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Modern Real Estate Vocab Flashcards

(79 cards)

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1
Q

What is Chattel?

A

Another word for Personal Property which is movable, not permanently attached to the real property and must be included on the Bill of Sale.

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2
Q

What are Appurtenances?

A

Appurtenances are attached to and run with the land.

Example: landscaping

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3
Q

Real Estate or Real Property consist of what three things?

A

Land, improvements, rights

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4
Q

A characteristic of real property is ______________

A

It is immovable

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5
Q

What rights are attached to owning land specifically?

A

Surface rights, sub-surface rights, & air rights

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6
Q

What are improvements?

A

Items attached to the land with the intent of being permanent. For example: house, fence, roads, landscaping.

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7
Q

What are the three forms of rights?

A

Rights in land: air, water, mineral
Rights of ownership: right of the owner to posses, transfer, and control the property
Governmental rights: gives the government the right to determine land use, set taxes, take back property through eminent domain or escheat.

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8
Q

The government controls water rights and grants permits for the beneficial use of water, such as irrigation, under the doctrine of _____________________.

A

Prior appropriation

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9
Q

Riparian refers to ________________

Littoral refers to ________________

A

River (flowing water)

Lakes/ oceans (water is standing still)

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10
Q

______________ is the addition to land through natural causes.

A

Accretion

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11
Q

_________________ is sudden loss of land, from being washed away or another violent act. Example: sink hole

A

Avulsion

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12
Q

Water right do not include the right of access. The owner of a water right would. It have the right to cross another’s property and would. Red to obtain an ____________ or right of use to do so.

A

Easement

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13
Q

Mineral rights are often held by a __________________.

A

Third Party

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14
Q

A _________________ would allow the property owner to lease all three rights (mineral, surface, and air) to different tenants.

A

Vertical lease

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15
Q

Real estate- transferred by a

A

Deed

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16
Q

All property that is not real property is _________, is not permanently ___________ and must be ________ in the purchase contract to transfer with the property.

A

Movable, attached, included

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17
Q

Personal property is transferred by a _______________.

A

Bill of Sale

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18
Q

A fixture is an object that was once personal property that has been __________________________ so as to become real property.

A

Attached to an improvement

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19
Q

Land is never a _______________.

A

Fixture

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20
Q

Once the fixture (personal property) is attached, it becomes an _________________ and is automatically transferred in the deed.

A

Appurtenance

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21
Q

Test for intent

Was the object affixed or installed with the apparent __________ of improving the land.

A

Intent

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22
Q

Intent is evaluated by the three A’s

____________, ________________, ________________

A

Attachment, Adaptation, Agreement

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23
Q

Fixtures must be ___________ from the purchase contract if the seller is not going to convey.

A

Excluded

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24
Q

What type of property must be included in writing?

A

Personal property

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25
What type of property must be excluded in writing?
Fixtures
26
What are emblements?
Annually cultivated crops that belong to the person that planted them, unless agreed otherwise. Note: never choose emblements
27
Trade fixtures are considered _______________, and are transferred by a ________________.
Personal property, bill of sale
28
What are the three most common methods of land description?
Metes and bounds, rectangular (government) survey, recorded plat.
29
A survey is used to _______________.
Create or confirm a legal description.
30
A survey is an __________ measurement of _____________ and the location of _______, _________, and ___________.
Onsite, property lines, houses, easements, and encroachments.
31
____________ are visible markers that establish property boundaries.
Monuments
32
An ILC or ______ _________ ________ or mortgage survey locates improvements on the property but is not used to legally set the property boundaries.
Improvement location certificate
33
What is an encroachment?
Intrusion on another person's property.
34
Metes measures in _____________ and __________. Bounds: ______ or ___________.
Feet, compass degrees, shapes, boundaries.
35
Monuments: fixed objects that serve as _______ _________ for the surveyor when setting boundaries.
Reference points
36
Metes and Bounds uses phrasing like "Begins and ends at _________ ___ ___________ or POB.
Point of beginning
37
Metes and Bounds is the only description that uses _________________________ and moves in a set direction.
Starting at or commencing at
38
Metes and bounds description must completely __________ the property and is measures in a __________ direction.
Encircle, clockwise
39
A rectangular or ___________ survey is a system developed by the U.S. government that locates a parcel of land within a grid system, based on its location with reference to meridians and ranges and base lines and tiers.
Government
40
What are meridian and base lines?
Large imaginary reference lines in the Rectangular (Government) survey.
41
A _____________ is a square formed by the meeting or ranges and tiers (__ miles by __ miles).
Township
42
In the Rectangular (Government) survey | Range runs ______& _________
North and South
43
In the Rectangular (Government) survey | tiers run ______& _________
East & West
44
A ______ is a vertical row of townships
Range
45
A ______ is a horizontal row of townships.
Tier
46
How many township contains _____ sections.
36 (6*6= 36)
47
How many acres are in a section?
640
48
A section is a _ mile by _ mile square.
1,1
49
An acre contains _____ sq ft.
43,560
50
The N 1/2 of the SW 1/4 of the NE 1/4 of the SE 1/4 sold for $8,500 per acre. What was the selling price?
$42,500
51
The ____ map is also called the "_____, _______, _________ system" or the "____ and _______ system."
Plat, lot, block, subdivision, lot, block
52
A _______ is a map that is created by a survey and shows the location and ____________ of individual lots in a land subdivision.
Plat, boundaries
53
Once the final map is approved, but before building, ____________ in the county recorder's office of the county in which the property is located.
The plat is recorded
54
This system is most common in _____________ areas.
Urban residential
55
Recording a subdivision plat is the common way for streets in developments to become ____________ for public use.
Dedicated
56
Master development plans are used to _________________.
Control growth
57
List the 5 land use classification set by zoning laws.
Residential, commercial, industrial/ manufacturing, agriculture, mixed
58
A ________ is an area of land that separates two significantly different land use zones. Parks and open spaces are often used as ________ zones.
Buffer, buffer
59
The purpose of land use restrictions is to protect against ________________, protect ________________, and ______________.
Uncontrolled growth, public health, preserve compatibility
60
All new construction and most renovations require a _________________.
Building permit
61
Building permits are used to ensure that property owners are in __________________________.
Compliance of building code
62
The state sets minimum construction and safety requirements known as ___________.
Codes
63
If there's a difference between national, state, and county or local building codes, the most ____________ is used.
Stringent
64
Building codes are primarily concerned with the structural integrity and ___________________.
Safety of building.
65
Separate codes are used for _________, ____________, ____________, and so on.
Plumbing, electrical, fire
66
CO or ____________ ___ __________________ are obtained after fulfilling all the requirements of the building permit.
Certificate of Occupancy
67
Building sites have a minimum frontage requirements so the ______________ can provide __________.
Government, services
68
What type of insurance is typically sold separately?
Flood insurance
69
Zoning laws and ordinances are set at a ______ level.
Local (city, county)
70
Illegal use of building codes or a zoning violation does NOT become __________ because a large amount of time has passed.
Grandfathered
71
What's an amendment as it pertains to zoning.
Changes the zoning of an entire area
72
An amendment could cause ________________.
Non-conforming use
73
A __________ allows an individual owner to vary or deviate from strict compliance with zoning in order to relieve or prevent a hardship.
Variance
74
___________ or ______________ permits allow a particular property to be used for a special purpose that is in the public's best interest.
Conditional use, special use
75
Government land use controls
Planning, zoning, building codes, building permits, building inspections, certificate of occupancy
76
What's an example of overlaying zoning?
School zone, residential zone
77
Brokers and salespeople should explain that it is the _________________ to verify that the current zoning use and rules will meet the buyer's needs.
Buyer's responsibility
78
Area = ____ X _____
Width X Length
79
If the lot is 70 X 105, what is the area? What size is the frontage?
7,350, 70ft

Real Estate Vocab (1 decks)

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