Rea 380

Front 1

Real Estate

Back 1

Land and things attached to it such as buildings and other improvements to the land.

Front 2

Real Property

Back 2

The rights or interests in real estate.

Front 3

Bundle of Rights

Back 3

1)Rights to Possess 2)Right to use/not use 3) Right to Encumber4) Right to Dispose 5) Right to Exclude

Front 4

Personal Property

Back 4

Legal interests in all kinds of property not attached to the land i.e. cars, boats, etcs.

Front 5

Fixture

Back 5

Personal Property that becomes real property when it is attached to the land or a building.

Front 6

Guarantor

Back 6

Person who sells the house. (Giver)

Front 7

Guarantee

Back 7

Person who buys the house. (Receiver)

Front 8

Air Rights

Back 8

The space above the Earth’s surface

Front 9

Mineral Rights

Back 9

Minerals or other useful materials that lie below the Earth’s surface

Front 10

Riparian Rights

Back 10

All owners who’s land underlies or borders the water have equal rights to the water.

Front 11

Prior Appropriation Theory

Back 11

The first person to use a body of water for some beneficial economic purpose has a right to use all the water desired even if it gets in the way of other owners. (First Come, First Serve)

Front 12

Estates

Back 12

Collections or bundles of ownership interests in real property.

Front 13

Freehold Estate

Back 13

Owner of the estate

Front 14

Leasehold Estate

Back 14

Right to use and possess but not quite own

Front 15

Life Estate

Back 15

Type of freehold estate that terminates automatically after the death of a named person. (Buy this kind of house for your parents.)

Front 16

Fee Simple Absolute Estate

Back 16

Fullest and most complete set of ownership rights one can possess in real property.

Front 17

Devisable

Back 17

Interests can be transferred by a will on the death of the owner

Front 18

Descendible

Back 18

Interest passes to the owner’s legal heirs if he or she dies without a valid will.

Front 19

Reversions

Back 19

“You must never damage the house for as long as it shall stand.” *House gets damaged* House goes back to original loaner/heir*

Front 20

Remainder

Back 20

“To Sarah for her life, then to Robert.” Robertis the remainder.

Front 21

Vested Remainder

Back 21

Ownership of the remainder interest is guaranteed

Front 22

Contingent Remainder

Back 22

Ownership of the remainder interest depends on conditions.

Front 23

Vested Reversion

Back 23

Guaranteed to go back to original owner

Front 24

Contingent Reversion

Back 24

Conditions to go back to original owner

Front 25

Tenancy for a Stated Period:

Back 25

Occurs when a landlord and a tenant enter into an agreement for a specified term.

Front 26

Tenancy from Period to Period

Back 26

Created when landlord and tenant agree to continue their relationship from year-year or month-month

Front 27

Tenancy at Will

Back 27

When parties enter into a lease agreement without specifying either a termination date or a period length.

Front 28

Tenancy at Sufferance

Back 28

Occurs when a tenant is in possession of a landlord’s property against the wishes of the landlord

Front 29

Tenancy in Common

Back 29

Each joint-owner holds an undivided, proportional interest in the entire property.

Front 30

Joint Tenancy

Back 30

Same as Tenancy in common but carries right of survivorship.

Front 31

Tenancy of the Entirety

Back 31

Special kind of Joint Tenancy that can only be created between husbands and wives.

Front 32

Community Property

Back 32

All property acquired during the marriage is property of the “marital community.”

Front 33

Condominium

Back 33

All owners typically have fee simple titles to their personal units but share sidewalks, pools, etc.

Front 34

Metes and Bounds

Back 34

Metes are the distances used in a description and, bounds are the directions of the boundaries that enclose a piece of land

Front 35

Cooperative

Back 35

Building owned by a nonprofit simply for the purpose of owning the property.

Front 36

Rectangular Survey Description

Back 36

When they created longitude and latitude and with that acres.

Front 37

Township

Back 37

6 Mile area of land

Front 38

Easement

Back 38

Crossing someone elses property without being a trespasser.

Front 39

Eminent Domain

Back 39

Government cannot seize property without proper reimbursement.

Front 40

4 Unities

Back 40

1. Time 2.Title 3.Interest 4.Possession

Front 41

Lien

Back 41

Claim on a property as either security for a debt or fulfillment of some monetary obligation.

Front 42

Specific Lien

Back 42

Created to secure debts that are associated with a particular parcel of real estate.

Front 43

General Lien

Back 43

(judgement lien or income tax lien) Placed on all of the property that might be owned by an individual

Front 44

Mechanic’s Lien

Back 44

Protects those who provide labor or materials for realestate improvements.

Front 45

Mortgagor

Back 45

Uses the house as collateral on the security

Front 46

Mortgagee

Back 46

Receives the benefits of the lien

Front 47

Dominant Estate

Back 47

Benefits from an easement

Front 48

Servient Estate

Back 48

Burdened by the easement

Front 49

License

Back 49

Unlikean easement they are normally temporary and allow revocable personal privilege to use the land for a particular purpose

Front 50

Ad valorem

Back 50

(of the levying of tax or customs duties) in proportion to the estimated value of the goods or transaction concerned.

Front 51

Inverse condemnation

Back 51

the government takes private property but fails to pay the compensation required by the 5th Amendment of Constitution.

Front 52

Police powers

Back 52

is the capacity of the states to regulate behavior and enforce order within their territory for the betterment of the health, safety, morals, and general welfare of their inhabitants.

Front 53

Zoning

Back 53

Municipal or local government laws that dictate how real property can and cannot be used in certain areas