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Realtor - Class 1 > Vocabulary > Flashcards

Vocabulary Flashcards

1
Q

Land

A

Spot on earth that goes down to the center and up to infinity

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2
Q

Appurtenance

A

SOMETHING THAT RUNS WITH THE LAND FROM ONE OWNER TO THE NEXT. Right, privilege, or improvement permanently attached to the land. e.g. trees, streams, houses, buildings, air rights, water rights, mineral rights (oil, natural gas)

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3
Q

Real Estate

A

Bundle of rights that go along with your ownership. Land + Appurtenances

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4
Q

Emblements

A

Cash crop also known as Fructus Industriales and is considered personal property. Growing crops in field; allows seller to come back and harvest crop one time even after sale of property, if planted before sale or going under contract.

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5
Q

Fructus Industriales

A

Fruits of the industry

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6
Q

Eminent Domain

A

The RIGHT of the government to take (acquire) private property (without permission) for PUBLIC GOOD or use.

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7
Q

Condemnation

A

The PROCESS used to take property when the government exercises the right of Eminent Domain

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8
Q

Title

A

Ownership

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9
Q

Deed

A

The document that transfers real property rights from one to another. It is the paperwork that shows ownership and all the rights that go along with that property.

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10
Q

Personal Property

A

Moveable Property.
e.g. chair, camera, rented water softener system, etc.

Chattel

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11
Q

Real Property

A

Non Moveable Property.

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12
Q

Chattel

A

Another name for personal property

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13
Q

Bill of Sale

A

Document that transfers personal property

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14
Q

Severance

A

Going from real property to personal property

e.g. cutting down a tree

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15
Q

Fixture

A

Part of real property, going from personal to real property. Considered an appurtenance.
e.g. ceiling fans, light fixtures.

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16
Q

Trade Fixtures

A

Personal property of a commercial tenant who has bought and installed the item for their business.
e.g. display cases

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17
Q

Taxation

A

On real property; money used for schools, roads, etc.

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18
Q

**Police Power **

A
  1. Zoning Regulations: commercial, residential, how will land be used
  2. Building Codes: makes building safe for occupancy
  3. Environmental Regulations
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19
Q

** Eminent Domain **

A

The RIGHT of the government to take (acquire) private property without their permission for Public Good or Use and fair compensation must be paid.

20
Q

** Condemnation **

A

The process of eminent domain

21
Q

**Escheat **

A

The right of the government to take private property upon:

  1. Owner dies INTESTATE (no will)
  2. Has NO HEIRS
22
Q

Estate

A

The right of possession and use

23
Q

Freehold

A

Ownership

24
Q

Leasehold Estate

A

Renting or Leasing (renter has possession and use)

25
Q

Fee

A

Inheritable

26
Q

Conditional Fee or Defeasible Fee

A

Property deeded with conditions specified. Defeasible is based on time. This information is in the deed.
e.g. must be used as a school

27
Q

Freehold Estate

A

Ownership with the right of possession and use

28
Q

Fee Simple Absolute

A

Maximum rights in real estate. No conditions to continue to own property

29
Q

Life Estate

A

Deeded to someone for life or life of another. Not Inheritable.

30
Q

Two Purposes for Recording Documents

A
  1. Establish Priority - who is first

2. Provide Constructive Notice - moving in or on a property is a way to show constructive notice

31
Q

Georgia Assessment Rate

A

40%

32
Q

Three Physical Characteristics of Land:

A
  1. Immovable
  2. Indestructible
  3. Non-Homogeneous (Unique)
33
Q

Three Ways to TRANSFER property:

A
  1. Sell It
  2. Will It
  3. Steal It
34
Q

Four Economic Characteristics of Land

what brings value to a property

A
  1. Situs - location
  2. Scarcity - supply & demand
  3. Improvable - you can build on it
  4. Permanence of Investment - how long will this be property be profitable
35
Q

Tests for Determining Fixtures

A
  1. method of attachment
  2. intention of attaching parties
  3. adaptation of the article
36
Q

Sellers Disclosure Statement

A

Itemizes most things that are going to be left or not left with the property

37
Q

Government Rights

A

Are for the good of our community

38
Q

3 Legal Life Estates

A
  1. Dower
  2. Curtesy
  3. Homestead
39
Q

4 Voluntary Life Estates

A
  1. Estate in Reversion
  2. Estate in Remainder
  3. Reservation
  4. Pur Autre Vie - for another life
40
Q

Estate in Reversion

Life Estate

A

When life tenant dies, property goes back to grantor or grantor’s heirs

41
Q

Estate in Remainder

Life Estate

A

When life tenant dies, property goes to third party called remainderman

42
Q

Reservation

Life Estate

A

Seller transfers property but retains life estate for seller’s lifetime

43
Q

Pur Autre Vie

A

for another’s life. Grantees life estate is based on someone else’s life. When grantee dies, grantee’s heirs or life tenant own property as long as third party is alive.

44
Q

Encumbrance

A

Something that BURDENS or LIMITS your title or rights held by someone else

44
Q

Private Rights in Real Estate

A

The right of possession and use

Realtor - Class 1 (1 decks)

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