Chapter 8 real estate

77 terms by Jennifermtfl 

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Land

refers not only to the surface of the earth but also to everything attached to it in nature, such trees and lakes.

Real estate

refers to the land and all improvements permanently attached to the land.

real property

includes all real estate plus the legal bundle of rights. inherent in ownership of real estate

real property

real estate is often interchangeably used with _____.

real property

this includes not only the real estate ( land improvements) but also the legal interest, right, and privileges associated with the ownership of real estate.

Real property

means any interest or state in lay and in any interest in business enterprise is work as his opportunities, including any assignment leasehold, subleasehold,or mineral right,

real property

does not include any cemetery lot, right of burial in any cemetery, nor does the term include the renting of a mobile home lot or recreational vehicle lot in a mobile home park or travel park

surface right, subsurface rights, and air rights

the owners right to use the physical component of surface, subsurface,and air are referred to as _____ ____, _____ _____, and ___ ____.

Riparian rights and littoral rights

Two types of water rights are ______ _____ and ______ _____.

Riparian rights

associated with land abutting the banks of a river, stream, or other water course

Littoral rights

associated with land abutting tidal bodies of water such as an ocean, sea, or lake

Accretion

the process of land build up from water borne rock, sand, and soil

alluvion

new deposits of land as a result of accretion.

alluvion deposits

commonly occur at the mouth of large rivers ( the landowner is entitled to all new soil deposits.)

erosion

gradual loss of land due to natural forces.

Reliction

New Land acquired if water recedes

subsurface right

these consist of an owner is right under ground minerals, petroleum,natural gas and so forth often referred to as mineral rights.

air rights

involve the space above the tract, extending up to a high established by law.

personal property

Movable objects, not real property, sometimes called chattels, such as cars, cash, stock

act of severance

real property can become personal property by _____ ___ ______.

fixtures

Permanent or movable store furnishings, such as display cases, counters, shelving, racks, and benches.

IRMA

test for fixtures

trade fixture

(in business) theater seats, barber chairs, etc. Generally speaking, a trade fixture can be removed because the owner needs it to carry on his trade

method of annexation

Refers to how an object is attached to the land.

adaptation of the article

Is necessary for the normal use of a specific property. Such as Hurricane shutters

right of disposition

allows owners to transfer ownership to others

right of use

the owners right to make the land productive. owner may use as seen fit as long as it doesn't interfere with rights of others or government restrictions.

Right of possession

right to physically occupy the land and to use the land and make it productive.

Right of exclusion

restriction, allows the owner to stop others from using the property or even from entering the property

DUPE

bundle of rights

estate

extensive landed property (especially in the country) retained by the owner for his own use

Freehold and nonfreehold

Estates are divided into two Broad classifications

Freehold estates

Estates of ownership, Estates of indeterminable length, existing for a lifetime or forever

Fee simple

The most comprehensive estate and it is inheritable

Life estate

measured by a natural life span

Estate in reversion

an estate that comes back to the original grantor.

Remainder estate

1. At the end of a Life Estate if the property goes to a 3rdparty, and not the original owner, 3rd
party's property right is called a _____________________.
2. A to B for B's lifetime, then to C.
3. C has a _____________________.

vested remainderman

refers to someone whose legal name is specified

Contingent remiainderman

refers to someone whose legal name is not specified (first born child)

nonfreehold

estates and possession

estate for years

Leasehold estate that has a specific starting and ending date.

tenancy at will

An interest in real property that continues for an indefinite period of time. Week to week or month to month

tenancy at sufferance

arises when a tenant doesn't leave the premises after his or her tenancy has expired

leasehold estate

Tenant's right to occupy real estate during the term of a lease, generally considered to be a personal property interest

tenancy at will

an interest in real property that continues for an indefinite period of time

estate in severalty

an estate owned by one person; sole ownership.

Concurrent ownership

ownership by two or more persons at the same time

tenancy in common

A form of concurrent ownership where two or more persons hold separate titles in the same estate. May have equal or unequal shares. Right of partition.

joint tenancy

A form of concurrent ownership where all owners have equal rights of possession, equal interest, took title at the same time, there is one deed, and each owner has full rights of survivorship.

tenancy by the entireties

A special joint tenancy between a lawfully married husband and wife, which places all title to property (real or personal) into the marital unit, with both spouses having an equal undivided interest in the whole property. In essence, each spouse owns the ENTIRE estate.

undivided interest

the interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property

right of survivorship

When a joint tenant dies, his or her interest passes to the remaining owners of the property; becomes an issue only at death of one of the owners

possession, interest, title, time

four unities of a joint tenancy

protection of the homestead

protected from forced sale for debts owing to personal loans, credit cards and so forth.

tax exemption

$50,000 for qualifying homesteads

size of homestead

restricted to 160 acres outside a city or up to 1/2 acre in the city

elective share

The spouse's statutory right to choose a share of the decedent spouse's estate instead of inheriting under the provisions of the decedent's will.

exempt property

Super-priority that gives value of certain property to surviving spouse before estate is divided up (clothing, furniture, one car). Limited to $10,000

separate property

In community property states, seperate property is any property owned by either spouse prior to marriage, or property acquired during the marriage by gift or by inheritance.

marital assets

acquired by or product of the marriage

cooperative association

form of ownership of real property wherein legal title is vested in a corporation or other entity

proprietary lease

Sometimes called an "owner's" lease. It is held by a person who owns shares in a stock cooperative. They own personal property which entitles them to this type of lease.

ad valorem

in proportion to the estimated value of the goods taxed

condominium

housing consisting of a complex of dwelling units (as an apartment house) in which each unit is individually owned

common elements

a. areas everyone shares an interest in.
b. may or may not be interest to all.
c. each has a percentage and there maintenance fees according to this percentage.

condominium documents

A set of papers describing the condominium and the association

declaration of condominium

legal description of the condominium property including the units, common elements, membership and voting rights

articles of incorporation of the association

creates the corporate entity responsible for operating the condominium - generally not for profit

bylaws of the association

operation requirements of the association. procedures for calling meetings, voting requirement and so forth.

Estimated operating budget

provides detailed estimates of various common expenses that are to be shared by the unit owners.

prospectus

a formal summary of a proposed venture or project

15 calendar days

the developer must include a disclosure in the sale contract stating that the buyer of a new residential unit may cancel the contract with _____ of signing the contract and of receipt by the buyer of the condominium documents

3 business days

contract for resale of a residential condominium unit must include a clause that states that the buyer acknowledges receipt of the condominium documents and that that perspective buyer may cancel the contract within __________ after the date of execution of the contract in receipt of the buyer of the condominium documents

Time-share ownership

A type of ownership that permits several individuals to hold legal title to a property. Time shares are distinguished by the fact that each unit is sold in time intervals.

10 calendar days

Time-share act requires a developer disclosed a purchaser's can cancel the contract within ______ Of contract signing or receipt of the public offering statement, which ever is later

Interval ownership

fee simple possession, for the limited time purchased (one or more weeks), of a time-share unit, complete with deed, title, and equity.

right to use

A type of time-share ownership; leasehold is temporary in nature

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