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58 Cards in this Set
- Front
- Back
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CONTINGENT REMAINDER |
A known future interest in real property, provided some condition specified in the deed occurs. |
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CORRECTION LINES |
CORRECTION FOR THE CURVATURE OF THE EARTH BACK TO A FULL 6 MILES MADE EVERY 4TH TOWNSHIP LINE IN THE GOVERNMENT SURVEY SYSTEM PF LAND DESCRIPTION. |
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DATUM |
A point, line, or surface from which a vertical height or depth is measured. |
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Defeasible fee |
Aka qualified fee. Ownership estate in which fee simple title may be defeated by either a) "determinable" (so long as the specific use in the deed continues or b) a condition subsequent (so long as a certain condition in the deed is not violated. |
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ENABLING DECLARATION |
A statement that commits a property to condominium ownership. It defines the rights and responsibilities of individual owners in respect to maintenance and financial liabilities. |
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What are the four economic characteristics of Real Estate |
Scarcity improvement location permanence |
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Base Lines |
East west imaginary lines, crossing a principal meridian at a specific point, and forming boundaries of Townships in the Government Survey System of land description.
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AGREEMENT OF THE PARTIES/INTENT OF THE PARTIES
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An objective test of the intent of the buyer and seller is often used to decide if the personal property has become a fixture.
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CHECK
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A/K/A QUADRANGLE A 24 mile by 24 mile parcel in the government survey system of land description.
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COMMON INTEREST SUBDIVISION
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A subdivision that has amenities such as a pool or tennis courts, used by all individual owners. Each owner has an undivided interest based usually on the percentage as a ration of square footage to the total project square footage.
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COMMUNITY PROPERTY
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Property acquired during a marriage and considered equally owned. Property acquired before the marriage or with separate funds during the marriage is considered separate property. Only used in 10 states.
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CONDITION SUBSEQUENT
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A requirement of a defeasible fee whereby the grantee's title depends on a specific condition. If the condition is not met, the grantor must make a statement to the effect and retake the property within a reasonable time period. The estate does not automatically terminate up on violation of the condition of ownership, the owner must go through the court to assert this right.
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EMBLEMENTS
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Farm crops (fructus industriales) of a tenant farmer, which are sold separately and considered personal property.
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FEE SIMPLE DETERMINABLE
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An estate that may be "defeated" by failure of a condition determined in the deed, whereupon title automatically reverts to the grantor.
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FIXTURE
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Personal property item that is permanantly attached to improvements, and thus becomes real property.
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FREEHOLD ESTATES
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Real property ownership that is for an indefinite duration.
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GENERAL PARTNERSHIP
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A business organizational form in which all general partners actively participate in ownership and management and are liable for all debts and actions.
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GOVERNMENTAL SURVEY SYSTEM
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One of the three major methods of land description. Used for large parcels in non urban areas. Based on principal meridians and baselines which form quadrangles, townships, Sections, and fractions of sections.
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JOINT TENANCY
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A form of co-ownership in which one fee simple title is undivided and shared equally among two or more owners with an automatic right of survivorship. Four unities - time, title, interest, and possession -- are required to create joint tenancy.
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JOINT VENTURE
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A form of business organization in which two or more individuals come together for a business purpose and share in the profits and losses of the venture. It is treated like a partnership for tax purposes.
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LIMITED COMMON ELEMENTS
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Those areas in a common interest community reserved for the exclusive use by a particular owner, such as decks, storage areas, or parking spaces.
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LIMITED LIABLITY COMPANY
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A form of business organization treated like a limited partnership from a federal tax point of view and an S corp from a liability point of view.
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LIMITED PARTNERSHIP
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A business organizational form in which general partners are liable for all debts and actions and limited partners carry no liability beyond the amount of their investment.
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PARTITION
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A court action or lawsuit to dissolve co-ownership of property when one or more co-owners want to sell the property, but others do not. The court may split or partition the property.
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PUR AUTRE VIE
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A life estate based on the duration of the life of a person other than the grantor.
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QUADRANGLES
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An area of land measuring 24 miles on each side.
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RANGE
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A six mile wide strip of land or townships which run north and south of a baseline, and numbered east or west of a principal meridian.
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R.E.I.T.S REAL ESTATE INVESTMENT TRUSTS
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Money funds through which small investors participate in large real estate projects through ownership of certificates. Created and managed by brokerage companies.
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PLAT
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The legal description in map form of a subdivision. It contains lot and block numbers and shows dimensions of each parcel. Used mostly in urban/suburban areas. Plat maps are recorded by filing with the county clerk and recorder.
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REMAINDER ESTATE
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A life estate that goes to a named third party when the life tenant dies. Also known as a vested remainder interest.
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S CORPORATION
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An IRS category of corporation that is treated like a partnership for tax purposes, avoiding taxation of corporate profits and subsequent taxation of dividends to share holders (double taxation)
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SECTIONS
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One of 36 sub units of a township that is one square mile.
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SECURITIES
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Investments regulated by state and federal law where investors are inactive participants. Investment condominiums with a mandatory rental pool agreement are regulated by the securities and exchange commission.
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STATE RIGHTS CONCERNING PROPERTY
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The legal rights states have concerning all property. These rights are 1. Protect the health, safety and general welfare of the public (zoning), 2. Tax the land 3. Escheat and 4. Eminent domain
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SYNDICATION
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A process of two or more people coming together to operate an investment, such as partnerships, corporations, It is not a form of ownership.
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TENANCY BY THE ENTIRETY
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A legal form of co ownership in some states between only lawfully married husband and wife giving both spouses equal undivided interest in the whole property.
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Tenancy in common
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A form of co ownership of real property in which two more or more owners each owns an individual undivided percentage of the property. Co tenants in common may or may not have equal ownership portions and share only the unity of possession.
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TENANCY BY SEVERALTY
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Ownership by a sole person
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TESTAMANTARY TRUST
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A trust created at the time of death by will
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TIER
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A six mile wide horizontal row of townships running and numbered north or south of a baseline.
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TOWNSHIP
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A 6 mile square parcel of land. Contains 36 mile square sections.
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TESTATE
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Refers to death whereby the deceased leaves a will declaring transfer of property interests to parties named in that will
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ANNEXATION
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The process of affixing or attaching personal property to the real property so that it becomes a fixture and is considered real property.
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TRUSTOR
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A person who creates a trust
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LIVING TRUST
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A type of trust created during the lifetime of the owner.
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TRUSTEE
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A Third party that administers a trust on behalf of the beneficiary and carries out the wishes of the trustor.
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INTER VIVOS TRUST
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A trust under which property is transferred by a living trustor to a trustee with instructions for management of assets and for distribution of income. Differs from a testamentary trust created by will and effective upon death.
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CORPORATION
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A legal entity created under state law, consisting of an association of one more individuals but existing separately from such individuals. Managed by its board of directors, the liability of each shareholder is limited to his/her investment.
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DEED RESTRICTION
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Provisions placed in a deed to control the future use of a property.
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REVERSIONARY INTEREST
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An interest retained by the creator of the life estate if no remainderman is named.
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WHAT ARE THE FIVE BUNDLE OF RIGHTS
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1. THE RIGHT OF POSSESSION 2. THE RIGHT OF CONTROL 3. THE RIGHT OF EXCLUSION 4. THE RIGHT OF ENJOYMENT 5. THE RIGHT TO DISPOSE ALL TRUE FOR FEE SIMPLE ABSOLUTE |
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REAL PROPERTY |
The bundle of rights you acquire when purching real estate |
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QUADRANGLES |
24 miles on a side. Uses a "CHECK" which corrects for the curvature of the earth. Broken down into 16 townships. One check every 24 miles |
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1 acre |
43,560 square feet 4840 square yards |
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FEE TAIL |
Yours as long as you have descendents |
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LIFE ESTATE |
Yours until death (life tenant) then returns to grantor and his or her heirs or stated third party. |
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UNDIVIDED INTEREST |
An individual can own a specified percent of a property, but the exact location or part of the property is not defined. The individual has 100% use of the property. |
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R.E.I.T.S REQUIREMENTS |
1. 100 or more owners of certificates 2. 50% of all outstanding certificates cannot be owned by 5 or less persons. 3. Certificates must be transferable 4. Income must be primarily from rent, interest on mortgages etc. Income cannot be from capital gains on sale or exchange 5. At the end of each fiscal year, 95% of earned income must be distributed to beneficiaries (certificate owners) TAX EXEMPT STATUS |
