Land And Property (27 Cards)

Front 1

Appreciation

Back 1

Appreciation is the increase in the value of a property due to changes in the market conditions, inflation, or other causes.

Front 2

Assignment

Back 2

When ownership of a mortgage is transferred from one entity or individual to another.

Front 3

Balloon Mortgage

Back 3

A mortgage loan that requires the remaining principal balance to be paid at a specific point in time.

Front 4

Mortgage

Back 4

A mortgage is a PLEDGE from the buyer.

Mortgagor - Buyer

Mortgagee - Bank

(Mortgage is Latin for death pledge)

Front 5

Bridge Loan

Back 5

A bridge loan is not used much anymore because second mortgage lenders will mow lend at high loan to value, and sellers often prefer to accept from buyers who have already sold their property.

Front 6

Clear Title

Back 6

A title which is free (clear) of liens or legal questions as to the OWNERSHIP of the property.

Front 7

Collateral in a home loan

Back 7

The home itself.

Front 8

Land

Back 8

The surface and all natural things, the subsurface, and the air above the surface.

Front 9

Real Estate

Back 9

Land plus all man-made permanent attachments

Front 10

Real Property

(4 points)

Back 10

Real Estate plus the Bundle of Rights.

*Land

*Fixtures

*Attachments

Front 11

The Constitution guarantees

Back 11

Private ownership of Real Property

Front 12

Immobility

Back 12

Land cannot be moved from one site to another. It's location is forever fixed.

Front 13

Indestructiblity

(3 points)

Back 13

*land is permanent and cannot be destroyed since by definition, it extends below the ground and into the sky

*since land is permanent, it does not depreciate

*only improvements depreciate and are insurable

Front 14

Non-Homogeneity

Back 14

Land is non-homogenous, no 2 parcels of land are exactly the same since the have a different location.

Front 15

Legal Title

(2 points)

Back 15

* Full legal ownership of property and the bundle of rights as the apply to it.

* contrasts with equitible title

Front 16

Equitible Title

Back 16

An interest that gives the lien holder or buyer the right to acquire legal title to a property if certain conditions occur

Front 17

Property Characteristics

(2 points)

Back 17

* Property is either real or personal

* Property is either tangible or intangible

Front 18

Real Property Rights

(4 Points)

Back 18

* Airspace Rights

* Surface Rights

* Subsurface Rights

* Water Rights

Front 19

Doctrine of Prior Appropriation

(2 points)

Back 19

* State controls water usage

* State grants usage permits.

Front 20

Riparian Rights

(3 points)

Back 20

(Riparian - River)

* Applies to rivers and streams

* If waterway is navigable, owners own to waters edge

* If waterway is not navigable, owners own to midpoint of waterway

Front 21

Littoral Rights

(3 points)

Back 21

(Litoral - Lake)

*Applies to seas and lakes

* abutting properties own to high water mark.

* State owns underlying land.

Front 22

Personal Property

Back 22

* Chattles (movable - Chattles/Cattle - Cattle Moooves)

* Trade Fixtures

* Emblements

Front 23

Trade Fixtures

Back 23

Personal Property items temporarily attached to real estate to CONDUCT BUSINESS.

Front 24

Emblements

Back 24

* Plants or crops that are considered to be personal property despite being attached to the land.

* Emblement rights are valid until following harvest.

Front 25

Severance

(type of "conversion")

Back 25

Real Property to personal property

(severing it from the real estate)

Front 26

Affixing

(Type of "Conversion")

Back 26

Personal property to real property

(attaching it to the real estate)

Front 27

Factory built housing

(Mobile/Manufactured Homes)

Back 27

Real Property if affixed to the ground

Personal property if not affixed (permanently attached) to the ground