land+improvements+bundle of rights

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5
Q

What are the bundle of rights?

A

Control
Disposition (transfer)
Exclusion
Possession
Quiet enjoyment

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6
Q

Bundle of Rights: exclusion

A

Landowner has the right to decide who gets to be on the property and who doesn’t

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7
Q

Bundle of Rights: Possession

A

Right to occupy, live, breathe, and do whatever you want. AKA Right to use.

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8
Q

Bundle of Rights: quiet enjoyment

A

Right to use your property without interference.

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9
Q

Bundle of rights: control

A

Right to use and make changes to the property in any way that is not illegal—build whatever, landscape, and use as collateral for debt (“encumber the property”)

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10
Q

Bundle of rights: possession vs. control

A

Possession says you can use the property how you please (renter) and control means you can manipulate it how you please (homeowner)

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11
Q

Bundle of rights: disposition

A

AKA Transfer

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12
Q

Common law

A

The side of law that arises from judgments and decisions made in courts rather than legislation 

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13
Q

Allodial system

A

Anyone can have complete ownership of their land (AKA Fee Simple)

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14
Q

Title

A

Actual ownership of a real property including the bundle of rights (not a paper)

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15
Q

Chattel

A

Impermanent property, aka personal property

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16
Q

Fixture

A

Personal property transformed into real property

17
Q

Annexation

A

Process of creating a fixture

18
Q

Trade fixture

A

Personal property attached to real property that is owned by and needed for a tenant’s business 

19
Q

Severance

A

Converting real property into personal property (removing a ceiling fan or bidet)

20
Q

Adaptability (fixtures)

A

Anything specifically adapted to the home or integral to its function (e.g. box air conditioning unit or specialized door)

21
Q

Intent (fixtures)

A

Were they intending to keep the item when it was installed?

22
Q

Emblements

A

Crops grown by a farmer that are considered personal property (because of the profit, also called fructus industriales)

23
Q

Percolating rights

A

Use and ownership of underground water

24
Q

Littoral rights

A

Refers to lakefront or oceanfront water rights

25
Q

Riparian rights

A

Water rights for moving water, like rivers or streams

26
Q

What is an estate?

A

Possessory interest in real property

27
Q

What’s the difference between absolute and defeasible estates?

A

Absolute has no restrictions and freely given to heirs; defeasible has a perpetual condition that the property be used for a certain purpose or under specific conditions.

28
Q

Encumbrance

A

Non-possessory interest in a property that burdens the title

29
Q

Reversionary interest

A

Property reverts back to the person who granted it in the first place once the measuring life ends.

30
Q

Remainder interest

A

When the estate passes onto someone other than the grantor

31
Q

Act of waste

A

When a life tenant does something to diminish the value of the property

32
Q

Pur Autre Vie

A

When the measuring life of a life estate is something other than the life of the tenant

33
Q

Ownership in severalty

A

Ownership with only one owner: a person, corporation, or other legal entity

34
Q

Undivided interest

A

Type of interest that gives each co-owner the possession of the whole property, not a portion of it

35
Q

Right of survivorship

A

When one co-owner dies, their ownership reverts to the surviving co-owner

36
Q

Tenancy in common

A

Non-married co-owners who don’t specify how to take title

Real Estate License Exam (3 decks)

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