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FNAN 304 Flash Cards > FNAN 304 test 1 > Flashcards

FNAN 304 test 1 Flashcards

1
Q

tangible

A

Physical assets that can be owned

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2
Q

Intangible

A

non physical assets such as stocks, bonds, mortgages, and leases

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3
Q

Improvements: Raw

A

Improvements to or on the land itself

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4
Q

Improvements: To

A

Improvements such as excavation and fill, sewers and other utilities roads and driveways

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5
Q

Improvements: On

A

improvements like structures ( things put on the land)

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6
Q

3 Bundle of Rights

A
  1. exclusive possession of the real property
  2. use of enjoyment: can rent out a property
  3. disposition of property
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7
Q

who regulates real estate liscensing professionals

A

Government and national association of realtors

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8
Q

who invest in investment grade property?

A

Commercial investors, most properties are over 10 million and would be hard for a single investor

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9
Q

Heterogeneous property

A

Describes an area composed of buildings of varied styles or uses

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10
Q

homogeneous properties

A

Describes areas having similar style properties or properties of similar use

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11
Q

user market

A

Owners and renters in the real estate market those who directly use the space

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12
Q

Capital market

A

Individuals and institutional investors that invest oney either directly or indirectly into real estate

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13
Q

Property market

A

The buying and selling of land and buildings by parties

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14
Q

Order of leins/judgements in bankruptcy

A

1st level lean: property tax liens, assessment and CDD liens
2nd level(first in time first in right): mortgages, mechanics lien, federal tax judgement, HOA/Condo association
Other judgements: May be nullified by homestead or tenancy if suit is against only one spouse

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15
Q

Mechanics lien

A

lien by those who provided labor or meterials that improved the property

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16
Q

Timeshare

A

An ownership interest that gives the owner a right to possess a property for an allocated amount of time. never an investment questionable history

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17
Q

Personal rights

A

Freedom guaranteed by constitution supreme court interpretations of constitution

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18
Q

Property rights

A

Exclusive posession
enjoyment of use or benefits
freedom to dispose as one pleases

19
Q

Easement

A

the right to use land for specific and limited purpose

20
Q

License

A

Similar to easement in gross, buy conveys permission rather than right (revocable, terminates at death or grantor or sale)

21
Q

Types of ownership

A
  1. Sole ownership-single person
  2. Tenancy by entireties- ownership by two entities I.e married couple
  3. Tenants in common- two or more people own a portion of real estate separately
  4. Joint tenancy- two or more people own real estate together, upon death remaining shares split between co-owners)
22
Q

Types of modern leasehold interests

A
  1. Tenancy for years- for specified period of time written
  2. periodic tenancy- no definite time, often oral agreement, state law governs termination
23
Q

Condominium ownership

A

Combines single ownership and tenancy in common
- created by condominium declaration
-bylaws define owner rights
-creates additional private government

24
Q

Cooperative ownership

A

Corporation owns property
-each owner holds shares and a proprietary lease
- cannot mortgage individual asset
-Mutual liability
-each party owns units but not outright

25
Q

Dominant ownership

A

The parcel of real property that has an easement over another piece of property

26
Q

Servient ownership

A

Parcel of land that is subject to an easement and benefits another parcel of land

27
Q

Affirmative easement

A

Gives the easement holder the right to do something on the grantor of the easement land

28
Q

Chain of title

A

The historical record of ownership transfers of a specific piece of property

29
Q

Marketable title

A

A title that a court of equity considers to be so free from defect that it will legally force its acceptance by a buyer

30
Q

Recording statutes

A

state law regulating the recordation of interest in real property is used to determine the priority between parties claiming an interest in the same property

31
Q

Delivery

A

The legal transfer of a deed or another instrument

32
Q

Cloud on title

A

Any document, claim, unreleased lien or encumbrance that might invalidate or impair a title to real property or make title doubtful

33
Q

The doctrine of constructive notice

A

Notice that is given to the public via recorded documents about interests and rights in real estate

34
Q

Words of conveyance

A

Stipulated in deed demonstrating the definite intent to convey a specific title to real property to a named guarantee

35
Q

Hebendum clause

A

Refers to the transfer of ownership of a property and any accompanying restrictions

36
Q

Grantor

A

The seller (on deeds) or borrower (on mortgages)

37
Q

Grantee

A

the party who receives the transfer of the property after the closing

38
Q

Metes & Bounds

A

The boundaries of real estate are identified by its natural landmarks. (the math of the boundaries of the perimeter of the land)

39
Q

Subdivision block

A

The division of property within a plotted subdivision

40
Q

Government survey

A

System of land description that applies to much of the land in the United States

41
Q

3 Covenants in a deed

A
  1. covenant of seisin- guarantees grantor legal possession of the property
  2. covenant of right to convey- guarantees grantor right to sell property
  3. covenant against encumbrances- guarantees grantor has disclosed to the grantee any and all property encumbrances
42
Q

Easement by prescription

A

When someone uses another’s property for a certain amount of time without permission in a way in which the owner should be aware of

43
Q

Implied easement

A

One that is not written down. created by the circumstances of a particular configuration of land

FNAN 304 Flash Cards (1 decks)

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