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Real Estate > Unit 2: Real Property + Forms of Ownership > Flashcards

Unit 2: Real Property + Forms of Ownership Flashcards

1
Q

What is land?

A

Earth’s surface, downward, center, and upward. Includes permanently attached objects

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2
Q

What is real estate?

A

Land, and permanently attached objects

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3
Q

What is real property?

A

Real estate, interest, benefits, and rights with ownership

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4
Q

What is personal property?

A

Everything that is to real property. Also called chattel

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5
Q

What is improvements?

A

Artificial attachments to land (fence, buildings, walkways)

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6
Q

What is real property ownership include?

A

Rights of enjoyment, disposition, possession, control, exclusion, and others (EDPCE)

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7
Q

What are fixtures?

A

Anything permanently attached to land, or structures on land. Included with sale of real property unless negotiated.

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8
Q

What are the 5 basic tests to determine if a fixture is real or personal property?

A

Method of Annexation, adaptability for use, relationship of parties, intention in placing, and agreement of parties (MARIA)

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9
Q

What are the physical characteristics of land?

A

immobility, indestructibility, and uniqueness (non homogeneity)

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10
Q

What are the economic characteristics of land?

A

scarcity, improvements, permanence of investment, and situs (location)

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11
Q

What is a monument?

A

a permanent man-made or natural physical marker

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12
Q

What are the 3 primary form of legal descriptions?

A

lot and block, metes and bounds, and rectangular survey

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13
Q

What is the bundle of rights?

A

the right to use the physical components of land: the surface, subsurface, and air rights.

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14
Q

What is included in the bundle of rights?

A

air, water, mineral, possession, control, exclusion, enjoyment, and disposition

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15
Q

What is a fee simple?

A

also called fee, a form of ownership

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16
Q

What is tenancy?

A

possession (not ownership)

17
Q

What is title?

A

evidence of ownership

18
Q

What is an estate?

A

legal interest one has in property

19
Q

What is interest?

A

a right or claim to property

20
Q

What is a fee simple subject to a condition subsequent?

A

Estate that doesn’t end automatically when stated event/condition occurs. IF violated, original owner has to take action to resume ownership

21
Q

What is a fee simple determinable?

A

Estate that ends automatically when stated event or condition occurs. Property will go back to original owner

22
Q

What is a fee simple defeasible?

A

When property holders owns project subject to a condition. IF condition is breached, property goes back to original owner.

23
Q

What does a fee simple convey?

A

All rights of ownership (use, disposition, and inheritability)

24
Q

What is a leasehold estate?

A

Takes possession and control

25
Q

What is a freehold estate?

A

Takes possession, control, and and title (ownership)

26
Q

What is a percentage lease?

A

Lease where tenant pays base rent plus percentage of any revenue earned during business

27
Q

What is a gross lease?

A

landlord pays all expenses related to the property and recoups these expenses in the rent rate

28
Q

What is a net lease?

A

tenant pays one, two, or three of the taxes, insurance, and maintenance (TIM) expenses related to the property, in addition to the rent.

29
Q

What is a lien?

A

claim against property made by someone in order to secure payment of a debt

30
Q

What is a collateral?

A

asset that has been pledged by recipient of loan as security on value of loan

31
Q

What is a subordination agreement?

A

arrangement a lien holder agrees to downgrade its lien priority to another lien holder

32
Q

What is a legal description?

A

description of the land that specifies boundaries and location of a piece of real property

33
Q

What is a survey?

A

professional on site measurement of lot lines, dimension of a property, location of any improvements on lot, any encroachments, and easements of public record

34
Q

What is a life estate?

A

Based on life of person who holds estate

35
Q

What is a loft lease?

A

provides for rental of floor space for open, loft style spaces

36
Q
A

Real Estate (7 decks)

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