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94 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Bundle of rights |
Legal rights of the real estate title holder |
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Real property |
Immovable Goes with Real Estate |
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Personal property |
Movable Goes with the person when property sold Can become real property as a form of a fixture |
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Fixture |
Personal property, which is now considered real property because it is incorporated in the land |
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MARIA (test for fixtures) |
Method Agreement Relation Intent Adaptability |
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Trade fixture |
Type of fixture linked to a business (although attached to the land, it’s considered personal property) (ex. Hairdresser chair or dentist chair although attached to the ground it goes with a stylus or dentist) |
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Riparian rights |
• moving bodies of water • Rights owners will have when they live along side, moving bodies of water (such as a river or a stream) |
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Littoral rights |
• not moving bodies of water • Rights somebody will have when they live by a static body of water. (Such as a lake, a sea or ocean) |
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Accretion |
• increase the size of property • An increase in actual amount of land due to natural causes ex. From the gradual action of an ocean or river waters receding |
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Avulsion |
The sudden violent, tearing way of land by water |
If a dam breaks and water comes rushing down and strips away the land |
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Reliction |
• water recedes and new land is acquired • The gradual recession of water, leaving land, permanently, uncovered • gradual change of water line on real property, which gives the owner more dry land |
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Appurtenances |
• runs with the land • includes easements, stock in mutual water company, covenants and minerals that are still in the ground—they’re considered “real property “ and run with the land |
When something is appurtenant it goes with the land |
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Freehold estate |
an estate where the ownership held for an undefined length of time |
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Fee simple estate |
• a type of freehold estate • aka estate of inheritance • can be sold or inherited • it is NOT free of encumbrances • is the most interest one can hold in the land |
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Fee simple defeasible |
• puts conditions on the use of property • has a condition that can cause loss of land |
there can be a condition of no alcohol can be sold on a property & if that condition is violated the owner can “lose” title |
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Life estate |
• an interest in real property that last the length of someone’s life • type of “freehold estate” because it is indefinite in duration…. when the life of a tenant’s life ends the title reverts to original owner |
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Life estate pur autre vie |
an interest in real property that last the length of someone’s life who is NOT the life tenant |
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OR rule |
suffix implying “giving” ex. grantor, optionor, vendor |
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EE rule |
suffix implying “receiving”
ex. grantee, optionee, vendee |
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Chattel real |
personal property |
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Holder of the life seat |
entitled to use property that is held in a life estate |
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Estate in reversion |
held by a grantor of the original conveyance |
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Estate remainder |
would be a reversion but instead transfer to someone other than the grantor |
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Less than freehold estate |
• leases • limited in duration |
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Estate for years |
• defined period of time and termination date |
Summer rental |
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Periodic tenancy |
• from period to period/ month to month or weeks to week |
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Periodic tenancy |
• from period to period/ month to month or weeks to week |
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Estate at will |
end at anytime |
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Estate at sufferance |
Person stays lease expires 😡 |
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Lease |
• personal property • type of encumbrance |
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Percentage lease |
percentage of gross receipts |
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Net lease |
• taxes, insurance and maintenance • triple net leases |
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Gross lease |
Set fee |
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Sandwich lease |
lessor is also lessee (aka: sublet) |
Subleases are the same |
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Subleases |
lessor is also lessee (aka: sandwich lease) |
Same as sandwich lease |
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Tenant Improvement Allowances |
agreement from the landlord to compensate the tenant for all or a portion of the funds required to construct the commercial space |
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Abandonment |
release of responsibility and/or ownership |
same as surrender |
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Assignment |
giving responsibility and/or ownership to another |
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Surrender |
release of responsibility and/or ownership |
same as abandonment |
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Conviction eviction |
landlord either does something or fails to do something that he has a legal duty to provide |
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Estoppel statement |
• signed statement by a party certifying for another’s benefit that certain facts are correct • it defines each party responsibility in a commercial lease • a principle of law that bars people from certain rights |
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Deeds |
evidence of transfer |
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A Quitclaim Deed |
immediate transfer in ownership |
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Warranty deed |
a grantor guarantees that he or she holds clear title and has the right to sell |
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Special warranty deed |
guarantee clear title for the duration of the previous owner |
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General warranty deed |
guarantees clear title for the life of the property |
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Title |
ownership |
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Legal title |
right to sell |
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Equitable title |
right of possession and the right to gain equity |
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Chain of title |
history of ownership, conveyances, and encumbrances |
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Abstract title |
summary of title |
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Cloud of title |
defect in the title |
single woman who gets married changes her name after the ownership is conveyed |
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A quiet title action |
remove the cloud on title |
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Alienation of title |
voluntary act of an owner disposing of the property |
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Title insurance |
insures against defects in title to real property |
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Severalty |
sole ownership |
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Concurrent estate |
more than one person owns |
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Joint tenancy |
• Unity of time, title, interest and possession • has the rights to survivorship |
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Tenancy in common |
• no rights to survivorship • unity of possession |
Shares one thing with joint tenancy |
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Encumbrance |
anything that limits the property |
Anything which affects or limits the fee simple title to property |
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Easement |
the right to cross another person’s land |
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Dominant tenement |
the property of with the right of crossing |
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Servient tenement |
the property that is being crossed; the property that is encumbered |
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Easement by prescription |
implied easement granted after the dominant estate has used the property in a hostile, continuous and open manner for a statutorily prescribed number of years |
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Appurtenant easement |
easement that transfer with the transfer of title |
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Easement in gross |
No dominant tenement |
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Government Powers |
Policing powers Escheat Taxes Eminent domain |
P.E.T.E. |
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Zoning |
manner government controls development eland and the kinds of uses |
Zoning is a police power |
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Building codes |
set of rules that specify the standards for constructed |
Building codes is a police power |
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R3 |
multi-family residential |
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Variance |
granted exception to the rule |
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Down zoning |
commercial to residential |
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Non-conforming use |
use that was allowed under prior zoning regulations |
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Grandfather Clause |
old rule to continues to apply to some existing situations |
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Escheat |
goes to the state then somebody dies without a will and without heirs |
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Intestate |
No will |
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Testate |
has a will |
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Holographic will |
entirely written |
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Probate |
process of allocating assets of the deceased |
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1031 tax deferred exchange |
Like kind, 45 days to identify 180 days to close |
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Boot |
cash or other property added to an exchange to make the value equal |
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Ad Valorem |
according to value |
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Eminent domain |
government’s ability to take private property for public use while requiring “just” compensation to be paid |
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Condemnation |
process of paying when property is taken under eminent domain |
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Inverse condemnation |
suing the government when property taken under eminent domain and just compensation was not paid |
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Encroachment |
One party crosses the property line on to another |
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Liens |
owe money |
private restrictions and easement are NOT liens |
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General lien |
can take all property |
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Specific lien |
Can take specific property |
Mortgage, property taxes |
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Percolation |
The ability of the soil to absorb and drain water 💦 ( e.g., the ability of the ground to absorb septic tank effluents) |
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Prescription |
When acquiring easement, the following method would create an easement that could be most easily terminated for non-use |
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Erosion |
The wearing away of land or soil by the action of wind, water, currents, or ice |
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Appropriation |
Government actions giving water rights of land owner to the public |
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Principle of progression |
Evaluation principle that says, having nicer more expensive homes nearby can increase the value of a property |
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