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53 Cards in this Set

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  • Back
Real Estate
lan and all improvements on and to the land, by nature or humans
Real property
real estate plus leal rights, powers, priviledges inherent in ownership
bundle of rights
intangible rights: air, water, mineral, easment, leases, mortgages, licenses, profits, vuild, dispose, sell,encumber...
personal property/ chattel
everything tangible, readily moveable. harvest from crops
air rights
rights to area above the earth
subsurface/mineral rights
rights to area below the earth's surface
water rights
percolating, riparian, and surface
percolating water rights
water underground drawn by wells
riparian rights
belong to owner bordering a flowing boody of water
littoral rights
belong to owner bordering stationary body of water
fixture
improvements both on and to the land
the three types of fixture:
attachment, adaptation, and agreement
attachment
physical connection of objects to the real estate
adaptation
how an objects specifically fits the real estate
agreement
items specified by owner that constitute a part of the real estate and those that do not.
trade fixture
personal property that a business operator installs in rented building space..remains personal property
estate: freehold and non-freehold
an interest in real property sufficient to give the owner of the state the right to possess.
freeholder (estate)
landowner: fee simple (inheritable) and life
non-freeholder (estate)
rentor with rights....determinable end
Fee simple Absolute
complete ownership and all bundle of rights.The assumed etstae on a deed.
Fee simple Defeasible:
fee simple on condition
qualified fee simple
(fee simple absolute with a condition)
Fee simple on condition
Includes "but if" so it can be taken away if not followed on how property can be used. infinite
Qualified fee simple
Includes: "as long as" so it can be taken away if specified used is not continued. rare
Life estate
ownership, possession, and control for someone's lifetime: estate in remainder or estate in reversion
estate in remainder (remainders)
recieve title upon death of grantee (life tenant)
estate in reversion
possession of the property will go back to the owner at the end of the lease
dower/curtesy
automatic life estates owned by a surviving spouse
homestead life estate
only home to surviving spouse
pur autre vie
D conveys home to E until the death of F
act of waste
(in every lease)
life tenant abuses or misuses the property. Those with remainder or reversion interest can bring a lawsuit
Nonfreehold (leasehold) estate
estate for years, periodic estate, estate at will, estate at sufference
estate for years
(fixed termination)
lease inheritable, purchaser honors lease
periodic estate
(estate from year to year)
automatically renews if one party does not give 15-30 days notice to the other.
estate at will
indefinite. 30 days notice. house sitting.
estate at sufference
tenant who is originally in lawful possession of another's property but refuses to leave upon expiration of the lease is termed a holdover tenants
ownership in severalty
only one owner
right of survivorship
if one or more owners dies,
the surviving co-owners automatically receive the interest of the deceased.
unities of ownership
unity of time, title, interest (%), and possession.
possession of undivided interest
all owners have the right to possess or access any and all portions of the property owned, without physical division
Tenancy in common
-2 or more holding title to a property at the same time.
-usually inherited or no vesting choice decided when bought
-Unity of possession
-undivided interest
-no right of survivorship
-not joint, not equal
partitioned
legal action so that each tenant may have a specific and divided portion of the property exclusive
Joint tenancy
-all 4 unities
-right of survivorship
Tenancy by the entirety
-husband and wife
-no tax/no change
-divorce changes to t.i.c.
-right of survivorship
Trustee
holds title to property for the benefit of another
beneficiary
receives benefits of gifts from the acts of others given by a will or trust
Trustor
conveys title to a trustee
joint venture
organization formed by two or more parties for the purpose of investing in real estate or any other type of investment
Combination forms of ownership are _________,_________.
Condominiums and Cooperatives
Condominiums
-jointy controlled
-title transferred by deed
- res.comm.or indus.
- title transfer by deed
Common elements
areas available to all owners: yard, roof, hallways, elevators, pools
Cooperatives
-title transfer by stock/ propietary lease
-corporaiton in severalty
-pay taxes and maintanence
board of directors
oversees the finances, maintenence, and decision-making policy regarding the property.
Timeshares
Selling fractional interest in a fee simple ownership. Costs are prorated