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25 Cards in this Set
- Front
- Back
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WHICH FOUR RIGHTS DO LAND INCLUDE?
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Surface rights
Subsurface rights Air Rights Profit - the right to remove items sucj as topsoil or minerals from land belong to another. |
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REAL PROPERTY ?
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includes all rights, interests, and benefits inherent in the ownership of physical land and all structures affixed to it.
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PERSONAL PROPERTY ?
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(chattel) anything that is not real estate.
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TESTS OF A FIXTURE ?
(MARIA) |
Method of attachment (least important)
Adaptability to property Relationship of parties Intention of party when it was affixed Agreement between the parties (most important) |
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Rectangular (government) Survey ?
Township info ? |
Has meridians (north/south) and baseline (east/west)
36 one-mile square sections each section has 640 acres each acre contains 43,560 square feet. |
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WHAT RIGHTS DO THE GOVERNMENT HAVE WITH LAND ?
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Property Tax
Eminent Domain Police Power Escheat |
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FEE SIMPLE ABSOLUTE ?
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features the largest, most complete bundle of rights.
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FEE SIMPLE DETERMINABLE ?
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features ownership so long as a condition is met.
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LIFE ESTATE ?
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features ownership for the duration of an individual's lifetime.
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WHAT IS FLOOR AREA RATIO (FAR)?
The FAR is 4:1. We are using 50% of the lot for improvements. What is the maximum building height? |
is the ratio of floor space to land.
8 stories. |
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LEASED FEE ESTATE ?
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is the lessor's (landlord's) interest.
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LEASEHOLD ESTATE ?
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is the lessee's (tenant's) interest.
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ENCUMBRANCES ?
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is any clain, right, or interest, held by one who is not the legal owner of the property.
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EASEMENT ?
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is the right to use lands of another for a special purpose.
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APPURTENANT EASEMENTS ?
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features both a dominant
property (one served by the easement) and a servient property (one used by the easement holder) |
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EASEMENTS IN GROSS ?
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has only a servient property.
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DEED RESTRICTION / RESTRICTIVE COVENANT ?
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are privately created limitations on land use.
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LIEN ?
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is a claim on land to secure payment of a debt.
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ENCROACHMENT ?
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is an unauthorized use of another's land.
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PROMISSORY NOTE ?
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is a contract that establishes a promise to repay, identifies the borrower and lende, and specifies the amount of the debt and the terms of repayment.
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MORTGAGE ?
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is a contract that pledges property as security for repayment of a debt, and includes provisions for the lender to sell the property if the mortgage is violated.
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DEED OF TRUST ?
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there are three parties to a deed of trust. The borrower/buyer is the
trustor. The third party/escrow company is the trustee. The lender/bank is the beneficiary. |
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A property was purchased for $97,500. Discount points of $1,706.25 were charged. The loan-to-value ratio was 70%. How many discount points were charged?
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2 1/2 points.
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DEED ?
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conveys ownership of real estate. The type of estate or interest conveyed to the purchasher is specified in the HABENDUM CLAUSE.
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EQUITY ?
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is the difference between today's market value and today's debt against the property.
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