Real Estate Exam 1


Flashcards on Real Estate Exam 1, created by lossingraham on 02/21/2016.
Flashcards by lossingraham, updated more than 1 year ago
Created by lossingraham almost 7 years ago

Resource summary

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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