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46 Cards in this Set

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