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70 Cards in this Set
- Front
- Back
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WHAT ARE TWO CLASSES OF PROPERTY? |
A. REAL PROPERTY B. PERSONAL PROPERTY |
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REAL ESTATE IS DEFINED AS......
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LAND AND EVERYTHING PERMANENTLY ATTACHED TO IT |
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WHAT IS A PERMANENT ATTACH TO THE LAND?
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-ANYTHING THAT GROWS UPON THE LAND -ANYTHING BUILT UPON THE LAND -FIXTURES |
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WHICH OF THE FOLLOWING IS CONSIDERED TO BE A PERMANENT ATTACHMENT TO LAND? A. IMPROVEMNTS TO THE LAND B. A FIXTURE C. TREES GROWING ON THE LAND D. ALL OF THE ABOVE |
D. ALL OF THE ABOVE
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WHICH IS NOT CONSIDERED A PERMANENT ATTTACHMENT TO LAND? A. ANYTHING GROWING ON IT B. FIXTURES C. CHATTELS D. ANYTHING BUILT UPON THE LAND |
C. CHATTELS
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WHAT IS A TRADE FIXTURE?
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TANGIBLE PERSONAL PROPERTY THAT IS USED FOR A TENANTS TRADE OR BUSINESS.
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WHEN CAN A TRADE FIXTURE BECOME THE LANDLORD'S PROPERTY |
IT CAN BECOME THE LANDLORD'S PROPERTY IF NOT REMOVED BEFORE THE EXPIRATION OF THE LEASE AGREEMENT OR WITHIN AN AGREEDED UPON TIME DISCUSSED BETWEEN LANDLORD AND TENANT
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WHAT IS FRUCTUS INDUSTRIALES?
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LATIN PHRASE MEANING "FRUITS OF INDUSTRY "
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WHAT IS FRUCTUS NATURALES?
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FRUITS OF NATURE
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FAMER JIM PLANTED CROPS FOR THE SUMMER IN MARCH. HIS LEASE EXPIRED IN JANUARY. IS FARMER JIM ABLE TO RETRIEVE HIS CROPS? WHY?
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YES. A LANDLORD CANNOT LEASE PROPERTY TO A TENANT FARMER AND TERMINATE THE LEASE WITHOUT ALLOWING THE FAMER TO RE-ENTER THE LAND AND HARVEST CROPS. |
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WHAT ARE THE BUNDLE OF LEAGAL RIGHTS
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POSSESS CONTROL ENJOY EXCLUDE ENCCUMBER DISPOSE |
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IF YOU HOUSE SITS ON A RIVER YOU HAVE WHAT TYPE OF RIGHT?
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RIPARIAN RIGHTS |
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IF YOU HAVE PROPERTY THAT SITS ON A LAKE, WHAT TYPE OF RIGHT IS THAT?
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LITTORAL RIGHTS
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AN OWNER WHO FIRST DIVERTS WATER AND HAS SUPERIOR RIGHTS OVER ALL OTHER IS SAID TO HAVE WHAT TYPE OF RIGHT?
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PRIOR APPROPRATION
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WHAT ARE THE 3 CHARACTERISTICS OF LAND?
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1. IMMOBILITY 2. INDESTRUCTIBILITY 3. UNIQUENES (HETEROGENEITY) |
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THE MOST IMPORTANT ECONOMIC CHARACTERISTIC OF LAND IS CALLES |
AREA PREFERENCE (SITUS)
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IF THE SUPPLY OF LAND IS LOW AND ITS VALUE TENDS TO RISE, THIS IS KNOWN AS....
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SCARCITY
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ADDITIONS MADE TO THE LAND THAT ARE INTENDED TO ENHANCE ITS VALUE IS KNOWN AS ...
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IMPROVEMENTS
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INFRASTRUTURE IMPROVEMENTS THAT INCLUDE SEWAGE, DRAINAGE, AND ELECTRICITY IMPROVEMENTS, ARE KNOWN AS ......
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INVESTMENT PERMANENCE
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WHEN 2 OR MORE PARCELS OF REAL ESTATE COMBINE, THIS IS KNOWN AS
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ASSEMBLAGE
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ANY INCREASE VALUE RESULTING FROM A ASSEMBLAGE IS KNOWN AS
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PLOTTAGE VALUE
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WHAT ARE 4 TYPES OF PRINCIPLE LEGAL DESCRIPTIONS?
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1. METES AND BOUNDS 2. GOVERNMENT SURVEY 3. RECORDED PLAT (LOT, BLOCK, SUBDIVISION) 4. GEODETIC SURVEY |
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METE MEANS?
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MEASURE
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BOUND MEANS?
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BOUNDARY
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IN 1785 THE UNITED STATES ADOPTED THIS METHOS OF SURVEYING....
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GOVERNMENT SURVEY
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METHOD OF LEAGALLY DESCRIBING PROPERY, WHICH BEGANS WITH A LARGE TRACT OF LANG KNOWN AS A SUBDIVISION PLAT
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RECORDED PLAT (LOT, BLOCK, SUBDIVISION)
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HORIZONTAL AND VERTICAL LAND DESCRIPTIONS THAT RELY ON A SERIES OF PERMANENT GROUND MARKERS AND A DATUM
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GEODETIC SURVEYS
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INTEREST IN THE LAND HELD BY SOMEONE OTHER THEN THE OWNER WHICH MAY DEMINISH ITS VALUE IS CALLED.... |
ENCUMBRANCE
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AN ENCUMBRANCE ON THE PROPERTY TO GUARANTY PAYMENTS OF DEBTS USING THE PROPERTY AS COLLATERAL
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LIENS
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OPERATION OF LAW
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TAX LIENS MORTGAGES MECHANICS LIEN OTHER LIEN IN THE ORDER RECORDED UNRECORDED LIENS |
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LIENS ARE ENFORCED BY.....
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COURT ORDER
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LIS PENDENS MEANS
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POSSIBLE FUTURE LIEN
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PROPERTY TAX LIEN, TAX LIEN, MORTGAGE, VENDORS LIEN, MECHANICS LIEN, JUDGEMENT LIEN ATTACHMENT LIENS, AND SPCIAL ASSESSMENT LIEN IS KNOW AS |
COMMON LIENS
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THIS TYPE OF ENCUMBRANCE ALLOWS YOU TO USE TE LAND OF ANOTHER
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EASEMENTS
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THE RIGHT OF ONE LAND OWNER TO USE THE ADJOINING LAND OF ANOTHER FOR SPECIFIC PURPOSE
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EASEMENTS APPURTENANT
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THE PERSON WHO BENEFITS FROM THE EASEMENT IS KNOWN AS THE
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DOMINANT ESTATE
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LAND THE IS SUBJECT TO US (THE BURDEN)BY ADJOING LAND IS KNOWN AS THE
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SERVIENT ESTATE
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JOHN HAS A WRITTEN AGREMENT WITH PAUL THAT HE CAN USE PAUL PASTURE TO TAKE HIS COW TO THE RIVER WHERE THE COWS MAY DRINK. THIS IS AN EXAMPLE OF......
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EASEMENT IN GROSS
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WHEN LAND IS USED BY ANOTHER THROUGH ADVERSE POSSESSION IS CALLED
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EASEMENT BY PRESCRIPTION
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JIM HAS TO CROSS TOMS DRIVEWAY TO GET OFF THE PROPERTY TO THE MAIN ROAD IS KNOWN AS AN......
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EASEMENT BY NECESSITY
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OPERATION OF LAW THROUGH GOVERNMENT POWER IS KNOWN AS
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CONDEMNATION (THE PROCESS)
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WHEN PRIVATE LAND IS TAKEN FOR PUBLIC PURPOSE
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EMINENT DOMAIN (THE POWER)
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SURVEYS IDENTIFY.......
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ENCROACHMENTS
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OWNERSHIP INTEREST IN THE LAND IN WHICH ONE HAS BOTH POSSESSION AND OWNERSHIP IS CALL A.....
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FREEHOLD ESTATE
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THE MOST UNRESTRICTED OWNERSHIP IN LAND AND TRANSFERED WITHOUT RESTRICTIONS
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FEE (SIMPLE) ESTATE |
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CONVEYED TO A PERSON FOR THE DURATION OF SOMEONE'S LIFE
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LIFE ESTATE
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LIFE ESTATE THAT EXISTS FOR THE DURATION OF HIS OWN LIFE
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LIFE TENANT
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LIFE ESTATE MEASURED BY THE DURATION OF THE LIFE OF A THIRD PARTY
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PUR AUTRE VIE
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PERSON DESIGNATED TO TAKE TITLE UPON THE TERMINATION OF THE PRIOR ESTATE
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REMAINDER ESTATE (REMAINDERMAN)
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WHEN THE ESTATE GOES BACK TO THE ORIGINAL OWNER |
REVERSION ESTATE
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LANDLORD AND TENANT RELATIONSHIP IS KNOW AS WHAT TYPE OF ESTATE
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NON-FREE HOLD ESTATE
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AN ESTATE IN SEVERALTY IS KNOWN AS
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SOLE OWNERSHIP
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PROPERTY OWNED BY MUTIPLE PEOPLE AS IF ONE PERSON IS CALLED
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JOINT TENANCY
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PASSES TO THE REMAINING TENANTS THROUGH RIGHT OF SURVIVORSHIP
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JOINT TENANCY
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THIS TYPE OF TENANCY IS CREATED THROUGH TITLE, TIME, INTEREST AND POSSESSION
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JOINT TENANCY
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MUTUAL CONSENT OF THE PARTIES OR BY SALE CAN TERMINATE A
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JOINT TENANCY
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CAN NOT PASS THE INTEREST IN THE PROPERTY BY WILL, THEY CAN ONLY CONVEY PROPERT BY DEED OR LEAVE IT TO HEIRS
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JOINT TENANCY
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A FORM OF CO OWNERSHIP THAT DOES NOT HAVE TO EQUAL OR UNEQUAL PART IS
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TENANCY IN COMMON
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CAN TRANSFER INTEREST BY WILL AND DOES NOT HAVE TO HAVE RIGHT OF SURVIVORSHIP |
TENANCY IN COMMON
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PROPERTY IN A MARITAL UNIT IS KNOWN AS
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TENANCY BY THE ENTIRETY
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WHEREBY PROPERTY IS COMMITTED TO THE CARE OF ANOTHER IS KNOWN AS A
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TRUST
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CAN BE WRITTEN OR ORAL FOR 1 YEAR OR LESS, AND IS CONSIDERED PERSONAL PROPERTY
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LEASES
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DEFINITE BEGINING AND ENDING DATE AND IS KNOWN AS TENANCY FOR YEARS
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ESTATE FOR YEARS
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RENTERS USE THIS ESTATE
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ESTATE FROM YEAR TO YEAR
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WHEN A TENANT IS IN A PROPERTY LEGALLYWITH NO SPECIFIED TIME TO VACATE PROPERTY
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ESTATE AT WILL
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WHEN TENANT OCCUPIES PROPERTY AFTER HIS LAWFUL RIGHTS HAVE EXPIRED
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ESTATE AT SUFFERENCE
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HOLDS INDIVIDUAL UNITS IN FEE SIMPLE, UNITS ARE ASSESSED AND TAXED SEPARATELY, ARE KNOWN AS
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CONDOMINIUMS
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BY-LAWS THAT PROVIDE SELF GOVERNMENT IS KNOWN AS
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CONDOMINIUM INSTRUMENTS
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RECIEVES STOCK IN THE CORPORATION, HAS A BOARD OF DIRECTORS, PAYS A MONTHLY ASSESSMENT THAT INCLUDES TAXES, INTEREST, PRINCIPLE AND INSURANCE IS KNOWN AS |
COOPERATIVES
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OWNERSHIP THAT ROTATES TIME PERIODS AND HAS RESTRICTED USE IS A.....
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TIME sHARE
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