Chapter 1 - RE Investment: Basic legal concepts Flashcards Preview

5.2 REFI > Chapter 1 - RE Investment: Basic legal concepts > Flashcards

Flashcards in Chapter 1 - RE Investment: Basic legal concepts Deck (10)
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1
Q

Realty

A

s. 1

2
Q

Personalty

A

s. 1

3
Q

Real estate

A

s. 1 och 2

Refers to the physical land and improvements constructed on the land (buildings, parking lots, warehouses, shopping centres, office building etc)

4
Q

Property rights

A

s. 2 och 3

5
Q

Real property

A

s. 2 och 3

Refers to ownership rights

6
Q

Personal property

A

s. 2 och 3

7
Q

Possessory estates

A

s. 4

Freehold estate

  • Fee simple estates
  • Life estates (lasts only as long as the life of the owner)
8
Q

Leasehold estate

A

s. 4

There’s several owners. One owner who owns the land, one who owns the building etc.

  • Estate for years
  • Estate from year to year
9
Q

Estates

A

Based on rights: Possession vs. not in possession

Based on possession and use: Freehold vs. leasehold

10
Q

Nonpossessory estates

A

s. 5

Futures estates

  • Reversion
  • Remainder