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Real Estate > Unit One - Real Estate > Flashcards

Unit One - Real Estate Flashcards

(99 cards)

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1
Q

What are the 2 types of property??

A

Personal Property and Realty

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2
Q

Personal Property is also know as what?

A

Also known as chattel. By definition anything that is NOT realty. (land). Transferred by a Bill of Sale.

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3
Q

Purpose of deeds?

A

Transfer must be in writing. Recorded to give constructive notice but not required. Grantee must accept the deed.

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4
Q

Realty is what?

A

Land, Real Estate and Real Property. Purchased with a deed.

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5
Q

Fructus Naturals

A

What grows naturally on land.

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6
Q

Fructus Industriales

A

Crops planted by humans.

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7
Q

Emblements

A

Fruit from annual crops. Personal property.

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8
Q

Appurtenances

A

Something that runs with the land.

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9
Q

Tangible / Corporeal

A

Touch, Feel, see. (intangible/ incorporeal is something you cant touch see feel.)

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10
Q

Bundle of rights

A

Posession, Enjoyment, Exclude, Disposal, Control = PEEDC

Which is Intangible/ incorporeal appurtenances Also knows as Fee Simple Absolute..

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11
Q

What is the strongest deed what is the weakest deed?

A

General Warranty deed is strongest and Quitclaim is the weakest.

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12
Q

Warrant of seison

A

Grantor is the owner and is in my best mindset.

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13
Q

Warrant against encumbrances?

A

Promising buyer no undisclosed information about the title.

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14
Q

Quitclaim deed

A

Used for quick fixes, usually to transfer ones interest on or off the realty. .

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15
Q

Deed of trust?

A

Transfers title only to trustee. But buyer retains ownership right of occupancy and bundle of rights until note is paid off.

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16
Q

Sheriffs deed

A

Deed given by court following foreclosure.

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17
Q

CLTA Title insurance

A

California Land Title Assoc. protects the grantee. (protects against encumbrances on title and will defend you throughout ownership challenge)

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18
Q

ATLA Title Insurance

A

Protects mortgage or beneficiary.

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19
Q

Patent

A

Very first transferof title from govn’t to owner.

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20
Q

Root of title

A

Beginning of ownership.

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21
Q

Chain of title

A

List of all grantees and grantors.. ( Present all the way to the root)

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22
Q

Abstract (Summery Report)

A

Lists in details the activity of title. (Ex: Owners, utilities since 1945)

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23
Q

Cloud on title (encumbrance)

A

Any claim that will impair title.

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24
Q

Quiet title

A

Court ordered closing a gap or cloud in a chain of title

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25
Equitable title
Owner Will Carry - Vendor holds legal title & vendee has bundle of rights and equtiable title until final payment then vendee will receive legal title.
26
Limited, Special deed
Only guaranteeing what they did to the title during their ownership. NOT before or after.
27
Owner Policy
Paid in cash, no note (loan).
28
Lender Policy
If you lend it you get lenders policy.
29
Offer acceptance
M and M signing of a contract.
30
Vendor/Vendee is before or after legal title?
BEFORE. Grantor and grantee is after the deed.
31
Dedication of title
Transfer from private to govn't. (like a rich person donating a park)
32
Granting Clause
Verbage to describe transfer.
33
Vesting
How did the buyer takes title.
34
Consideration
Something of value - Money, goods, love, Nominal (name sake only). 1 of 4 is a vaild deed.
35
Riparian
Flowing bodies of water adjacent to landowner
36
Littoral
Non flowing (ocean sea or lake)
37
Navigable
Public
38
Estrovers
Wood. Gives tenant right to get timber but not to clear the land.
39
Prior of appropriation
State controlled water, need a beneficial use to use water to get a permit.
40
Severance
Real to personable property. Tree cut down turns into personal.
41
Allodial Land System
USA! Private ownership subject to govn't restriction.
42
Fevdal
Government owns the land and everything.
43
Adverse Possession
Squatters. Using someones property w/o permission. Using must be continuous. Required length of time to squat (prescribed period). *You file for ownership.
44
Encroachment
The fence is on someone elses land. (Grantee needs to survey land first)
45
Fixture -Improvements
Personal property yhat has been attached so now real property.
46
Trade Fixture (tenant installed)
personal property at commerical property. (booths)
47
Accession
Personal property that is now real property. (leaving something behind. )
48
Datum/ benchmark
Elevation/ sea level
49
Erosion
gradiual loss of land
50
Accreation
Gradual addition to land
51
Avulsion
sudden violent loss of land.
52
Variance
Exception to zoning if it doesn't change zoning.
53
Escheat
Ownership reverts back to government if no heirs are alive.
54
Inchote
The rights are in limbo.
55
Eminent Domain
The "right or power" to take private land for public use.
56
Condemnation
Taking privately owned property Or inverse condemnation is the realty owner forcing the government to buy his property because of government action.
57
Vesting
How buyer took title
58
License
Permission to use land, can revoke license.
59
How to close a gap?
With a quiet title or quitclaim.
60
Cloud/ Encumbrance
Imperfection on title
61
Severence
Real to personal property
62
Limited/ Special Deed
Taking responsibility ONLY while title was in hand.
63
Encroachment
Fence is on His land.
64
Fixture
Improvments/ Apart on realty
65
Trade Fixture/ tenant installed
Personal property at a commericial property.
66
Acession
Personal property that is left now real property.
67
Datum/Benchmark
Elevation markers. OG is NY state harbor.
68
Fee Simple Absolute
Highest form of ownership
69
Fee simple Determinable
Own it "so long as" also known by defeasable, qulified, base.
70
Life Estate
Full ownership until Life tenant dies. NOT inheiritble.
71
Reversion Interest
Grantor or heirs get realty back when grantee dies. | pur autre vie reversion interest - they get realty back if someone named other that grantee dies.
72
Remainder Interest
Ownership goes back to a 3rd party named.
73
Pur Autre Vie
For the life of another
74
Legal life estate
Dower, Courtsay, homestead.
75
Inchote
Rights in limbo
76
Nevada is a community property
Dower & Courtsay not legal in nevada
77
Restrictions on realty
PETE - Police power, eminate domain, escheat & taxation.
78
Assesment restriction
Improvement tax for local improvements to the area.
79
Amendement Restriction
Property rezoned for a greater use. Up zoning (residential to commerical)
80
Down Zoning
Lesser use like commericial to residential
81
Buffer Zone
between zones like green belt area.
82
Permit will not go through with sale
Variance will go through with sale
83
Nonconforming
Grandfather clause is an exemption to new law
84
Conditional Use permit
Allowed to use property different than what zoning but you need to apply for one.
85
Variance
Exception for undue hardship on current zoning
86
Spot zone/ Special use
Church, school, post office.
87
Escheat
Ownership reverts to state. Because owner died intestate and had no heirs
88
Taxation
Contribution to support of govnt and people. like police and firefighters.
89
Eminant Domain
Right or power of govn't to take private land for public use. Process or act of condemnation.
90
Comdemnation
The acutal taking of private property
91
Inverse Comdemnation
Govn't caused harm to property value, private owner sues govn't to buy property.
92
Social Restrictions
Private police power - CC and R, HOA.
93
Naked title
Borrower gets full bundle of rights
94
Dedication of title
Private citizen giving realty to government.
95
Fee Simple Absolute
The highest form of ownership.
96
Fee Simple - Determinable
"So long as" Owning property "so long as" you do not ever plant oranges on the property. If you do you lose ownership. Also known as defeasble, base and qualified.
97
Leins
A claim of money one has agaisnt the property of another.
98
Mechainics Lien
Applied by a person making repairs or doing work on property. Owner failed to pay the debt since the day they began work.
99
Laches
Loss of legal rights due to faillure to assert them on a timed basis.

Real Estate (8 decks)

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