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Principles Of Real Estate > CH. 2- Property Rights & Legal Descriptions > Flashcards

CH. 2- Property Rights & Legal Descriptions Flashcards

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0
Q

Real Property

A

The legal interests associated with the ownership of real estate.

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1
Q

Real Estate

A

Land and structures that are attached to it.

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2
Q

Personal Property

A

Movable items such as cars, clothing, books, and so on.

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3
Q

Deed

A

A written document that evidences ownership.

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4
Q

Lease

A

A legal agreement between lessor and lessee.

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5
Q

Chattel

A

Personal property

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6
Q

Title

A

The legal right to ownership.

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7
Q

Fixture

A

An item that was once personal property but has become a part of real estate. (Usually through of attachment)

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8
Q

Test of Intent of the Parties

A

Evidence, usually written, showing that the parties intended the item of personal property to become a fixture.

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9
Q

Trade Fixtures

A

Personal property used in a trade or business.

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10
Q

Test of Attachment

A

Test to determine whether an item of personal property has become a fixture. An item that has been permanently attached to the real property and could not be removed without damage to the land or building is generally considered a fixture.

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11
Q

Test of Adaptability

A

Test to determine whether an item of personal property has become a fixture. An item that has been specifically adapted to the real estate is generally considered a fixture.

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12
Q

Air Rights

A

Property rights associated with the space above the surface of the earth.

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13
Q

Mineral Rights

A

Ownership rights associated with minerals that may be located below the surface of the earth.

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14
Q

Water Rights

A

The right to withdraw water from the land.

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15
Q

Littoral Proprietor

A

Owner of land that adjoins navigable bodies of water.

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16
Q

Riparian Rights Doctrine

A

Theory that permits landowners whose land underlies or borders non-navigable bodies of water to use all the water needed as long as the use does not deprive other landowners who are also entitled to use some of the water.

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17
Q

Prior Appropriation Doctrine

A

Theory that states that the first person to use a body of water for some beneficial economic purpose has the right to use all the water needed, even though landowners who later find a use for the water may be precluded from using it.

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18
Q

Freehold Estate

A

Ownership interests in real property.

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19
Q

Estate in Land

A

Ownership interests in real property.

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20
Q

Grantor

A

The party who transfers a freehold estate in real property to a grantee.

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21
Q

Grantee

A

The party who receives a freehold estate in real property from a grantor.

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22
Q

Lessor

A

The person who gives a leasehold interest in a property to a lessee.

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23
Q

Lessee

A

The person who receives a leasehold interest in a property from the lessor.

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24
Leasehold Estate
A tenant's rights to use and possess (but not own) a property as defined in a lease agreement.
25
Fee Simple Absolute Estate
The fullest and most complete set of ownership rights one can possess in real property
26
Qualified Fee Estate
Type of ownership in which the owner's rights can be lost in the future.
27
Reversion
The future interest associated with a life estate held by the grantor.
28
Life Estate
An ownership interest in real property that normally ends upon the death of the named person.
29
Life Tenant
The person who holds the present interest in a life estate (may or may not be the person whose life the estate is tied to).
30
Estate Pur Autre Vie
When a life tenant is someone other than the person whose life the life estate is tied to.
31
Remainder
The future interest associated with a life estate held by someone other than the grantor.
32
Remainderman
The party who holds the remainder interest associated with a life estate.
33
Vested Remainder
A remainder interest when the remainderman is guaranteed ownership of the property at some time in the future.
34
Contingent Remainder
A remainder interest that has conditions attached that can prevent the remainderman from receiving a present interest in the property.
35
Right of Reentry
The landlord's revisionary right to reoccupy the property at the expiration of the lease.
36
Leased Fee Estate
The property owner's interest when the property is leased.
37
Tenancy for a Stated Period
A leasehold estate that has definite starting and ending dates.
38
Tenancy from Period to Period
A leasehold estate that continues to automatically renew each period unless terminated by either party.
39
Tenancy at Will
An informal leasehold estate of indeterminable length that may last as long as the parties agree.
40
Tenancy at Sufferance
A leasehold estate that defines a tenant's right to occupy the property against the wishes of the lessor.
41
Eviction
When a tenant is forced to vacate the premises for failing to adhere to the terms of the rental agreement.
42
Estate in Severalty
Term used to describe ownership interests without regard to the number of owners.
43
Concurrent Estate
Ownership interests held jointly by two or more owners.
44
Tenancy in Common
A form of concurrent estate in which each owner has an undivided interest in the property.
45
Joint Tenancy
Joint ownership in which all owners have an equal, but undivided, interest in a property.
46
Right to Survivorship
The right of surviving joint owners to automatically divide the share owned by a deceased owner.
47
Tenancy by the Entirety
A form of concurrent estate in which a husband and wife can own property jointly.
48
Community Property
Theory under which all property acquired during a marriage is considered to be equally owned by the husband and wife, regardless of the financial contribution each spouse actually made to the property's acquisition.
49
Condominium
A form of joint ownership whereby the property owners own their individual units separately but share ownership of common areas; a building owned in this manner.
50
Condominium Declaration
Legal document that describes the individual units and common areas of a property owned as a condominium, creates an association to govern the property, and sets forth restrictions on use.
51
Right of First Refusal
The right of a person to have the first opportunity to either purchase or lease real property.
52
Cooperative
A form of joint ownership whereby the property owners own shares of stock in a corporation that owns the property and are entitled to occupy space within the building.
53
Proprietary Lease
A co-op lease that gives the owner the right to occupy a specific unit.
54
Time-Sharing
A form of concurrent estate that splits ownership of a property across owners and across time.
55
Fee Interest Time-Share
A type of concurrent estate that splits ownership of a property over time across joint owners.
56
Right to Use Time-Share
A form of leasehold estate that permits the holder to use a property for a certain period each year.
57
Metes-and-Bounds Description
A legal method for describing the exact boundaries of a property; metes refers to the distances and bounds refers to the directions of the properties boundaries.
58
Rectangular Survey System
A grid-based system used to legally describe the location of a property.
59
Principle Meridians
North-South lines used as reference points in the rectangular survey system.
60
Base Lines
East-West lines used as reference points in the rectangular survey system.
61
Range Lines
North-South lines that run parallel to principal meridians in the rectangular survey system.
62
Township Lines
East-West lines that run parallel to base lines in the rectangular survey system.
63
Township
A 36-square-mile area formed by township and range lines in the rectangular survey system.
64
Section
1-square-mile rectangles that divide townships into 36 equal areas of 640 acres each.
65
Plat
A detailed land survey drawing, usually prepared by a professional surveyor, that shows the features of a property and it's legal description.
66
Air Lot
Property that does not actually touch the ground.
67
Tests for Fixture Status include:
- Intent of parties - Test of Attachment - Test of Adaptability
68
Present Interests:
- Fee Simple Absolute Estate - Qualified Fee Estate - Life Estate
69
Future Interests:
- Reversion Interest | - Remainder Interest
70
Leases, or tenancies, can be divided into the following four categories:
1. Tenancy for a Stated Period 2. Tenancy from Period to Period 3. Tenancy at Will 4. Tenancy at Sufferance
71
Concurrent (Joint) Estates:
- Tenancy in Common [Undivided fractional interest] - Joint Tenancy [Right of Survivorship] - Community Property [Property acquired while married part of community]
72
Other (Joint) Ownership:
- Condominium - Cooperative - Timeshare [Fee Interests & Right to Use]
73
Basic Units of Measure for Land- Distance:
Feet & Decimal Feet - Miles- 1 mile = 5,280 feet - Meters- 1 meter = 3.28 feet - Chains- 1 chain = 66 feet or 4 rods - Rods- 1 rod = 16.5 feet
74
Basic Units of Measure for Land- Area:
- Acres- 1 acre = 43,560 sq. ft. - Square Feet- Common when under 5 acres - Hectares- 1 Ha. = 2.471 Acres or 10,000 meters squared
75
Legal Description Methods:
- Metes and Bounds - Rectangular Survey - Recorded Plats
76
Metes and Bounds
Start at a designated point of beginning and, through specific distances (metes) and directions (bounds), locate the boundary lines of the parcel. - Distances are measured in feet (to the nearest tenth or hundredth). - Directions are measured in degrees, minutes, and seconds. - Property corners are marked by reference points.
77
Rectangular Survey
- Principal Meridia - Base Lines - Township Lines - Range Lines - Townships - Sections - Divisions of Secton [1/2 and 1/4]
78
Reference to Recorded Plats
Referencing Plats - Lot - Block - Subdivision - Plat Book Recorded Location Reference

Principles Of Real Estate (5 decks)

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