Chapter 1 - RE Investment: Basic legal concepts Flashcards
(10 cards)
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
