Chapter 3

Front 1

… Is the land and improvements in all legal rights, powers, and privileges of real estate ownership. These rights of value, can be sold, and affect the value of the underlined real estate land.

Back 1

Real property

Front 2

The rights of an owner of a freehold state to possession, enjoyment, control, and disposition of real property.

Back 2

Bundle of rights

Front 3

… Is your stuff; that is, furniture, cars, mobile homes, clothes, and jewelry.

Back 3

Personal property/chattel

Front 4

Property such as checks and checking accounts

Back 4

In tangible personal property

Front 5

Belong to the owner of property bordering a flowing body of water

Back 5

Riparian rights

Front 6

… Provides the most complete form of ownership and bundle of rights in real property.

Back 6

Fee, fee simple or fee simple absolute

Front 7

Includes the right:

To quiet enjoyment

To dispose buy gift

To sell by deed or Baye will

Of exclusion

To control use within legal limits

Back 7

Ownership in fee simple absolute provides

Front 8

Convey or pass to another, a life estate in reversion or in remainder

Pledge the property as security for a debt

Convey a leasehold estate to another

Grant in the easement in the land

Give a license to conduct some activity on the property

Back 8

The owner in fee simple absolute may

Front 9

Apply to property bordering a stationary body of water such as a lake or a sea.

Back 9

Littoral rights

Front 10

Personal property that attaches permanently to the land or improvements and becomes part of the real property is a…

Back 10

Fixture

Front 11

… Refers to how in object fits the real estate. Custom draperies and cabinets that are sized for a certain area, even if not attached are examples.

Back 11

Adaptation

Front 12

… Refers to those items specified by an owner that includes part of real estate in those that do not. A seller might agree that all of the appliances are fixtures and will sell with the property, except the refrigerator which the seller considers personal property

Back 12

Agreement

Front 13

Residential property

Commercial property

Industrial property

Agricultural property

Vacant land

Back 13

Uses of real property

Front 14

Public open space

Parklands, recreation areas, water access, trails and shore lines, activities and preserved for ecological aesthetic and educational purpose

Institutional areas.

Back 14

Special purpose real estate

Front 15

The right to possession

Back 15

Estate/Tenacy

Front 16

… Is ownership for an undetermined length of time. And example is home ownership

Back 16

Freehold estate

Front 17

Possession with a determinable in and example is an apartment rental.

Back 17

Non-freehold or leasehold

Front 18

Most real estate transfers convey…. No special words are required on the deed to create this freehold estate. It is the assumed estate.

Back 18

Fee simple absolute

Front 19

Some deeds create what begins as a fee simple absolute, but with a condition or limitation attached. These are termed…

Back 19

Defeasible estates

Hint 19

When someone wants to donate land to a school or community for a specific purpose

Front 20

… Is recognized in the deed by the words “but if”. For example grantor conveys 40 acres to his son; but if the sun construction houses on the land the Sun’s ownership terminates.

Back 20

Fee simple on condition

Front 21

This type of estate is recognized in the deed by the words “as long as”. For example grantor transfers 10 acres to her daughter as long as the property is used for educational purposes.

Back 21

Qualified fee simple

Front 22

… Is ownership, possession, and control for someone’s life time.

Back 22

Life estate

Front 23

When the life estate is for the life of a person other than the life of the tenant, the life estate is called…

Back 23

Estate pur autre vie / for the life of another.

Front 24

A future interest in a life estate

Back 24

Remainder interest

Front 25

A person who has a future interest in a life estate

Back 25

Remainderman

Front 26

If the conveyance does not state a person or persons to receive the title upon the death of the life tenant or another specified person… Is created.

Back 26

A life estate in reversion

Front 27

Possession of the property goes back to the owner at the end of the life estate.

Back 27

Reversionary interest

Front 28

… Means that when one or more of the co-owners dies, for surviving co-owners automatically receive the interest of the deceased co-owner.

Back 28

Right of survivorship

Front 29

When title to real property is in the name of only one person or entity, it is in a state… Because the interest is severed from all others.

Back 29

Ownership in severaly

Front 30

Unity of time

Unity of title

Unity of interest

Unity of possession

Back 30

Concurrent ownerships require certain unities of ownership

Front 31

And ownership by two or more people holding title to a property at the same time

Back 31

Tenancy in common

Front 32

Have the same interest in the property

Received your title at the same time from the same source

Have the same percentage of ownership

Have the right to undivided possession in the property

Back 32

Joint tenants must have

Front 33

… is a form of coownership that requires all for unities of time, title, interest, and possession.

Back 33

joint tenancy

Front 34

Is special feature of joint tenancy is …

Back 34

The right of survivorship

Front 35

… Is limited to spouses. To receive title as a tenancy by the entirety, they must have a legal marriage when they receive title to the property.

Back 35

Tenancy by the entirety.

Front 36

...Grantor, or settlor conveys title to a trustee

Back 36

Trustor

Front 37

Is the one who holds title to property for the benefit of another call the beneficiary

Back 37

Trustee

Front 38

Is the one who receives benefits are gifts from the acts of others given by for example a will or a trust

Back 38

Beneficiary

Front 39

… There’s an artificial being, invisible and intangible and existing only by law.

Back 39

Cooperation

Front 40

… Is a type of corporation organization permitted to function as a corporation but taxed as a partnership.

Back 40

Subchapter S corporation

Front 41

LLP

Back 41

Limited liability partnership

Front 42

… Organizations with many participants who jointly participate in a real estate investment.

Back 42

Syndicates

Front 43

An investment of money

A common or joint enterprise

Undertaking for the purpose of making a profit

One in which profit is derive soul from the management efforts of others

Back 43

Investment is a security define by Federal securities act of 1933,

Front 44

… Occurs through a legal proceeding in which a creditor places a claim on real and or personal property to obtain payment of a debt.

Back 44

Involuntary lien

Front 45

Mortgage / voluntary

Real property tax/involuntary

Mechanics/involuntary

Materials / involuntary

Lis pendent / Involuntary

Back 45

Specifically means: claims against a particular property

Front 46

Judgment/involuntary

Writ of attachment/involuntary

Income tax/involuntary

Estate and inheritance tax/involuntary

Back 46

General liens: claims against all assets of a person

Front 47

Claims against a specific and readily identifiable property, such as a mortgage

Back 47

Specific liens

Front 48

Claims against a person and all of his or her property, such as a judgment

Back 48

General liens

Front 49

… Is a legal notice that a lawsuit is pending affecting title or possession of a specific property. It’s Latin for pending litigation.

Back 49

Lis Pendens

Front 50

New York law provides that… Have priority over all other liens.

Back 50

Real property tax (and special assessment) liens.

Front 51

Is a specific lien filed by a person who provides labor to a property. It is also filed by a supplier of products for the construction or improvement of the building.

Back 51

Mechanics lien

Front 52

Is a non-possessory interest in land owned by another.

Back 52

Easement

Front 53

Common term for an easement

Back 53

Right of way

Front 54

And inheritable estate in land providing the greatest interest of any form of title.

Back 54

Fee simple absolute

Front 55

Add to feasible see recognizable by words but if

Back 55

Fee simple on condition

Front 56

A right of title to land.

Back 56

Freehold estate

Front 57

A rite of use in the adjoining land of another that moves with the title to the property benefiting from the easement.

Back 57

Easement appurtenant

Front 58

Created by the exercise of the governments right of eminent domain.

Back 58

Easement by condemnation

Front 59

Created by the express written agreement of the land owners, usually in a deed.

Back 59

Easement by Grant

Front 60

Arising by implication from the conduct of the parties.

Back 60

Easement by implication

Front 61

Exists when a land owner has no access to roads and is landlocked.

Back 61

Easement by necessity

Front 62

Obtained by use of the land of another for the legally prescribed length of time.

Back 62

Easement of prescription

Front 63

A right of use in the land of another without the requirement that the holder of the right One adjoining land.

Back 63

Easement in gross

Front 64

The power of government to take private property for public use.

Back 64

Eminent domain

Front 65

Trespass on the land of another as a result of intrusion buy some structure or other object.

Back 65

Encroachment

Front 66

A claim, lean, charge, or liability attached to and binding upon real property.

Back 66

Encumbrance

Front 67

A non-possessory right of use in the land owned by another

Back 67

Easement

Front 68

A right of use in the adjoining land of another that moves with the title to the property benefiting from the easement

Back 68

Easement appurtenant

Front 69

A claim that one person has against the property of another person for some debt or charge; the lienholder is entitled to have the claim satisfied from the property of the debtor

Back 69

Iien