Ownership, Interests and Encumbrances (Ch. 2) Flashcards Preview

Real Estate > Ownership, Interests and Encumbrances (Ch. 2) > Flashcards

Flashcards in Ownership, Interests and Encumbrances (Ch. 2) Deck (21):
1

Time Share Ownership

Buy interest in Real Property usually a resort property

2

Beneficiary

Trustee holds or manages the property for the benefit of third party (Beneficiary)

3

Trustee

Trustee owns the property

4

Trustor

Transfers ownership of property to someone else (Trustee)

5

Joint Tenancy

A Special bond between the owners

6

Tenant In common

In person or business relationship

7

Ownership in Severalty

Occurs when property in owned by one individual corporation

8

Creating an Easement

Written Agreement between Parties

9

Easement by Prescription

If you don't defend your right, you will lose them

10

Fee simple defeasible

Are D Restrictions

11

Easements

Is used not Ownership. An easement is the right to use land of another for a particular purpose

12

Condos

Own Space in Fee simple (Point to the Paint)

13

Co-Ops

Shares of a co-operative

14

Escheat

Land must have an owner, if no owner then the gov. take property

15

Eminent Domain

Ability of government to take private property for Public good

16

Fee simple absolute

The best ownership. No strings attached to ownership

17

Life Estate

Limited Time of Ownership

18

Homestead Right

debt is secured by the property, the property cannot be exemt from judgment on that dept

19

Deed Restrictions

Restrictions are past from owner to owner

20

Encroachments

When all parts of the structure illegally extend beyond the land of its owner

21

Easement in Gross

Individual company, right to use someone's else land