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Real Estate > Unit One - Real Estate > Flashcards

Unit One - Real Estate Flashcards

1
Q

What are the 2 types of property??

A

Personal Property and Realty

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2
Q

Personal Property is also know as what?

A

Also known as chattel. By definition anything that is NOT realty. (land). Transferred by a Bill of Sale.

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3
Q

Purpose of deeds?

A

Transfer must be in writing. Recorded to give constructive notice but not required. Grantee must accept the deed.

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4
Q

Realty is what?

A

Land, Real Estate and Real Property. Purchased with a deed.

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5
Q

Fructus Naturals

A

What grows naturally on land.

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6
Q

Fructus Industriales

A

Crops planted by humans.

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7
Q

Emblements

A

Fruit from annual crops. Personal property.

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8
Q

Appurtenances

A

Something that runs with the land.

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9
Q

Tangible / Corporeal

A

Touch, Feel, see. (intangible/ incorporeal is something you cant touch see feel.)

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10
Q

Bundle of rights

A

Posession, Enjoyment, Exclude, Disposal, Control = PEEDC

Which is Intangible/ incorporeal appurtenances Also knows as Fee Simple Absolute..

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11
Q

What is the strongest deed what is the weakest deed?

A

General Warranty deed is strongest and Quitclaim is the weakest.

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12
Q

Warrant of seison

A

Grantor is the owner and is in my best mindset.

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13
Q

Warrant against encumbrances?

A

Promising buyer no undisclosed information about the title.

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14
Q

Quitclaim deed

A

Used for quick fixes, usually to transfer ones interest on or off the realty. .

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15
Q

Deed of trust?

A

Transfers title only to trustee. But buyer retains ownership right of occupancy and bundle of rights until note is paid off.

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16
Q

Sheriffs deed

A

Deed given by court following foreclosure.

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17
Q

CLTA Title insurance

A

California Land Title Assoc. protects the grantee. (protects against encumbrances on title and will defend you throughout ownership challenge)

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18
Q

ATLA Title Insurance

A

Protects mortgage or beneficiary.

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19
Q

Patent

A

Very first transferof title from govn’t to owner.

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20
Q

Root of title

A

Beginning of ownership.

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21
Q

Chain of title

A

List of all grantees and grantors.. ( Present all the way to the root)

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22
Q

Abstract (Summery Report)

A

Lists in details the activity of title. (Ex: Owners, utilities since 1945)

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23
Q

Cloud on title (encumbrance)

A

Any claim that will impair title.

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24
Q

Quiet title

A

Court ordered closing a gap or cloud in a chain of title

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25
Q

Equitable title

A

Owner Will Carry - Vendor holds legal title & vendee has bundle of rights and equtiable title until final payment then vendee will receive legal title.

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26
Q

Limited, Special deed

A

Only guaranteeing what they did to the title during their ownership. NOT before or after.

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27
Q

Owner Policy

A

Paid in cash, no note (loan).

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28
Q

Lender Policy

A

If you lend it you get lenders policy.

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29
Q

Offer acceptance

A

M and M signing of a contract.

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30
Q

Vendor/Vendee is before or after legal title?

A

BEFORE. Grantor and grantee is after the deed.

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31
Q

Dedication of title

A

Transfer from private to govn’t. (like a rich person donating a park)

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32
Q

Granting Clause

A

Verbage to describe transfer.

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33
Q

Vesting

A

How did the buyer takes title.

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34
Q

Consideration

A

Something of value - Money, goods, love, Nominal (name sake only). 1 of 4 is a vaild deed.

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35
Q

Riparian

A

Flowing bodies of water adjacent to landowner

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36
Q

Littoral

A

Non flowing (ocean sea or lake)

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37
Q

Navigable

A

Public

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38
Q

Estrovers

A

Wood. Gives tenant right to get timber but not to clear the land.

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39
Q

Prior of appropriation

A

State controlled water, need a beneficial use to use water to get a permit.

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40
Q

Severance

A

Real to personable property. Tree cut down turns into personal.

41
Q

Allodial Land System

A

USA! Private ownership subject to govn’t restriction.

42
Q

Fevdal

A

Government owns the land and everything.

43
Q

Adverse Possession

A

Squatters. Using someones property w/o permission. Using must be continuous. Required length of time to squat (prescribed period). *You file for ownership.

44
Q

Encroachment

A

The fence is on someone elses land. (Grantee needs to survey land first)

45
Q

Fixture -Improvements

A

Personal property yhat has been attached so now real property.

46
Q

Trade Fixture (tenant installed)

A

personal property at commerical property. (booths)

47
Q

Accession

A

Personal property that is now real property. (leaving something behind. )

48
Q

Datum/ benchmark

A

Elevation/ sea level

49
Q

Erosion

A

gradiual loss of land

50
Q

Accreation

A

Gradual addition to land

51
Q

Avulsion

A

sudden violent loss of land.

52
Q

Variance

A

Exception to zoning if it doesn’t change zoning.

53
Q

Escheat

A

Ownership reverts back to government if no heirs are alive.

54
Q

Inchote

A

The rights are in limbo.

55
Q

Eminent Domain

A

The “right or power” to take private land for public use.

56
Q

Condemnation

A

Taking privately owned property

Or inverse condemnation is the realty owner forcing the government to buy his property because of government action.

57
Q

Vesting

A

How buyer took title

58
Q

License

A

Permission to use land, can revoke license.

59
Q

How to close a gap?

A

With a quiet title or quitclaim.

60
Q

Cloud/ Encumbrance

A

Imperfection on title

61
Q

Severence

A

Real to personal property

62
Q

Limited/ Special Deed

A

Taking responsibility ONLY while title was in hand.

63
Q

Encroachment

A

Fence is on His land.

64
Q

Fixture

A

Improvments/ Apart on realty

65
Q

Trade Fixture/ tenant installed

A

Personal property at a commericial property.

66
Q

Acession

A

Personal property that is left now real property.

67
Q

Datum/Benchmark

A

Elevation markers. OG is NY state harbor.

68
Q

Fee Simple Absolute

A

Highest form of ownership

69
Q

Fee simple Determinable

A

Own it “so long as” also known by defeasable, qulified, base.

70
Q

Life Estate

A

Full ownership until Life tenant dies. NOT inheiritble.

71
Q

Reversion Interest

A

Grantor or heirs get realty back when grantee dies.

pur autre vie reversion interest - they get realty back if someone named other that grantee dies.

72
Q

Remainder Interest

A

Ownership goes back to a 3rd party named.

73
Q

Pur Autre Vie

A

For the life of another

74
Q

Legal life estate

A

Dower, Courtsay, homestead.

75
Q

Inchote

A

Rights in limbo

76
Q

Nevada is a community property

A

Dower & Courtsay not legal in nevada

77
Q

Restrictions on realty

A

PETE - Police power, eminate domain, escheat & taxation.

78
Q

Assesment restriction

A

Improvement tax for local improvements to the area.

79
Q

Amendement Restriction

A

Property rezoned for a greater use. Up zoning (residential to commerical)

80
Q

Down Zoning

A

Lesser use like commericial to residential

81
Q

Buffer Zone

A

between zones like green belt area.

82
Q

Permit will not go through with sale

A

Variance will go through with sale

83
Q

Nonconforming

A

Grandfather clause is an exemption to new law

84
Q

Conditional Use permit

A

Allowed to use property different than what zoning but you need to apply for one.

85
Q

Variance

A

Exception for undue hardship on current zoning

86
Q

Spot zone/ Special use

A

Church, school, post office.

87
Q

Escheat

A

Ownership reverts to state. Because owner died intestate and had no heirs

88
Q

Taxation

A

Contribution to support of govnt and people. like police and firefighters.

89
Q

Eminant Domain

A

Right or power of govn’t to take private land for public use. Process or act of condemnation.

90
Q

Comdemnation

A

The acutal taking of private property

91
Q

Inverse Comdemnation

A

Govn’t caused harm to property value, private owner sues govn’t to buy property.

92
Q

Social Restrictions

A

Private police power - CC and R, HOA.

93
Q

Naked title

A

Borrower gets full bundle of rights

94
Q

Dedication of title

A

Private citizen giving realty to government.

95
Q

Fee Simple Absolute

A

The highest form of ownership.

96
Q

Fee Simple - Determinable

A

“So long as” Owning property “so long as” you do not ever plant oranges on the property. If you do you lose ownership. Also known as defeasble, base and qualified.

97
Q

Leins

A

A claim of money one has agaisnt the property of another.

98
Q

Mechainics Lien

A

Applied by a person making repairs or doing work on property. Owner failed to pay the debt since the day they began work.

99
Q

Laches

A

Loss of legal rights due to faillure to assert them on a timed basis.

Real Estate (8 decks)

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