Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate > Unit 3 > Flashcards

Unit 3 Flashcards

1
Q

The bundle of rights
A disposition
B Use
C Posessition
D exclusión

A

May sell, pledge, or transfer 
May use and control
May occupy privacy
May May control entry onto land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Estate -

A

Is a legal interest or right in land that allows or will allow possession

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Is the largest ownership interest possible. It is the highest and most complete form of land ownership

A

Fee simple absolute

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Absolute and complete ownership
Largest “bundle of rights”
Lasts forever
Transferable and inheritable

A

Fee simple absolute

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Life estate

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Life estate
A
B
C

A

A. Last quote “for the life of “someone
B. Life tenant (grantee) is the owner and has lifetime use
C. Upon death, estate returns to few simple absolute

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Tendency for years

A

Is a tenancy for a fixed or specific time period

A. Specific termination date
B. Death does not terminate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Tenancy at will

A

Is a tenancy is which the tenant has the right to occupy and use the landlords property for an indefinite period of time

A. No fixed termination date
B. Week to week; month to month
C terminated by sale, notice or death

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Tenancy at sufferance

A

Is a tenancy arising when a tenant continues, without the landlords permission, the occupy real property after the lease has expired

A. Holdover without consent
B. Payment alone doesn’t renew the lease
C if written consent, becomes tenancy at will

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Deed restrictions

A

Are placed by an individual in the deed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Restrictive covenants are conditions placed by a developer that affect how the land can be used in an entire subdivision, including

A

A. Minimum square footage
B. Architectural design
C. Height limitations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Easement appurtenant

A

Has a dominant (together with) and a serving (subject to) property
Driveway crossing neighbors property
Easement in gross
Water utility easement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Easement by necessity

A

gives grantee an easement over grantor’s land if landlocked

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Easement by prescription

A

Is granted after 20 years of using another of using another property for a specific purpose without permission

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Governments lien for property taxes or special assessments

A

Has priority over all other claims

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Construction lien

A

A. Right begins at first labor or material

B. Must be filled within 90 days of completion

C. Terminates 1 year after filing

17
Q

Mortgage lien

A

Voluntary pledge of lands to secure payment of debt

18
Q

Mortgage lien

A

Voluntary pledge of lands to secure payment of debt

19
Q

Judgment lien

A

A. Court ordered lien against an individual and property e.g credit card debt
B. Not foreclose-able against one’s homestead

20
Q

Protected (by homestead exemption)

A

Judgment liens c.c
Hospital bills
Credit card
Car crash

21
Q

Not protected

A

Property taxes
Construction liens
Mortgage

22
Q

Encroachment

A
  1. Unauthorized possession of another’s land
  2. Examples: overhanging tree; garage across property like
  3. Disclosed by visual inspection or survey
23
Q

License

A
  1. Revocable agreement granting prívelage to use property
  2. Not an estate land
24
Q

Tenancy - in - severally

A

Is ownership by one individual

25
Q

Syndication

A

Is ownership by one entity such as a cooperation, partnership, limited liability company, limited partnership

26
Q

Joint venture

A

Is a syndication for one project that is terminated upon completion

27
Q

Tenancy in common

A

Is co ownership without right of survivorship to other owners

A. Default form of ownership

B. No right of survivorship

C. Upon death, interest goes to heirs or devises

28
Q

Joint- tenancy

A

Is a co ownership with the right of supervisorship to other owners

A. Must be specified in deed “as joint tenants”

B. Right of survivorship exists

C Upon death, co owners interest goes to co owners

29
Q

Four unities are required
PITT

A

Posesión
Intrest
Title
Time

30
Q

Tenancy - by - the entireties

A

Is joint ownership by a husband and wife ONLY

A. Default when husband and wife purchase together

B. Right of survivorship exists

C. Neither spouse May transfer or devise interest

D. Property owned separately BEFORE marriage remains separate properly

31
Q

Each sales contract for a property located in an HOA must state the buyers right to cancel

A

A. Within 3 business days after receipt of the disclosure summary

B. Cannot be waived by the buyer

Real Estate (12 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions