Real Estate Exam 1

Question	Answer
Rights	Claims that the government is obliged to enforce
Source of Property Rights	14th Amendment
Interest	The extent of a right in a property
Estate	Legally recognized degree, quantity, nature, or extent of an interest in real property
Fee Simple Absolute	All possible rights
Two rights always owned by the government	Eminent Domain, Taxation
Possessory Estate	Right to possess property and exclude others
Non-possessory	Rights in a property that is in the possession of another
Freehold	Characterized by an undefined length of time
Non-freehold	Defined length of time (ie a lease)
Fixture	Real property that was formerly private property
Trade fixture	Removable personal property that a tenant attaches to leased land for business purposes
Ownership	An interest under which "title" is held
Posession	An interest under which power is exercised over real property to the exclusion of others
Tenancy in common	Ownership by more than one party, in undivided interests
Joint Tenancy	Ownership by more than one party, with rights to survivorship
Encumbrance	Non-possessory interest in real property held by someone other than the fee owner that affects title or use of the property
Marketable title	Title that a prudent buyer would except (eg. no liens on it)
Easement	Right to use land for a specific and limited purpose
"Runs with the land"	How easements are tied to the property itself and not the owner
Appurtenant Easements	Right of use a dominant parcel of land "enjoys" over an adjacent/ servient parcel
Easements in gross	Right to use land, unrelated to any parcel
License	Personal privilege to use the land of another for a specific purpose
Lien	Interest in land which security is an obligation
Security	Property to be forfeited in case of default on a note
Voluntary liens	Liens created by a contract or other agreement with the property owner
Involuntary Liens	Liens created by statutes or other laws without the consent of the property owner
Restrictive covenants	Impose restrictions of use on land
Recording Statutes	Establish a method of keeping track of the ownership of real property
Race statute	Recording statute that gives priority of title to the party that records first
Notice Statute	Recording statute that gives priority to a later claim, as long as that party paid value for that property, and did not have notice of an earlier claim
Deed	Written document which transfers title or other interest in real property to another person
Adverse possession	The legal circumstances by which a trespasser may lawfully claim ownership of property that it did not originally own
Eminent domain	The legal authority to take property for "public use"
Limited Partnership	Business organization that is managed by a general party who has unlimited liability, and limited partners, who are investors with limited liability but no say in operations
Tenancy-In-Common	Business entity that is fee-simple interest with many owners
Economic base	Activities that bring income into a city
Location Quotient	% of local employment in given industry/ % of employment in national economy
Zoning Regulations	Regulations by a municipality of land use, buildings and structures within the municipality's corporate limites
Zoning ordinance	Divides a city into certain districts and prescribes regulations for each one having to do with the architectural design of the structures
Nonconforming use	Use conflicting with the zoning map but in place prior to its enactment (aka grandfathering)
Variance	Exception of zoning requirements due to hardship
Plat	A survey of land which identifies the boundaries and any easements, flood zones, roadway and access right-of-way

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	Created by lossingraham about 8 years ago