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45 Cards in this Set
- Front
- Back
Detached residential
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- up to 4 units
-owner typically lives there |
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Multi-family residential
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-structures with 5 or more units.
tenant occupied- hotels apartments owner occupied- condominiums cooperatives |
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Condo
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-individual household gets its own morgage loan.
- all owners together own common areas., |
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Co-Op
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- a corporation owns the property and gets a morgage loan in the corporation's name
-all occupants are shareholders in the corporation -each shareholder has a special lease on the unit occupied. |
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CBD
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Central Business District
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types of improved property:
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-Detached residential
-Mulit-family residential -Commercial -Industrial -Agricultural -Other |
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industrial
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located around power sources and transportation facilities
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Brokerage
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-using special knowledge of the market to bring buyers and sellers together.
-broker- typically owner/manager, must have a license -salesperson- works for broker |
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Appraisers
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-need a state licence to do most types of Appraisals.
- can get a professional designation such as Member of Appraisal Institute (MAI) |
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real estate
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land and improvements permanently attached
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land
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-surface of the earth and natural resources
-also areas below and above the surface |
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real property
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-technically it relates to rights in real estate
- informally the term is used interchangeably with real estate |
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legal description
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-a description of a parcel of land that would be acceptable in a court or legal proceeding.
-should unquestionably differentiate the subject parcel from all other parcels |
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three primary methods of legal description
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1. U.S govt rectangular survey system
2.metes and bounds 3.subdivision plat |
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U.S government rectangular survey system
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-based on "square" parcels of land
Quadrangles- 24x24 miles Townships- 6x6 miles Sections- 1x1 mile not really square: - northernly running boundary lines get closer together as you go farther north -physical barriers such as rivers get in the way. |
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U.S government rectangular survey system
ranges |
east or west of principal meridean
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U.S government rectangular survey system
tiers |
north or south of the principal meridian's base line
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Metes and Bounds
(includes what is a POB) |
-directs you to go so many feet in one direction, then another, and so on until you have described the parcel by tracing all of its boundaries.
-Start at POB and move clockwise metes- distances bounds-directions Point of beginning (POB)- not be subject to decay or easily moved. |
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if metes and bounds description is ambiguous, the disagreement is settled based on:
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1. natural landmarks or known boundaries of adjacent properties
2.Artificial landmarks 3. Directions 4. Distances |
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Subdivision Plat
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-in older residential areas, there typically "Block" and "Lot" number designations for all platted lots in a specified subdivision.
-a lot number, shown on the plat map, suffices as a complete legal description |
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"bundle of rights" in real estate
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-use
-exclusion -disposition -right to do none of these |
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whats included in real estate
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-land and buildings
-air rights -water rights -sub-surface/mineral rights -fixtures |
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estate
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-if you hold an ownership or leasehold interest in real estate
can be classified as -possessory -non-possessory |
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possessory estate
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estate holder has right to currently possess and use the land
-Freehold and Non- freehold estates |
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freeholds
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-exist for an indefinite time period
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Freeholds
Fee simple |
- holder has the whole bundle of rights.
-"Fee": means the interest can be inherited. |
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Freeholds
Life Estate |
possession during life of fife tenant
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violations of conditions in a freehold can lead to:
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loss of ownership
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Possessory real estate
AD&D |
Alienable- you can sell or give it away during your life
Devisable- you can leave it in a will Descendable- if you die without a will, the state will direct the property to your heirs. |
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non-freehold estates
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- definite or at least limited time period. (leasehold)
four types: -estate for years (stated period) -estate from yr to yr (or period to period) -estate at will (lasts as long as landlord and tenant agree) -estate at sufferance (tenant still on property while landlord is undertaking eviction procedures) |
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non-possessory estate
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estate holder has a possibility of receiving the right to possess in the future.
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reversion
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ownership returns to the original grantor (or heirs)
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remainder
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ownership passes to a third party after life estate terminates
vested- certain to occur (to G for life with remainder to H) contingent- condition must be met, or else ownership reverts to grantor |
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Easement
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the right to make limited use of another person's land
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easement appurtenant
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-runs with the land, so future owners of both parcels are bound by the agreement
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easements are created six ways:
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-agreement
-grand to reservation -implication -necessity -reference to subdivision plat -prescription |
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easement by prescription
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-after unauthorized use
-must be open, hostile, and continuous/uninterrupted) for a given time -may be entitled to a permanent easement. |
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easement by agreement
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owner of servient tract agrees to easement, for mutual agreement or for money payed.
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Easements are Terminated in 6 ways
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-Agreement
-Fulfillment of Purpose -Abandonment -Prescription -Merger Expiration |
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profit a prendre
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-right to take
-non-possessory interest that caries the right to take crops, minerals... from someone else's property |
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encroachment
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the sitting of a building, fence, or other improvement partially on an adjoining owner's land.
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Methods of tenancy
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-joint tenancy
-tenancy in common -tenancy in entirety -tenancy in partnership -community property -condominium -cooperative -syndicate -illinois land trust -real estate investment trust (REIT) |
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joint tenancy
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four unities must be present:
1. interest- must hold equal % 2. Title- each hold (same type) 3. possession- equal right to possession 4. Time- acquire interests at the same time |
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tenancy in common
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type of co-tenancy that law assumes in absence of explicit designation as joint tenancy.
-the four unities are not necessary ( can own different %s) |
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tenancy by entirety
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-offered to married couples
- can not sell without other's approval - if divorced they become tenants in common |