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Key Terms Flashcards

(75 cards)

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1
Q

Act of Waste

A

Describes a cause of action that can be brought in court to address a change in condition of a property brought about by a current tenant that damages or destroys the value of that property.

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2
Q

Air Rights

A

Rights in real property to use the space above the surface of the land.

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3
Q

Beneficiary

A

The person who receives or is to receive the benefits resulting from certain acts.

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4
Q

Bundle of Rights

A

The premise that the ownership of real estate consists of the ownership of various rights associated with it. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right to bequeath and the right to do none of the foregoing.

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5
Q

Escheat

A

The reversion to the State of property in event the owner thereof abandons it or dies, without leaving a will and has no distributees to whom the property may pass by lawful descent.

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6
Q

Estate for Years

A

A leasehold estate for any specific period of time. An estate for years is not automatically renewed.

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7
Q

Fixture / Trade Fixture

A

Personal property so attached to the land or improvements as to become part of the real property.

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8
Q

Uses of Real Property

A

Residential
Commercial
Industrial
Vacant Land

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9
Q

Real Estate / Real Property

A

Land, and generally whatever is erected upon or affixed thereto.

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10
Q

Fee Simple Estate

A

Absolute ownership of real property; a person has this type of estate where the person is entitled to the entire property with unconditional power of disposition during the person’s life and descending to the person’s heirs or distributes.

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11
Q

Riparian Rights

A

The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Riparian literally means “riverbank”.

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12
Q

Littoral Rights

A

The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on.

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13
Q

Curtesy

A

A husbands interest upon the death of his wife in the real property of an estate that she either solely owned or inherited provided they bore a child capable of inheriting the estate.

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14
Q

Dower

A

The part of or interest in real estate of a deceased husbands given by law to his widow during her life.

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15
Q

Joint Tenancy

A

Ownership of real property by two or more persons, each of whom has undivided interest with the “right of survivorship”.

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16
Q

Joint Venture

A

A business agreement in which the parties agree to develop, for a finite time, a new entity and new assets by contributing equity.

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17
Q

Life Estate

A

The conveyance of title property for the duration of the life of the grantee.

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18
Q

Partition

A

The division which is made a real property between those who own it in undivided shares.

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19
Q

Personal Property

A

Any property which is not real property.

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20
Q

Reversionary Interest

A

The interest which a grantor has in lands or other property upon the termination of the preceding estate.

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21
Q

Right of Suvivorship

A

Right of the surviving joint owner to succeed to the interest of the deceased joint owner, distinguishing feature of a joint tenancy or tenancy by entirety.

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22
Q

Easement

A

A right to pass through, public easement, driveways, access to water,

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23
Q

Riparian RIghts

A

The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Riparian literally means “riverbank.”

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24
Q

Severalty

A

Ownership by only a single individual.

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25
Tenancy in Common
An ownership of real property by two or more persons, each of whom has an undivided interest, without the "right of survivorship."
26
Trustee
Any person who holds property, authority, or a position of trust and responsibility for the benefit of another.
27
Trustor
A person who conveys title to a trustee.
28
Undivided Interest
The interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property.
29
If one of the owner's in a joint tenancy dies, their share of ownership is distributed to. . . ?
The other joint tenant(s)
30
Michael owns a property adjacent to a pond. As the owner, Michael is entitled to build a dock on the pond, which can be used for boating and other recreations. What land right allows Michael to build a dock on the pond. . .?
Littoral Rights
31
The conditions that must exist in order for certain kinds of property interests to be created are known as what?
Unities of interest, Possession, Time and Title
32
Mary's deed her property over to her three children with the condition that she is able to live on the property for the remainder of her life. This is an example of what?
Life Estate
33
This type of ownership is common among real estate investors?
Limited Liability Company (LLC)
34
What must be modified/changed in order for the termination of a joint tenancy to occur?
The deed must reflect the change of ownership.
35
A cause of action that can be brought in cour to address a change in condition of a property brought about by a current tenant that damages or destroys the value of that property is known as what?
Act of Waste
36
In regard to financing, banks are more favorable towards what type of trust?
Revocable Trust
37
A condominium is an example of what type of property use?
Residential
38
Local zoning ordinances often regulate the development of these types of land rights?
Air rights
39
John is renting a single-family house from Chris for the summer. During his tenancy, John caused extensive water damage, which affected the structural integrity of the house. What has John committed?
Act of Waste
40
A fee simple estate is also known as?
Fee Simple Absolute
41
Which of the following land rights is associate with a stagnant body of water?
Littoral Rights
42
What is the most common form of ownership?
Fee Simple
43
In what type of ownership do profits pass through the property and taxes are paid at the personal level?
Limited Liability Company (LLC)
44
The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on is known as what?
Littoral Rights
45
Any person who holds property, authority, or a position of trust and responsibility for the benefit of another is known as the?
Trustee
46
What occurs if a tenant stays longer than the term specified in an estate for years?
Tenancy at Sufferance
47
Why might a bank NOT lend money to an irrevocable trust?
The full title and rights can be transferred to the trustee.
48
What is not considered an economic characteristic of real property?
Architectural Design
49
The interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property is known as what?
Undivided Interest
50
Property that is appropriate for one type of use or limited use is known as what?
Special Purpose Real Estate
51
An Estate for Years automatically renews for how many years?
An Estate for Years does NOT automatically renew.
52
Assigment
The method or manner by which a right or contract is transferred from one person to another.
53
Convenant
Agreements written into deeds and other instruments promising performance or nonperformance of certain acts, or stipulating certain uses or non-uses of the property.
54
Eviction
A legal proceeding by lessor landlord to recover possession of real property.
55
Actual Eviction
Where on is either by force or by process of law, actually put out of possession.
56
Constructive Eviction
Any disturbance of the tenant’s possession of the leased premises by the landlord whereby the premises and rendered unfit or unsuitable for the purpose for which they were leased.
57
Ground Lease
An agreement in which a tenant is permitted to develop a piece of property during the lease period, after which the land and all improvements are turned over to the property owner.
58
Graduated Lease
An agreement which provides for a graduate change at stated intervals in the amount of the rent to be paid, used largely in long-term leases.
59
Gross Lease
A lease of property whereby the lessor is to meet all property charges regularly incurred through ownership.
60
Holdover Trust
A tenant who remains in possession of leased property after the expiration of the lease.
61
Index Lease
A lease tied to an index such as the Consumer Price Index
62
Land Lease
is a lease agreement that permits the tenant to use a piece of landowner by the landlord in exchange for rent. Also known as a ground lease.
63
Lease
A contract whereby, for consideration, usually termed rent, one who is entitled to the possession of real property transfers such rights to another for life, for a term of years, or at will.
64
Net Lease
A lease that required the tenant to pay, in addition to rent, some or all of the property expenses that normally would be paid by the property owner. These include expenses such as real estate taxes, insurance, maintenance, repairs, utilities, and other items.
65
Triple Net Lease
A lease in which the tenant or lessee is responsible for paying a portion of or all of the common expenses related to real estate ownership, in addition to base rent.
66
Leasehold Estate
The interest or estate which a lessee of real estate has therein by virtue of the lessee’s lease.
67
Lessee
A person to whom a property is rented under a lease
68
Lessor
One who rents property to another under a lease.
69
Option to Renew
A clause in a lease that outlines the terms for renewing or extending an original lease agreement.
70
Percentage Lease
A lease of property in which the rental is based upon the percentage of the volume of sales made upon the leased premises, usually provides for minimal rental.
71
Periodic Lease
Also known as a tenancy from year to year, month to month, or week to week, is an estate that exists for some period of time determined by the term of the payment of rent.
72
Proprietary Lease
A lease given by a corporation to another. It is often used in a co-op context, where the owner is given a certain number of shares in the co-op, along with a proprietary lease for one of the residences in the building.
73
Quiet Enjoyment
The right of an owner or a person legally in possession to the use of property without interference of possession.
74
Security Deposit
A monetary deposit given to a lender, seller or landlord as proof of intent. Security deposits can be either refundable or nonrefundable, depending on the terms of the transaction.
75
Sublease
An arrangement in which the lessee (tenant) in a lease assigns the lease to a third party, thereby making the old lessee the sublessor, and the new lessee the sublessee, or subtenant.

Real Estate (12 decks)

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