Mod 3 - Property Interests & Rights; Types of Ownership Flashcards Preview

NJ Real Estate Exam EO > Mod 3 - Property Interests & Rights; Types of Ownership > Flashcards

Flashcards in Mod 3 - Property Interests & Rights; Types of Ownership Deck (175)
Loading flashcards...
1

A system of land ownership from the 13th century and before in which all land was owned by the king who merely allowed people to use the land in exchange for their services

Feudal System

2

System of land ownership in which individuals were only tenants with limited rights of use and the king had title to all land

Feudal System

3

A system which recognizes the principle that land is owned by individuals, free of any proprietary control of the land

Allodial System

4

A system which recognizes the right of individuals to the free ownership of land

Allodial system

5

a system of land ownership that includes a package of rights for land owners known as the bundle of rights

Allodial system

6

An ownership theory which groups together all possible benefits and rights to ownership

Bundle of rights

7

What are the four broad categories of the Bundle of Rights

PoCoEnDi(e)
Possession, Control, Enjoyment, Disposition, Devise

8

What are the four government restrictions enforced for the mutual welfare of the community

PETE
Police Power, Eminent Domain, Taxation, Escheat

9

The government's right to enact and enforce laws that may restrict the use of property, without compensation to the owner, for the health, morals, safety and general welfare of other citizens. Ex: zoning laws and building codes
Key words: laws, use

Police Power

10

The right the government has to take privately owned property with just compensation paid to the owner for some worthwhile public use. The owner must be paid the fair market value of the property in return for giving up ownership
Key words: right or power

Eminent Domain

11

T or F: Eminent Domain is without compensation to the owner

F
In Eminent Domain, The owner must be paid the fair market value of the property in return for giving up ownership. However, in Police power, there is no compensation.

12

The process of taking private property, with just compensation to the owner, for some public use by some branch of government under their power of eminent domain

Condemnation

13

What is the legal proceeding involved in eminent domain?

Condemnation proceeding

14

A charge of money imposed upon persons, property, or business for public purposes

Taxation

15

The reversion of property to the state when a person dies intestate and without heirs capable of inheriting the property. May also occur when property is abandoned

Escheat

16

What government right prevents a property from becoming ownerless

Escheat

17

Without a will

Intestate

18

The rights to any and all minerals laying beneath the surface.

mineral rights or subsurface rights

19

The right to use the air space over a parcel of land

air rights

20

Land, its improvements (including mineral rights and air rights) and bundle of rights

Realty
Real estate
Real property

21

The interest, degree, nature, quantity and extent of one's legal interest and rights in real estate. Legal or possessory right

Estate

22

What are the two types of estates?

Freehold estate and leasehold estate (non freehold)

23

Any possessory interest a person has in a land, whether it be absolute or conditional ownership or temporary possession

Estate

24

An estate for an indefinite and uncertain period of time, and not less than for a lifetime

Freehold Estate

25

What is the difference between freehold and leasehold estate?

A freehold estate is indefinite and not less than a life time and a leasehold estate is definite and limited period of time

26

The largest and highest possible degree or right of ownership

Fee estate
Fee simple estate
fee simple absolute

27

Fee simple ownership that will terminate upon the happening or non-happening of a specified event

Fee simple determinable estate
conditional fee estate
defeasible fee estate

28

A fee estate that is capable of being defeated under certain conditions

Fee simple determinable estate
conditional fee estate
defeasible fee estate

29

What happens to a property in a conditional fee estate (fee simple determinable estate or defeasible estate) upon termination or defeat?

Property reverts back to the original grantor. The original grantor has a reversionary interest

30

An estate in land that continues only for the duration of someone's life and terminates upon the death of that person. ownership for the duration of someone's life

Life Estate