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26 Cards in this Set
- Front
- Back
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Real Estate Professionals Are Considered What? |
Advisors
Always avoid giving legal advice! |
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What Are The Bundle Of Rights?
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Basically, it's real estate plus all legal rights, powers and privileges inherent in ownership in real estate. (pg 16)
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What Does The Bundle of Rights Represent? |
Illustrates that real estate owners sell more than dirt and houses. Can also sell rights to, interest in, and title to real property that affect the value of the real property.
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What Does A Deed Do?
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Conveys real property only and CANNOT convey personal property.
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What is Chattel? |
It's Personal Property (aka personalty)
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What Is A Bill of Sale?
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It's evidence and documentation of the transfer of the owner of personal property.
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What Are Emblements? |
Crops like corn, wheat, melons, soybeans, etc, that are planted annually not sponaneously, but by labor and industry.
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What Is A Fixture? |
An improvement both on and to the land; that object then becomes a fixture, and thus, real estate. Was at one time a piece of personal property (e.g. lumber,light fixtures, showers, bath tubs, window shades, etc.)
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What's A Trade Fixture? (An exemption to the Fixture rule) (pg 19) |
Items of personal property that a business operator installs in a building space.
(e.g. Bakery display cases at a bakery or sinks at a hair salon bolted in to floor. When business owner leaves, property has to be taken with and property restored back to its original condition (in case damage occured when ripping out fixture, etc.) |
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What's the difference between Trade Fixture and Leasehold Improvements?
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Physically similar but legally different ; can be the same item installed, but who installed it (business owner OR landlord) makes a difference; landlord= leasehold improvement and stays with property, business owner = trade fixture and removable.
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Difference Between Real Estate and Real Property?
(pg 16) |
Real Estate- the land and all improvements made both on and to the land
Real Property- Real estate + legal rights, powers, and privileges |
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What Does Estate Mean? |
It means Status or Tendency |
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What is Freehold Estate? |
This indicates ownership for an undetermined length of time Ownership/Undetermined Time Length Ownership is different than possession, but both are estate |
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What is a Nonfreehold/Leasehold Estate? |
This signifies possession with a determinable end Possession/Determined Time Length Ownership is different than possession, but both are estate |
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Freehold/Nonfreehold Estate Illustration |
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What is Fee Simple Absolute? |
The most complete form of ownership and bundle of rights in real property (Absolutely own it all- showing the greatest title, possession and control!) |
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What is Convey? How's It Relate to Fee Simple Absolute? |
To pass to another ... The owner in fee simple absolute may convey many things: -A life estate in reversion or in remainder -Pledge the property as security for mortgage debt -Convey a leasehold estate to another grant an easment in the land to another - Or give to another a license to conduct some activity on the property |
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What is Qualified Fee? Example? |
You have to meet qualifications to do, or not do something in accordance to the terms we work out when you take possession of land. Example: I'll grant you the deed to this vacant land, but you have to meet qualifications, like, "I only want you to put a Lutheran church on this property" |
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What Does Defeasible Mean? |
Destructible or Defeatable- I'm going to defeat your deed if you do something or not do something that we agreed upon when I deeded you the property (relatively rare, pg 21) |
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What is A Life Estate? |
A freehold estate that defines itself- It's ownership, possession and control are contingent on the life of someone and lost upon death (pg 22) *Means it's for my lifetime only (E.g. someone allows a person to live on their property until they die *Not an estate of inheritance |
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What is Pur Autre Vie Mean? |
For the Life of another; a life estate may also be based on the lifetime of a person other than the life tenant *Provides for inheritance by the life tenant's heirs only until the death of the person against whose life the estate is measured. |
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What is Remainder |
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What is Life Tenant? |
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What is Reversion |
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What Are Statutory Dower Rights? Curtesy? |
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