Property Ownership And Land Use Controls And Regulations

Front 1

Property

Back 1

A physical or tangible thing, something which is owned, such as land, a car or share of stock.

Hint 1

Property is anything which can be owned.

Front 2

Ownership

Back 2

Is the right to possess the property owned and use it to exclude others from entry

Hint 2

Includes the right to: occupy, sell or dispose, encumber; or, lease the property.

Front 3

The classes of property are divided into two primary categories

Back 3

Real estate and personal property

Hint 3

Immovable and movable

Front 4

What are the physical components of real estate?

Back 4

The land; anything affixed to the land, such as a fixture; anything appurtenant to the land; and anything which cannot be removed from the land by law.

Hint 4

Immovable and illuquid

Front 5

What does real estate include?

Back 5

Buildings, fences, trees, watercourses and easements within a parcels horizontal and vertical boundaries. Anything below the surface, such as water and minerals, or above the surface in the air space, such as timber, is part of the real estate.

Hint 5

Immovable objects above or below.

Front 6

What is a Fixture?

Back 6

A fixture is a personal property item which has become permanently attached to the real estate.

Hint 6

It is part of the real estate and is thereafter conveyed with it.

Front 7

Whats a Trade Fixture?

Back 7

Are used to render services or make products for the trade or business of a tenant, are always personal property.

Front 8

The primary component of real estate is LAND, land includes?

Back 8

Soil, rocks, other materials of the earth, and the reasonable airspace above the earth.

Hint 8

Physical components

Front 9

What are improvements?

Back 9

The structures built upon land, including residential and commercial properties consisting of foundations, framing, and roofing.

Front 10

What is an encumbrance ?

Back 10

Any claim or lien on a parcel of real estate, such as trust deeds, CC&Rs, easements, taxes or assessments.

Front 11

What is an easement?

Back 11

The right held by one property owner to use the land of another for a specific purpose, such as ingress and egress to the owners property.

Hint 11

The right to enter or use another’s land as an encumbrance on their title.

Front 12

Dominant tenement

Back 12

The property benefiting from an easement, who’s owner is entitled to use the easement.

Hint 12

Benefits from the easement

Front 13

Easements are classified as ?

Back 13

Prescriptive, a right of access gained through use. Appurtenant, the right to cross or use the property which runs with the property as an interest held in the burdened real estate. In Gross, which belongs to an individual, not land, as their personal right in the burdened real estate, generally applied to a utility company.

Hint 13

P A I

Front 14

What is a Lien

Back 14

A monetary encumbrance on a property securing the payment of a debt or performance of an obligation.

Hint 14

Judgments, taxes, mortgages, deeds of trust, HOA assessments, improvement bonds.

Front 15

On nonpayment of a lien amount

Back 15

The lien-holder can force the sale of the real estate to pay off and satisfy the lien.

Front 16

A lien always has a dollar value. Further a lien can be:

Back 16

Voluntary(debt) Involuntary (property tax, mechanics lien) places against a specific property, or General (judgment, income tax) filed against the individual and applied to all real estate owned by them in the county where the lien is recorded.

Front 17

Other encumbrances include?

Back 17

Encroachments, which are a trespass upon a neighbors property; and Restrictions, which are created by deed or by written agreement.

Front 18

What are Estates

Back 18

The ownership interests a person may hold in real estate. As defined by statue.

Front 19

Estate at sufferance

Back 19

Unlawfully retaining possession or property when tenant holds over and does not vacate on the expiration of the term of the tenancy. Also called it tenancy at sufferance.

Front 20

What is it Called when the tenant relinquishes his possession by mutual agreement with the owner?

Back 20

It is referred to as surrender.

Front 21

What is abandonment?

Back 21

When the tenant relinquishes possession with no intentions of returning and without the agreement of the owner.

Front 22

Any unused security deposit needs to be returned within____ Of the tenants surrender of the premises

Back 22

21 days

Front 23

Estate at will

Back 23

The occupation of lands and tenements by a tenant for an indefinite period with the payment of rent, terminable by either the tenant or the landlord at will. The landlords ongoing acceptance of rent creates a periodic tendency.

Front 24

Estate for life

Back 24

A freehold estate in land held by a person who is entitled to use of the property for the duration of their life or the life of another. Also called a life estate, it terminates and is eliminated on death of the controlling life..

Front 25

Estate for years

Back 25

And interest in property granting possession for a limited period of time such as a periodic tenancy or a lease agreement for a fixed term.

Front 26

The parties to at lease are the:

Back 26

Lessor, the owner of the real estate; and

Lessee, the tenant

Front 27

Rent

Back 27

Is compensation, usually paid periodically, and received by the landlord in exchange for the tenants use, possession and enjoyment of the property.

Front 28

What is the difference between a gross lease and a net lease?

Back 28

A gross lease States that the rental amount includes all property expenses while a Net lease States the tenant will be obligated to pay certain property expenses such as taxes, insurance and maintenance.

Front 29

What is a percentage lease?

Back 29

A a percentage lease states that rental payments will equal portion to the sales or income generated by the business of the tenant occupying the space.

Front 30

Facts applicable to leases include:

Back 30

- A lease in excess of one year must be in writing to be enforceable.

Items that must be stated in a written lease: Termination date, rental amount, name of the parties involved and, a description of the property.

Must be signed by the lessor, a copy of the signed lease must be given to the Lessee within 15 days, agricultural leases cannot exceed 51 years. Urban leases are limited to 99 years.

Front 31

Transfer of a lease may occur by:

Back 31

Sublease, the original lessee Retains an interest in the lease and is responsible for the rental payment while the right of possession is given to another, and and assignment of the lease, all right and possession are transferred to a new tenant..

Front 32

Easements

Back 32

The right to enter or use another’s land as an encumbrance on their title.

Front 33

Dominant tenement

Back 33

Benefits from the easement

Front 34

Servient tournament

Back 34

Is burdened by the easement

Front 35

Easements are classified as:

Back 35

Prescriptive, a right of access gained through use

Appurtenant, the right to cross or use a property which runs with the property as an interest held in the verdant real estate.

In gross, which belongs to an individual, not land, as their personal right in the burdened real estate, Generally applied to a utility company.

Front 36

Liens

Back 36

Liens are interest in real estate which secure payment or performance of a debt or other monetary obligation

Hint 36

A Trust deed loan or local property taxes

Front 37

A lien can be:

Back 37

Voluntary:(Debt )

Involuntary(property tax, mechanics lien) placed against a specific property, or

General ( judgment, income tax) Filed against the individual and applied to all real estate owned by them in the county where the lien is recorded.

Front 38

Other encumbrances include:

Back 38

Encroachments, which are a trespass upon a neighbors property; and

Restrictions: which are created by deed or by written agreement, such as conditions, covenants and restrictions (CC&R’s) in a community governed by homeowners association (HOA)

Front 39

Estates

Back 39

The ownership interest a person may hold in real estate

Front 40

Estates are classified as:

Back 40

Fee estates: Sometimes referred to as Inheritance or perpetual estates; and

Life estates

Front 41

When a life estate ends, the interest in the property is either:

Back 41

Returned to the original owner, called a reversionary right or

Transferred to another party called a remainder interest

Front 42

What are estates classified as less-than-freehold

Back 42

Leasehold estates

Front 43

A leasehold estate comes in a number of agreements which are:

Back 43

Periodic tenancy, such as month to month rental;

Estate for years, such as lease with a fixed term and termination date;

Estate at sufferance, such as a tenants hold over of a property beyond the expiration of a lease; and

Estate at will, such as a tenants continued occupancy beyond the lease term.

Front 44

How would you describe a condominium?

Back 44

A condominium is a legal form of ownership rather than a building design. Any space that can be defined by an engineer can be made into a condominium. Therefore, ownership of a condominium is defined as air space

Front 45

PUD ?

Back 45

Planned unit development, which may be a gated community or include a recreation center.

Front 46

Who are the parties to a lease ?

Back 46

Lessor, the owner of the real estate; and

Lessee, the tenant

Front 47

What is Rent ?

Back 47

Rent is compensation, usually paid periodically, and received by the landlord in exchange for the tenants use, possession and enjoyment of the property.

Front 48

Since the building and land in which the airspace exist is owned in common with other condominium owners, condominium properties generally contain a shared _____?

Back 48

Common area

Front 49

On the state exam, condominium questions will refer to _____, and PUD questions will refer to _______?

Back 49

Air space, and common areas.

Front 50

A ________ states that The rental amount includes our property expenses.

Back 50

Gross lease

Hint 50

In commercial real estate, Rental payments may be arranged in different ways.

Front 51

Net lease

Back 51

A net lease states The tenant will be obligated to pay certain property expenses such as taxes, insurance and maintenance.

Front 52

A _______ lease states that Rental payments will equal portion to the sales or income generated by the business of the tenant occupying the space.

Back 52

Percentage

Front 53

Items that must be stated in a written lease:

Back 53

Termination date, rental amount, name of the parties involved, description of the property.

Front 54

Written leases must be signed by the ___ to be enforceable

Back 54

Lessor

Hint 54

The owner of the real estate

Front 55

A copy of the signed lease must be given to the lessee within ?

Back 55

15 days

Front 56

Agricultural leases cannot exceed_____? Urban leases are limited to____?

Back 56

51 years , 99 years

Front 57

Transfer of a lease may occur by:

Back 57

Sublease- the original lessee retains an interest in the lease and is responsible for the rental payment while the rate of possession is given to another, and

An assignment of the lease- All right and possession or transferred to a new tenant.

Front 58

When the tenant relinquishes possession by mutual agreement with the owner, it is referred to as _____?

Back 58

Surrender

Front 59

If the tenant relinquish his possession was no intent of returning and without the agreement of the owner, it is called ______?

Back 59

Abandonment

Front 60

The security deposit on a residential rental is limited to ?

Back 60

Two months rent on an unfurnished unit and three months rent on a furnished unit.

Front 61

Any unused security deposit needs to be returned within _____ of the tenants surrender of the premises.

Back 61

21 days

Front 62

Metes and bounds

Back 62

Which sets forth all the boundary lines together with their terminal points and angles.

Hint 62

Meats and bounds description is generally used when a great deal of accuracy is required.

Front 63

Metes

Back 63

Length or measurements

Front 64

Bounds

Back 64

Boundaries

Front 65

Lot, block, tract

Back 65

Based on a recorded subdivision map

Front 66

Government survey

Back 66

Broken into a series of sections and townships.

Front 67

There are numerous questions on the state exam related to the size and location of sections, as well as the number and location of the three baseline and Mouradian systems in California consisting of :

Back 67

Humboldt (north)

Mt. Diablo (central)

San bernardino (south)

Front 68

What are the four main constitutional powers

Back 68

Police power, power of eminent domain, power to tax, Escheat

Hint 68

PETE

Front 69

Police power

Back 69

Police power is the basis for laws governing such things as highway construction and maintenance, rent control, zoning and traffic.

Front 70

Eminent domain

Back 70

The right of the government to take private property for public use. However, the government must pay the owner fair market value of the property taken.

Front 71

What is the process of using the power of eminent domain called?

Back 71

Condemnation

Front 72

What are examples of eminent domain that include condemning property

Back 72

Provide highways and roads, establish parks, construct flood control levees, and provide land for redevelopment.

Front 73

Examples of eminent domain include condemning property to:

Back 73

Provide highways and roads, establish parks, construct flood control levees, and provide land for redevelopment.

Front 74

______ occurs when property reverts to the state government when someone dies with no will or heirs.

Back 74

Escheat

Front 75

Who is the only entity that may acquire property through escheat?

Back 75

State government

Hint 75

Never an individual

Front 76

Zoning and building codes relate to ?

Back 76

Government control of real estate development.

Front 77

Police power relates to ?

Back 77

Government control of public health and safety

Front 78

New construction is built in conformance with?

Back 78

Public controls

Front 79

Public controls are enacted through ?

Back 79

State codes and regulations, zoning ordinances, local general and master plans, and building codes.

Front 80

The real estate commissioner administers the?

Back 80

Subdivided lands law

Front 81

The subdivided lands law protects buyers from ___ or fraud In the initial sale of a subdivided property of 160 acres or less

Back 81

Misrepresentation

Front 82

What is a public report

Back 82

The public report provides critical disclosures and information.

Front 83

The______ Has to do with the physical aspects of a subdivision

Back 83

Subdivision map act

Hint 83

Locally controlled through general plans and planning commissions