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46 Cards in this Set
- Front
- Back
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Air rights
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right associated with air space over a parcel of real estate
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Book value
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the value of a property according to accounting methods
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Condominium
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form of fee ownership of separate units plus undivided interest in common areas
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Conservation easement
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restriction on use to conservation or wild life habitat
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Cooperative
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form of stock ownership, with right of use of a unit, but undivided ownership in whole property
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Easements
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right to use property
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Easement in gross
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a right to use property that does not run with the land (e.g. a pipeline or utility easement)
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Equity
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down payment, or money put into a venture other than borrowed funds
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Equity syndication
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an entity that buy as opposed to loaning on a venture
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Fee simple
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absolute interest unencumbered by any other interest
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Fractional interest
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an ownership interest other than full ownership
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General partnership
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a partnership where all partners are liable for the acts of other partners
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Gross lease
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owner pays all expenses
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Joint tenancy
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ownership with right of survivorship
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Land trust
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independently owned properties conveyed to a trustee
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Leased fee
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owner's (landlord) interest in leased property
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Leasehold
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interest held by tenants in leased property
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Leasehold mortgage
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tenant subordinating a lease to a debt holder
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Lessee
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tenant, the owner of the leasehold estate
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Lessor
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owner of the underlying fee who leases to a tenant (lessee); owner of the leased fee interest
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Life estate
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total ownership to lifetime of designated party
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Limited liability corporation
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a corporation that takes on partnership characteristics with limiting some liability
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Limited partnership
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a partnership where at least some partners are limited in liability and loss to their investment & some are general parnter(s)
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market rent
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the rent that a property probably would command if available to lease to the open market
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Modified gross lease
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a lease where the owner/lessor pays most expenses, but the tenant pays some
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Mortgage
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a legal instrument to pledge property to secure a loan
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Net lease
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tenant pays all or some of the expenses
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Partial interest
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an ownership interest other than complete ownership
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Partnership
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2 or more persons or entities who pool funds for ownership, lending or some other business enterprise
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Preservation easement
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restriction for use for historic properties
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Sandwich lease
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a lease position where the tenant is leasing to another tenant, but either pays the owner or a previous tenant lease payments
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Stock corporation
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a corporation that issues stock as evidence of ownership
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Sublease
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tenant leasing from another tenant
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Subsurface rights
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right to use & profits of portion of property under the surface
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Tenancy
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holding of property by any form of title, rights conveyed in a lease of occupancy
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Tenancy by entirety
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an estate by husband and wife with joint ownership that cannot be sold during their lifetime without both's consent
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Tenancy in common
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undivided interest by two or more persons
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Timesharing
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sale of either limited ownership interest in, or right to use of residential rooms
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Transferable developement rights (TDRs)
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a right not used by the land owner, but sold to other land owner in another location
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Trust
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an entity where the settlor transfers ownership to a trustee for benefit of a beneficiary
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Tenancy from period to period
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No stated term, each payment renews tenancy for that time period
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Tenancy for years
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specified beginning & end of lease period
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Assignment
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tenant transferring rights by a lease to a subsequent tenant
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Vertical interest
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the rights established by subsurface, surface, and air rights
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Syndication
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partnership that pools funds for acquisition and development of real estate projects
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Partition
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legal action to divide property owned by more than one person or entity
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