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112 Cards in this Set
- Front
- Back
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Bundle of rights |
Another word for property |
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Ownership |
The right to possess the property owned and use it as well as exclude others from entry |
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What rights doesthe right to possess and use the property include? |
Occupy, sell or dispose, encumber, or lease |
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What are the two categories of the classes of property? |
Real estate (real property) and personal property (chattel) |
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What is the difference between real estate and personal property? |
Real estate is immovable and illiquid. Personal property is movable and defined as property which is not classified as real estate. Both, however, can be used as collateral for a loan |
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Bill of sale |
The way personal property is transferred by the seller |
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Does public record show title to personal property? |
No only real estate |
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are crops part of real estate or personal property? |
They are considered personal property when they are planted annually. If a crop is already planted, they are considered personal property once they are harvest, mortgage, or sold |
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Appurtenance |
All right belonging to a property, affect title to property, all those rights privileges and improvements which belong to impasse with the transfer of the property but I which not a part of the property. These include rights of way, easements, water rates, and the use of improvements located on another property |
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What are the physical components of real estate? |
The land, anything affixed to the land such as a fixture, anything pertinent to the land, and anything which cannot be removed from the land by law |
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What does real estate include? |
Buildings, fences, trees, water courses, easements within a parcels boundaries |
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Air and water and minerals are considered part of the real estate |
True |
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When is a fixture real estate ? |
When it has become attached permanently to the real estate |
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MARIA |
The fixtures test M - method of attachment A - agreement of parties R - relationship of the parties I - intention of the parties A - adaptability of the fixture |
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Trade fixtures |
Used to render services or make products for the trade or business of a tenant and are always personal property |
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Land includes: |
Soil, rocks, other materials the earth, and the reasonable air space above the earth |
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Improvements |
Structures that are built upon land including residential and commercial properties consisting of foundations, framing, and roofing |
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Easement |
The right to enter are using those land as an encumbrance on their title |
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Dominant tenement |
The one that benefits from the easement |
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Dominant tenement |
The one that benefits from the easement |
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Servient tenement |
Is burdened by the easement |
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What are the three types of easements? |
Prescriptive, appurtenances, and ingross |
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Prescriptive easement |
Right of access gained through use |
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Appurtenant easement |
The right to cross are use a property which runs with the property as an interest held in the burden real estate. |
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Does the buyer of a real estate in which the seller possess a dominant tenancy in the same right over the servient property when either property is transferred? |
Yes |
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easement in gross |
Belongs to an individual, not land, as their personal right in the burden real estate, generally applied to utility company |
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Liens |
Interests in real estate which secure payment and performance of a debt or any monetary obligation |
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Can a lien holder force the sale of real estate to pay off and satisfy the lien? |
YES |
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A lien can present itself in any of the following ways: |
Voluntary (debt), involuntary (property tax, mechanics lien) or general (judgement, income tax) |
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Encroachment |
What type of encumbrance which trespass on the neighbors property |
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Encroachment |
What type of encumbrance which trespass on the neighbors property |
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Restrictions |
An easement created by deed or written agreement such as a CC and R for properties that have things like an HOA |
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Fee estate |
An ownership interest sometimes called an inheritance or perpetual estates |
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Life estates |
An interest in a parcel of real estate lasting the lifetime of the named life |
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Fee title |
Owners of a freehold estate own these and these properties are held in perpetuity whole life estate properties |
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Reversionary right |
When the interest in the property is returned to the original owner upon expiration of a life estate |
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Remainder interest |
When the interest in the property is transferred to another party after the expiration of a life estate |
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Leasehold estates |
Estates classified as less than freehold |
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What are the four common forms of leasehold estates? |
Periodic tenancy, estate for years, estate at sufferance, estate at will |
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Estate at sufferance |
A tenants holdover of a property beyond the expiration of a lease |
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Estate at sufferance |
A tenants holdover of a property beyond the expiration of a lease |
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Estate at will |
A tenants continued occupancy beyond the lease term |
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How does it work to own a condo? |
You own the airspace of the condo but not the land under or the air above since you share that land and air with other condo owners |
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On the exam, if a “shared space” question appears, which one refers to air space? |
Condos |
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On the exam, if a “shared space” question appears, which one refers to air space? |
Condos |
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On the exam, when asking about “shared spaces,” which type of space will refer to common areas? |
Planned unit development (PUD) |
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Lessor |
The person who owns the real estate being rented |
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Lessee |
The tenant of a rental property |
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Gross lease |
States that the rental amount includes all property expenses |
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Net lease |
States the tenant will be obligated to pay a certain property expenses such as taxes, insurance, and maintenance |
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Percentage lease |
States that rental payments will equal portion to the sales her income generated by the business of the tenant occupying the space |
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What kind of lease must be in writing in order to be enforceable? |
Lease longer than a year |
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What kind of lease must be in writing in order to be enforceable? |
Lease longer than a year |
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What must a written lease state? |
Termination date, rental amount, name of parties involved, description of the property |
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Who has to sign the lease in order for it to be enforceable? |
Lessor |
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How many days must A signed lease be given within to the lessee? |
15 days |
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How many days must A signed lease be given within to the lessee? |
15 days |
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What is the time limit for an agricultural lease? |
51 years |
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What is the time limit on an urban lease? |
99 days |
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What are the two ways you could transfer a lease? |
Sublease or assignment of the lease |
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Surrender |
When the tenant really pushes possession by mutual agreement with the owner |
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Abandonment |
If the tenant relinquish his possession with no intent and returning without the agreement of the owner |
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What is the limit on how much a security deposit can be? |
Two months rent unfurnished, 3 months rent furnished |
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How long does a landlord have to return the security deposit ? |
21 days |
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Descriptions of property |
A property can be described in a variety of ways including meats and bounds, lock block tract based on a recorded subdivision map, or government survey |
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Descriptions of property |
A property can be described in a variety of ways including meats and bounds, lock block tract based on a recorded subdivision map, or government survey |
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Meets and bounds |
Sets forth all the boundary lines together with their terminal points and angles! This is for when a great deal of accuracy is required. |
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Lot/block/tract |
Where a property is according to a subdivision map |
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Government survey |
Breaks down the description of the property into a series of sections in townships |
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What are the four main constitutional powers that have authority to enact laws regulating real estate activities? |
PETE police power (Power of)eminent domain (Power to) tax Escheat |
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Eminent domain |
The right of the government to take a private property for public use |
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If eminent domain is an acted upon a property, what does the government have to pay the owner of that property? |
Fair market value of the property taken |
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What is the process of using the power of eminent domain? |
Condemnation |
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What does the power to tax do? |
Power to tax generates revenue and funds state and local government functions under police power |
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What does the power to tax do? |
Power to tax generates revenue and funds state and local government functions under police power |
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Escheat |
When someone dies with no will or heirs |
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Can an individual acquire property through escheat? |
NO! Escheat is only for the government |
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Public controls |
Rules for new construction enacted through state codes and regulations, zoning ordinances, local general and master plans, and building codes |
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Subdivided lands law |
Protects buyers from misrepresentation or fraud in the initial sale of a subdivided property of 160 acres or less |
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Public report |
Provides critical disclosures and information about real estate |
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Subdivision Map Act |
A California subdivision loss setting forth the conditions for approval of the subdivision map and inquiring and asked me if subdivision ordinances under which local governments control the types of subdivision projects which may be undertaken in the physical improvements to be installed in the area |
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Court procedures and judicial actions that relate to public controls are: |
quiet title action (perfecting the title), probate, adverse possession, intestate succession, execution sale |
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Quiet title action |
Clears a cloud from a property’s record |
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Probate |
Each additional proceeding to satisfy debt and properly distribute assets after a property owners death |
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Adverse possession |
A method of acquiring title to real property through possession of the property by a person other than the owner of record for a period of five years in an open notorious manner |
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Intestate succession |
When a property owner with heirs dies with no will, title is transferred to an order of the probate court |
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Execution sale |
Property is sold to satisfy a judgment |
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When is flooding considered “frequent?” |
When it occurs more often than once every ten years |
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Private controls |
Limitations on owners use of property created by those as in the government, such as a developer or HOA |
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Private controls |
Limitations on owners use of property created by those as in the government, such as a developer or HOA |
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How can private controls be created? |
Deed restrictions by an owner, a developer is restrictions for the subdivision, or CC&R’s which place limitations on properties mutually agreed used by all property owners in a condo or PUD |
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Private controls |
Limitations on owners use of property created by those as in the government, such as a developer or HOA |
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How can private controls be created? |
Deed restrictions by an owner, a developer is restrictions for the subdivision, or CC&R’s which place limitations on properties mutually agreed used by all property owners in a condo or PUD |
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Mello Roos district |
Living in a place that has a special tax assessment |
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Riparian rights |
The owners rights to surface waters on their property |
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Riparian rights |
The owners rights to surface waters on their property |
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Overlying rights |
The owners rights to ground water underneath their land |
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What are the legal rights to extract and use water? |
The land owners rights, appropriate of rights to withdraw water under license from the state, and prescriptive rights to withdraw water legally entitled to use by others |
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Alluvium |
The boundary of a property that has changed due to the relocation of a river or stream |
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Accession |
The physical addition two properties through man-made efforts or by natural forces |
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Accretion |
Accession by natural forces, refers to the gradual accumulation of additional layers of soil |
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Avulsion |
Sudden decrease or increase of earth on a short of an ocean or stream resulting in the action of the water, usually occur after severe storms |
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Reliction |
Gradual recession of water with the land currently uncovered |
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Littoral rights |
Refers to the property rights of a property bordering a Lake, Pond or ocean |
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Adobe |
A type of soil naturally occurring heavy material which readily cracked and is composed of primarily find Green Meadows |
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Alienation |
The transfer of interest in a property to another, the transfer of property in possession of land, or other things, from one person to another |
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Alkaline |
The soil with a pH level above seven |
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Appropriation |
The action of taking some thing for ones own use such as water from the stream |
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Assemblage |
The combining of land parcels to create a higher value than the sum of their parts |
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Deciduous |
A tree that loses its leaves each year |
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Deciduous |
A tree that loses its leaves each year |
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Expansive |
Trials and expanding water is added then shrink when they dry out. Such continuous change in soil condition can cause property built on the soil to settle in |
