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Real estate > Unit 7-9 > Flashcards

Unit 7-9 Flashcards

1
Q

What is police power used to enact?

A
  • environmental protection laws
  • zoning ordinances
  • building codes
  • real estate regulations (construction, location, occupancy & size)
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2
Q

Eminent Domain

A

The right of the govt to acquire privately owned real estate for public use

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3
Q

Eminent domain v Condemnation

A

Em dom - power to do it

Condemnation - doing it

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4
Q

Taxation

A

Charge on real estate to raise funds to meet public needs

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5
Q

Ad valorum

A

According to value

In regards to real estate taxes

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6
Q

Escheat

A

State acquiring property when owner has no heirs or will

15 years cheats the norm; supposed to be 20 years

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7
Q

What are the Enabling Acts?

A

Power transferred from STATE to MUNICIPALITY

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8
Q

Government Powers

A

Police power
Escheat
Taxation
Eminent domain

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9
Q

What are the four types of co-ownership or concurrent ownership?

A

1) tenancy in common
2) joint tenancy
3) tenancy by the entirety
4) community property

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10
Q

What is PITT?

A

The four unities in Joint Tenancy

1) Possession-all have an undivided right to possession
2) Interest-all have an equal interest
3) Time-aquired at same time
4) Title-title conveyed to all by same document

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11
Q

Severalty

A

Ownership - severed - only 1

Sole rights
Could be of an individual or a corporation

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12
Q

Tenancy in Common

A

Owned by 2 or more

  • each owns undivided fractional interest
  • each has unity of possession (right to entire property)
  • interest can be sold, conveyed, mortgaged, transferred
  • interest passes upon death

*can be SOLD & WILLED

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13
Q

Joint tenancy - right of survivorship

A

Upon death, interest passes to other joint tenant(s)

Can be sold, but not willed

JT - jayZ - Beyoncé - survivor

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14
Q

Joint Tenancy Termination

A
  • death (of all but 1 - then, he or she owns in severalty)
  • conveyance
  • partition (to force division or sale)
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15
Q

What is used in CT: tenancy by the entirety or tenancy in common

A

Tenancy in common

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16
Q

Partition

A

The dissolving of a co-ownership relationship when parties don’t voluntarily agree to its termination

17
Q

Trustor

Beneficiary

Trustee

A
  • one who creates trust
  • one who benefits
  • holds the trust
18
Q

Testamentary Trust

A

A trust willed after an owners death

19
Q

Membership camping

A

Kinda like time share use

20
Q

Land trusts

A
  • Trustor is usually also the beneficiary
  • Beneficiary isn’t named (secrecy)
  • Security for a loan without having a recorded mortgage
21
Q

Three methods of describing real estate:

A

Metes and bounds
Rectangular (govt) survey
Lot and block

22
Q

Start place of metes and bounds measurement
And
Can this be either natural or man-made?

A

POB
Point of beginning

Yes, either.

23
Q

Does a lot and block description refer to either metes and bounds or rectangular surveys?

A

Yes

24
Q

Does a surveyor or engineer who is preparing a subdivision plat need to be licensed?

A

Yes

25
Q

Where are lot and block systems mostly used?

A

Subdivision and urban areas

26
Q

Which description of real estate uses a plat map?

A

Lot and block

27
Q

Datum

A

Ground level point where measuring is determined

28
Q

Examples of when datum would be used:

A

Condominium (btw, separate plat map for each floor)
And
Air lots
Subsurface rights

29
Q

Mile

A

5,280feet

30
Q

Square mile
Square yard
Square foot

A

640 acres
9 sq ft
144 sq in

31
Q

How is rec survey system broken up?

A 
Principal meridians (north & south) 
and 
Base lines (east & west)
6 miles apart
Townships 36 sq miles each thus 36 sections
East to west rows called tiers
North to south rows called ranges
32
Q

Where is section 6 always found?

A

Northwest or upper-left corner

33
Q

The end of a metes and bounds survey isalways a:

A

POB

34
Q

What is the number of the designated school section?

A

16

35
Q

Horizontal property acts regulate what?

A

Condominiums

36
Q

Principal meridians run north and south. T/F?

A

True

37
Q

Liness running east to west, parallel to base line, are:

A

Township lines

38
Q

Range lines are strips of land six miles wide and run parallel to the

A

Principal meridian

39
Q

The basic unit of the rec survey system is:

A 
Township squares
(When township and range lines intersect)

Real estate (11 decks)

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