Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
24 Cards in this Set
- Front
- Back
|
Give an accurate brief definition for real property |
is all the interests, benefits, rights inherent in ownership of physical real estate |
|
|
Give an accurate brief definition for real estate |
is physical land and items attached on the land |
|
|
Give an accurate brief definition for personal property |
is all property that isn't classified as real estate |
|
|
Give an accurate brief definition for fixture |
is something that was once personal property that has been attached to land or building permanently |
|
|
What are the four powers of government |
eminent domain, escheat, taxation, police power |
|
|
Give an accurate brief definition for police power |
where property is regulated to protect public safety, health, and general welfare. |
|
|
Give an accurate brief definition for Eminent Domain |
right of the government to seize personal property for public use upon the payment of compensation |
|
|
Give an accurate brief definition for taxation |
right of government to tax property and other things |
|
|
Give an accurate brief definition for escheat |
right of government to take ownership of property after their owner dies without a will |
|
|
Give an accurate brief definition for fee simple |
absolute ownership that isn't unencumbered by anything and only subject to four powers of governement |
|
|
Give an accurate brief definition for lein |
a lien is something you offer as collateral if you do not repay a loan |
|
|
Give an accurate brief definition for encumbrance |
it is an interest or right in real property that increases or decreases its value |
|
|
Give an accurate brief definition for Price |
the sum of the amount of money for which something is bought or sold |
|
|
Give an accurate brief definition for value |
an opinion of what the buyer and/or seller thinks the item/property is worth |
|
|
What are the four criteria of highest and best use? |
Legally permissible Financially feasible Physically possible Maximally productive |
|
|
What are the tree most common types of legal descriptions? |
Lot and block meets and bounds rectangular survey |
|
|
What is the Principal Meridian |
vertical north-south line that runs through the initial point |
|
|
What is the Base Line |
horizontal east-west line that runs through the initial point |
|
|
Where within a township are correction sections located? |
Located along the north and west borders of the township |
|
|
Where within a correction section are correction lots located? |
the north and west borders of the correction section |
|
|
The Sales Comparison Approach to value is based on the Principle of: |
Substitution |
|
|
Give an accurate brief description of Elements of Comparison |
Property or transaction characterstics that might influence price |
|
|
Give an accurate brief description of Units of Comparison |
An increment by which quantities of the same type may be measured |
|
|
What is the proper adjustment sequence for the Sales Comparison Approach to value? |
1. Property Rights Conveyed 2. Financing Terms 3. Conditions of Sale 4. Change in Market Conditions (Time) 5. Everything else |
