Real Estate Exam Prep

Front 1

Types of property

Back 1

Residential, commercial, mixed use, industrial, agricultural, special purpose

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Supply and demand

Back 2

Limited number of property lots of buyers prices up

Front 3

Factors affecting supply

Back 3

Labor for stability, construction and material costs, governmental controls and Financial policy

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Land

Back 4

Earth surface to the center of The earth and the airspace above The land, including the trees and water. Sub surface surface and air rights

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Real estate

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Land plus permanent human made additions

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Real property

Back 6

Bundle of rights plus real estate

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Improvement

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Any artificial thing attached on or below ground such as a house, Utility lines, streets, retention ponds, and landscaping

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Real property

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Right of possession, right to control, right of enjoyment, right of exclusion, right of disposition

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Severance

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The act of separating it from the land

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Annexation

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How permanent is the method of attachment

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Situs

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Area preference

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Physical characteristics

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Mobility, indestructibility, uniqueness (non-homogeneous

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Fee simple estate

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Highest form, most control the descendants co-owner if there is one in the car ownership was accompanied by the right of survivorship. The person or persons specified in the descendants well, if it is and it has left no well to the person or persons designated by the state law of interstate succession sorry highest form, most control the descendants co-owner if there is one in the car ownership was accompanied by the right of survivorship. The person or persons specified in the descendants well, if the descendent has left no well to the person or persons designated by the states law of interstate succession. Highest interest

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Fee simple defeasible

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Promise from previous owner, commonly family, if you break promises previous owner gets property back by default.

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Fee simple determinable

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May be inherited qualified by special limitation, can require full ownership of no need to bring a legal action in court.

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Fee simple subject to a condition subsequent

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Previous owner goes to court. The state will terminate if there is a violation. Your state does not automatically terminate upon violation of the condition of ownership the owner or the owners errors or successor has the right every entry but must bring a legal action in court

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Life estate

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Temporary ownership, freehold estate limited. During the life of the owner. Life tenant.

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Pur Autre Vie

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Based on the lifetime of a person other than a life tenant. Not considered an estate of inheritance, for life of another often created for people who are physically or mentally incapacitated

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Remainder

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Remainder interest the creator of the life estate my name or remaindermen as the person to whom the property will pass on the life estate ends

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Revisionary

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The creator of the life estate may choose not to name a remaindermen in that case ownership returns to the original owner upon the end of the life estate

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Encumbrances

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All encumbrances are liens.

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Lien

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Money owed

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Easement

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The right to use the land of another for a specific purpose

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Easement appurtenant

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Runs with the land attached to the ownership of real estate and allows the owner To use Neighbors land.

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Dominant tenement

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The person that benefits from the easement

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Servient tenement

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The person over which the easement runs

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Easement in gross

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Tied to owner, doesn’t stay with. An individual or company interest in or right to use someone else’s land. Utility lines, pipelines, or railroads. Terminates on the death of easement owner

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Easement by necessity

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Involuntary. It’s created by court order

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Easement by prescription

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Court action.. Generally runs from 10 to 21 years must be visible open and notorious and the owner must be aware

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Police power

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Environmental protection laws, zoning ordinances and building codes

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Eminent domain

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Statutory law, the right of the government to take property. Condemnation is the process

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Taking

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The owner must be fairly compensated.

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Escheat

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When owner dies and leaves no heirs. Without a will

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Comprehensive plan

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Idea our master plan by local governments. A guide that tires to anticipate changing needs. 20 years or longer.

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Zoning

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Permitted use of each parcel of land, lot size, types of structures, building heights, setbacks, style appearance of structures, density, protection of natural resources.

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Bulk zoning

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To control density and avoid overcrowding. Setbacks building height and percentage of open area by restricting new construction projects.

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Esthetic zoning

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To specify certain types of address agriculture for nee buildings

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Incentive zoning

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To ensure that certain users are incorporated into developments, such as requiring the street floor of an office building to house rental establishments

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Ownership and severaly

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Individual or corporation

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Tenancy in common

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Undivided interest, unity of possession. Each owner is entitled to possession and use of the entire property even though each holds only fractional ownership interest. The tenants undivided interest passes according to the descendants will

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Joint tenancy

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Right of survivorship. Transfers directly to surviving joint tenant. The death of one of the owners terminate joint tenancy

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Creating joint tenancy

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Unity of possession, unity of interest, unity of time, unity of title PITT

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Tenancy by the entirety

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Married couples. Allows a spouse to inherit the other spouses ownership. Undivided interest in property. Right of survivorship. Convey title only by deed signed by both parties. Does not require PITT

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Limited partnership

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Ran by general partners

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Condo ownership

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Tenancy in common

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Voluntary alienation

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The legal term for the transfer of title during the property owners lifetime

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Deed

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Transfer. Conveys the right, title, or interest owned in the parcel of real estate to someone else. In writing. Only signed by grantor

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Requirements for a valid deed

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Grantor who has the legal competency to execute the deed, grantee named with reasonable certainty to be identified, statement of consideration, granting clause, haddendum clause, accurate legal description of the property, and he relevant exceptions or revisions, acknowledgment, notarization, delivery.

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General warranty deed

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Covenant upsizing, the grantor warrants that he or she owns the property. Covenant against encumbrances. Covenant of further assurance. The grantor promises to obtain and deliver any instrument needed to make the title good. Covenant of quiet enjoyment. Covenant of warranty forever.

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Special warranty deed

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Not as much protection. At the grantor received title. That the property was not encumbered.

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Quitclaim Deed

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Lease protection. No covenants. Used to convey less than fee simple estate. Conveys only the grantors right, title, or interest without any warranty. Used to cure a defect title. Cloud on the title.

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Involuntary alienation

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Without the owners consent. Transfers are usually carried out by operation of law. Foreclosure or tax sale. Or when someone dies without a vaild will