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25 Cards in this Set

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WHICH FOUR RIGHTS DO LAND INCLUDE?
Surface rights

Subsurface rights

Air Rights

Profit - the right to remove items sucj as topsoil or minerals from land belong to another.
REAL PROPERTY ?
includes all rights, interests, and benefits inherent in the ownership of physical land and all structures affixed to it.
PERSONAL PROPERTY ?
(chattel) anything that is not real estate.
TESTS OF A FIXTURE ?
(MARIA)
Method of attachment (least important)

Adaptability to property

Relationship of parties

Intention of party when it was affixed

Agreement between the parties (most important)
Rectangular (government) Survey ?

Township info ?
Has meridians (north/south) and baseline (east/west)

36 one-mile square sections

each section has 640 acres

each acre contains 43,560 square feet.
WHAT RIGHTS DO THE GOVERNMENT HAVE WITH LAND ?
Property Tax

Eminent Domain

Police Power

Escheat
FEE SIMPLE ABSOLUTE ?
features the largest, most complete bundle of rights.
FEE SIMPLE DETERMINABLE ?
features ownership so long as a condition is met.
LIFE ESTATE ?
features ownership for the duration of an individual's lifetime.
WHAT IS FLOOR AREA RATIO (FAR)?

The FAR is 4:1. We are using 50% of the lot for improvements. What is the maximum building height?
is the ratio of floor space to land.

8 stories.
LEASED FEE ESTATE ?
is the lessor's (landlord's) interest.
LEASEHOLD ESTATE ?
is the lessee's (tenant's) interest.
ENCUMBRANCES ?
is any clain, right, or interest, held by one who is not the legal owner of the property.
EASEMENT ?
is the right to use lands of another for a special purpose.
APPURTENANT EASEMENTS ?
features both a dominant
property (one served by the easement) and a servient
property (one used by the easement holder)
EASEMENTS IN GROSS ?
has only a servient property.
DEED RESTRICTION / RESTRICTIVE COVENANT ?
are privately created limitations on land use.
LIEN ?
is a claim on land to secure payment of a debt.
ENCROACHMENT ?
is an unauthorized use of another's land.
PROMISSORY NOTE ?
is a contract that establishes a promise to repay, identifies the borrower and lende, and specifies the amount of the debt and the terms of repayment.
MORTGAGE ?
is a contract that pledges property as security for repayment of a debt, and includes provisions for the lender to sell the property if the mortgage is violated.
DEED OF TRUST ?
there are three parties to a deed of trust. The borrower/buyer is the
trustor. The third party/escrow company is the
trustee. The lender/bank is the beneficiary.
A property was purchased for $97,500. Discount points of $1,706.25 were charged. The loan-to-value ratio was 70%. How many discount points were charged?
2 1/2 points.
DEED ?
conveys ownership of real estate. The type of estate or interest conveyed to the purchasher is specified in the HABENDUM CLAUSE.
EQUITY ?
is the difference between today's market value and today's debt against the property.