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Real Property vs Personal Property > Segment 1 > Flashcards

Segment 1 Flashcards

(45 cards)

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1
Q

QUITCLAIM DEED

A

Transfer and relinquish interest in real property that grantor may have

  • considered least protective deed
  • contains no covenants or warranties
  • can transfer title
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2
Q

Alluvion

A

Addition of soil and rock by accretion (action of water which deposits soil upon shoreline)

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3
Q

Sheriff’s Deed

A

Deed given by court order in connection with sale of property following a foreclosure or the out one of a court hearing

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4
Q

Trust Deed

A

Legal title to property is transferred by grantor (trustor) to trustee, to be held and managed

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5
Q

Survey

A

Process by which a parcel of land is measured and it’s area is ascertained

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6
Q

Allodial Tenure

A

Individuals can hold title to real property and have full ownership of rights held by government

-however, you must use it or lose it

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7
Q

Littoral Rights

A

Water rights of landowners whose land touches a commercial lake, sea or ocean

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8
Q

General Warranty Deed

A

The warranty deed where the seller guarantees that the title is marketable

-considered the best deed

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9
Q

Personal Property

A

Things that are tangible and movable

  • also known as a chattel
  • transferred by a bill of a sale

Ex: tree is real property while rooted, but when severed it becomes personal property

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10
Q

Deed/ Purpose of Deed

A

Instrument by which property owner (grantor) conveys and transferred to a grantee an ownership interest in real property

  • transfer must be in writing to be valid
  • recorded to give constructive notice to world, but not required
  • transfer of deed takes place only if grantee accepts deed
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11
Q

Severance

A

Termination of a joint tenancy

-turning realty into personal property

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12
Q

Fixture

A

An object that was once personal property but has been so affixed to real estate it becomes real property

Ex: stove, chandelier, sink, toilet

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13
Q

Emblements

A

Fruit of the crop

-regarded as personal property

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14
Q

Title Insurance

A

Insurance policy protecting insured from financial loss caused by defect in title to real property

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15
Q

Trade Fixture

A

Business related article (personal property) installed by tenant under terms of lease and removable by tenant before lease expires

-failure to do so, will become real property called accession

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16
Q

Reliction

A

The addition to land by permanent recession of water

Ex: dry lake

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17
Q

Riparian Rights

A

Right of a landowner to flowing water on, under or adjacent to their land

-applies to river and stream rights

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18
Q

Real Property

A

The earths surface, the air above and the ground below as well as all appurtenances to land

Including: buildings, structures, fixtures, fences

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19
Q

Real Estate

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A

Real property; land and things affixed to land and appurtenances to land

Including: crops planted by humans, fruit from annual crops

20
Q

Waste

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A

The destruction, removal, material alteration of or injury to premises by tenant

21
Q

Land

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A

Solid material of the earth and anything affixed permanently to it

Including: buildings, trees, minerals, water flowing on land or beneath it and air space above it

22
Q

Tacking

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A

When successive periods of use or possession by more than one person are added together to make up the 5 years required for adverse possession

23
Q

Encroachment

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A

Illegal physical extension on another’s property such as a wall or fence

-form of trespassing

24
Q

Licensee

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A

Privilege to be on someone’s property and authorization to engage in business, activity or profession

-can be cancelled by licensor (owner)

25
Adverse Possession
Acquisition of property by continuous, actual, open and notorious use of land of another without permission for period of time
26
Factors Affecting the Supply
Include labor force availability, construction, and material cost, government controls and monetary policy that impacts interest rates in the money supply
27
Financing
The business of providing the funds that make real estate transactions possible through loan secured by a mortgage or deed of trust on the property - with the funding provided by commercial banks, credit unions and mortgage bankers
28
Appraisal
Process of developing an opinion of the properties market value, based on established methods and appraisers professional judgment
29
Supply and demand
Influenced by uniqueness and immobility of parcels of real estate Uniqueness- no two parcels of real estate or ever exactly like Immobility- property cannot be relocated to satisfy demand where supply is low or greater When supply increases relative to demand prices go down and went demand increases relative to supply prices go up SIDD DISU
30
Appreciation
Holding property primarily for increasing value
31
Equity buildup
- amount invested in property - appreciation will result in equity buildup as a value of property increases * Equity may be lost if properties value decreases due to economic conditions or natural disaster
32
Depreciation (cost recovery)
Allows investor to recover the cost of an income-producing asset through tax deductions over the assets useful life
33
Advantages of investing in real estate
Include: - higher rate of return - greater control over the investment -appreciation overtime that leads to equity buildup -leveraging of funds to provide greater purchasing power - tax benefits of depreciation - deductions - use of a property exchange to avoid taxation
34
Types of real property
Residential: single-family or multi family housing Commercial: business property including office space shopping centers stores theaters hotels Mixed-Use: allows for two or more commercial and residential uses in the same building Industrial: warehouses factories land in industrial districts and power plants Agricultural: farms, timberlands, ranches and orchards Special Purpose: privately owned properties places of warship schools cemeteries municipal buildings parks
35
Liquidity
How quickly an ass I can be converted into cash
36
Factors affecting the demand
Include population, demographics, employment and wage levels
37
Property manager/management agreement
A person/company hired to maintain property on behalf of property owner Employment contract between owner and manager
38
Home inspection
Interest to both purchasers and homeowners, an inspection report will show results of a thorough survey of observable property condition
39
Sales person/sales associate/associate licensee
Employed by broker to perform brokerage activities on behalf of or for the broker
40
Broker
Person/company license to sell exchange or lease real property for others and to charge a fee for these services
41
Subdivision and development
Splitting a single property with smaller parcels (subdividing) and constructing improvements on the land (developing)
42
Disadvantages of real estate investment
* Lack of liquidity so that I may take a long time to convert into cash * Requires active management to make sure it is being managed properly
43
Types of housing
* Single-family detached house * Apartment building-apartment complex * Condominium-conventional ownership; deed * Cooperative-proprietary lease
44
Capital gain
Difference between the purchase price of property and it’s not selling price
45
Leverage
Use of borrowed money to finance investment

Real Property vs Personal Property (3 decks)

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