Real Estate

Front 1

Real Estate

Back 1

lan and all improvements on and to the land, by nature or humans

Front 2

Real property

Back 2

real estate plus leal rights, powers, priviledges inherent in ownership

Front 3

bundle of rights

Back 3

intangible rights: air, water, mineral, easment, leases, mortgages, licenses, profits, vuild, dispose, sell,encumber...

Front 4

personal property/ chattel

Back 4

everything tangible, readily moveable. harvest from crops

Front 5

air rights

Back 5

rights to area above the earth

Front 6

subsurface/mineral rights

Back 6

rights to area below the earth's surface

Front 7

water rights

Back 7

percolating, riparian, and surface

Front 8

percolating water rights

Back 8

water underground drawn by wells

Front 9

riparian rights

Back 9

belong to owner bordering a flowing boody of water

Front 10

littoral rights

Back 10

belong to owner bordering stationary body of water

Front 11

fixture

Back 11

improvements both on and to the land

Front 12

the three types of fixture:

Back 12

attachment, adaptation, and agreement

Front 13

attachment

Back 13

physical connection of objects to the real estate

Front 14

adaptation

Back 14

how an objects specifically fits the real estate

Front 15

agreement

Back 15

items specified by owner that constitute a part of the real estate and those that do not.

Front 16

trade fixture

Back 16

personal property that a business operator installs in rented building space..remains personal property

Front 17

estate: freehold and non-freehold

Back 17

an interest in real property sufficient to give the owner of the state the right to possess.

Front 18

freeholder (estate)

Back 18

landowner: fee simple (inheritable) and life

Front 19

non-freeholder (estate)

Back 19

rentor with rights....determinable end

Front 20

Fee simple Absolute

Back 20

complete ownership and all bundle of rights.The assumed etstae on a deed.

Front 21

Fee simple Defeasible:
fee simple on condition
qualified fee simple

Back 21

(fee simple absolute with a condition)

Front 22

Fee simple on condition

Back 22

Includes "but if" so it can be taken away if not followed on how property can be used. infinite

Front 23

Qualified fee simple

Back 23

Includes: "as long as" so it can be taken away if specified used is not continued. rare

Front 24

Life estate

Back 24

ownership, possession, and control for someone's lifetime: estate in remainder or estate in reversion

Front 25

estate in remainder (remainders)

Back 25

recieve title upon death of grantee (life tenant)

Front 26

estate in reversion

Back 26

possession of the property will go back to the owner at the end of the lease

Front 27

dower/curtesy

Back 27

automatic life estates owned by a surviving spouse

Front 28

homestead life estate

Back 28

only home to surviving spouse

Front 29

pur autre vie

Back 29

D conveys home to E until the death of F

Front 30

act of waste
(in every lease)

Back 30

life tenant abuses or misuses the property. Those with remainder or reversion interest can bring a lawsuit

Front 31

Nonfreehold (leasehold) estate

Back 31

estate for years, periodic estate, estate at will, estate at sufference

Front 32

estate for years
(fixed termination)

Back 32

lease inheritable, purchaser honors lease

Front 33

periodic estate
(estate from year to year)

Back 33

automatically renews if one party does not give 15-30 days notice to the other.

Front 34

estate at will

Back 34

indefinite. 30 days notice. house sitting.

Front 35

estate at sufference

Back 35

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

Front 36

ownership in severalty

Back 36

only one owner

Front 37

right of survivorship

Back 37

if one or more owners dies,
the surviving co-owners automatically receive the interest of the deceased.

Front 38

unities of ownership

Back 38

unity of time, title, interest (%), and possession.

Front 39

possession of undivided interest

Back 39

all owners have the right to possess or access any and all portions of the property owned, without physical division

Front 40

Tenancy in common

Back 40

-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

Front 41

partitioned

Back 41

legal action so that each tenant may have a specific and divided portion of the property exclusive

Front 42

Joint tenancy

Back 42

-all 4 unities
-right of survivorship

Front 43

Tenancy by the entirety

Back 43

-husband and wife
-no tax/no change
-divorce changes to t.i.c.
-right of survivorship

Front 44

Trustee

Back 44

holds title to property for the benefit of another

Front 45

beneficiary

Back 45

receives benefits of gifts from the acts of others given by a will or trust

Front 46

Trustor

Back 46

conveys title to a trustee

Front 47

joint venture

Back 47

organization formed by two or more parties for the purpose of investing in real estate or any other type of investment

Front 48

Combination forms of ownership are _________,_________.

Back 48

Condominiums and Cooperatives

Front 49

Condominiums

Back 49

-jointy controlled
-title transferred by deed
- res.comm.or indus.
- title transfer by deed

Front 50

Common elements

Back 50

areas available to all owners: yard, roof, hallways, elevators, pools

Front 51

Cooperatives

Back 51

-title transfer by stock/ propietary lease
-corporaiton in severalty
-pay taxes and maintanence

Front 52

board of directors

Back 52

oversees the finances, maintenence, and decision-making policy regarding the property.

Front 53

Timeshares

Back 53

Selling fractional interest in a fee simple ownership. Costs are prorated