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Test Taking
Real Estate
| Suface Rights | right to build and plant crops |
|---|---|
| Air Rights | To use the vertical airspace, subject to local , state and federal regulation |
| Appurtenances | Right to access ( Beach Rights) |
| Mineral Rights | If mineral are vertically removed they become personal property |
| Riparian Rights | Use of water by lake ,river or similar body of water recreation and agriculture . On navigable water the rights extend to the waters edge . On no-navigable water rights extend to mid-point water . |
| Littoral Rights | Similar but in this case the body of water would be very large , like the Atlantic Ocean or the Great Lakes. Rights end at the mean high water mark . |
| Metes and Bonds | Metes are measured in feet from a known point , like a rock. Bounds is the compass directions . Measurements returns to point of beginning aka POB. |
| Lots and Blocks | Recorded plat plan of a subdivision . Street grid creates blocks , the divided by lots . |
| Freehold estates | ownership estate |
| Non-freehold | Non ownership estate possession |
| Fee Simple , Fee , Fee simple absolute | The type of estate interest that theoretically is not subject to restrictions, hence it is the form of ownership that can be granted from the grantor or grantee . The laws assume all estate are fee unless otherwise noted . |
| Life estate in revision | A grants to B , when B dies , estate reverts to back to A . |
| Life estate in remainder | A grants to B ,when B dies estate goes to X. X is the remainder man . X is always named by A in the establishment pf the life estate . |
| Pur autre vie (For the life of another ) | A grants to B .when Y passes, estate goes to X. X is the remainderman, originally named by A . Life tenant B is prohibited from laying waste to the property and must keep real estate taxes current . |
| Fee simple subject to condition subsequent | Title transferred upon condition a certain activity does not occur in the future. |
| Fee simple determinable | Title transferred upon condition a certain activity continues . |
| Leasehold or lease | Renting for a fixed term |
| Leased fee | Ownership interest that the landlord or lessor maintains in a property under a lease with the rights of use and occupancy being conveyed or granted to a tenant . |
| Tenancy at will | Renting month to month . |
| Tenancy at sufferance | Remaining in a rental unit beyond a lease term |
| Tenancy by the entirety | Reserved for married people . The interest cannot be divided during the term of the marriage . Upon divorce parties become tenants in common . Upon death of spouse , the surviving spouse takes title as a fee simple aka survivorship . |
| Tenancy in common | Each owns the property in separate but undivided interest , no survivorship . In other words , if the party A dies , party B does not inherit the interest of party A. The interest of party A is granted to the heirs of A. |
| Joint Tenancy | Equal interest , equal possession , acquired at the same time , by same deed . upon death of owning party , the remaining parties acquire the interest equally , not the heirs. |
| Syndication | Commonly referred to as Real estate Investment Trust REIT. This is basically owning stock in real estate holding company . |
| 6D | Certificate from the condos association stating the condo unit is current with all condo fees |
| Deed | A legal document that is signed and delivered, especially one regarding the ownership of property or legal rights. Written intent to transfer ownership . |
| Habendum clause | To have and to" hold " dines the estate granted . |
| Hypothecation | Allows a property owner to use the property as security for the loan while still being able to occupy it. |
| Emblements | Usually for agricultural easements, crops that are considered personal property while still being attached to the land. |
| Warranty deed | The most desirable deed that provides the greatest amount of protection. The grantee is protected from any person who claims it and any liens against the property by the grantor. |
| Compound interest | While simple interest is paid only to the principal owed, when accrued interest is added in or included, the interest is compounding. |
| How is land different than other property assets | Land is the only property asset that is fixed and immobile. |
| An appraisal is | An estimated value of a particular piece of property Appraisers do use a variety of mathematical techniques in their work, but the act of arriving at the value of a particular piece of property is not precise. |
| The property being appraised is called | The subject property |
| Arm’s length transaction | Both parties are free of duress and potential conflicts of interest. Only in an arm’s length transaction can the agreed upon value be considered fair market. |
| Value in use is | An added property value unavailable to the typical buyer because it’s for a specific person using it for a specific purpose. |
| Investment value is | the value to a specific investor with a specific plan for the property |
Created by:
Raynali
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