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Terms in this set (142)
Real Estate Apprasier
a professional opinion of a property's market value based on established methods and using trained judgement
What factor primary affects supply in real estate?
Governmental monetary policy
Which factor most likely to influence demand for real estate?
Wage levels and employment opportunities
Specializations within real estate
property management, appraisal, financing, development
Fair Housing Law
federal law that prohibits discrimination
If a manufacturing company relocates its factory and employees to a small town, what will happen to cost of homes?
They will become more expensive
Real Estate Counselor
A real estate professional who helps clients choose among the various alternatives involved in purchasing, using or investing in property.
Nationwide Multistate Licensing System and Registry was created to register...
mortgage loan originators
What is considered to be "special purpose" in real estate?
When demand decreases and supply remains the same...
price tends to fall
the difference between the cost basis of property and its net selling price
use of borrowed money to finance an investment
Uses of real property
residential, agricultural, industrial (NOT developmental)
Affects of demand
population, demographics, wage levels
Factors that affect how quickly the forces of supply & demand work...
location, immobility, uniqueness
person who performs a visual survey of a property structure and writes a report for a buyer
A property manager
a person/company responsible for maintaining client's property and maximizing the return on the client's investment
detailed information about the age, education, behavior and other characteristics of members of a population group
earth's surface, subsurface and air space
Personal property (chattels) includes
moveable items, emblements, items of real property that can become personal by severance or annexation, factory-built homes
water rights belonging to owners of a flowing body of water
owners of land that borders a commercially navigable lake, sea or ocean
Doctrine of Prior Appropriation
water use aside from limited domestic use is controlled by the state, not landowner
annual plantings, crops, vegetables and fruit
Legal tests of a fixture (MARIA)
Method of annexation, adaptability of use, relationship of parties, intention in placing item on land, agreement of parties.
Fixtures and equipment that may be attached to a building during a tenant's occupancy, with the intention that they be removed when the tenant leaves
acquiring property that is not removed from prior owner (in commercial property)
separating an item from land, making what was real property, personal property.
Changing personal property into real property (owner buys stones to construct sidewalk, personal became real)
Another term for personal property
a physical characteristic of land
the rights to the natural resources below the earth's surface
something extra; a parking space in a multiunit building, water rights
Bundle of Legal Rights
Possession, control, enjoyment, exclusion, disposition
An estate in real property which continues for an indefinite period of time.
The greatest possible interest a person can have in real estate.
Fee Simple Defeasible
A qualified fee estate that is subject to the occurrence or nonoccurrence of some specified event.
Life Estate Pur Autre Vie
A life estate "for the life of another," where the measuring life is someone other than the life tenant.
a claim charge or liability attached to real estate
A charge against property that provides security for a debt or an obligation of the property owner.
Covenants, conditions and restrictions. The basic rules establishing the rights and obligations of owners (and their successors in interest) of real property within a subdivision or other tract of land in relation to other owners within the same subdivision or tract and in relation to an association of owners organized for the purpose of operating and maintaining property commonly owned by the individual owners.
right to use the land of another (e.g., phone lines)
a right of use that continues from owner to owner that involves a relationship between two parcels of land: a dominant parcel that benefits from a servant parcel
benefits from the easement
Land on which an easement exists in favor of an adjacent property (called dominant estate); also called a servient estate.
Easement in Gross
An individual or company interest in or right to use someone else's land.
Easement by necessity
when land has no access to a street or public way
Easement by Prescription
acquired when a claimant has used another's land for a period required by law
personal privilege to enter the land of another for a specific purpose
when a building, fence, or driveway illegally extends beyond the land of its owner or legal building lines, an encroachment occurs.
A recorded legal document giving constructive notice that an action affecting a particular property has been filed in either a state or a federal court.
PETE (Government Powers)
Police Power, Eminent Domain, Taxation, Escheat
the right of government to take private property for public use
The state takes property upon an owners death if there is no will & no heirs exist.
When an owner asks to be condemned due to their land value lowering because of negative changes made by neighboring land by the government
How to terminate an easement
1. Release - holder expressly releases it. the release must be in writing, because it is subject to the SOF.
2. Merger - holder of the easement acquires title to the underlying estate - easement merges into the title
3. Abandonment - owner acts in an affirmative way that shows a clear intent to relinquish their right to the easement.
a. need more than non-use or statements
b. requires non-use plus an act demonstrating intent to abandon
4. Prescription - holder fails to protect against a trespasser for the statutory period
5. Sale to bona fide purchaser
6. Estoppel - servient owner changes position to his detriment in reliance on statements and conduct of the easement holder that the easement abandoned.
7. End of Necessity
Forms of co-ownership
Tenancy in common, joint tenancy, tenancy by the entirety, community property
Ownership in Severalty
Title ownership held by two or more persons.
Tenancy in Common
Co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death.
a legal action to force division or sale of a property by one or more of the tenants in a TIC
4 unities of joint tenancy (PITT)
1. Possession-joint tenants have the same rights as undivided possession
2. Interest- joint tenants have equal ownership interest
3. Title- joint tenants acquire title on the same instrument (deed)
4. Time- joint tenants acquire their interests in the property at the same time
Right of Survivorship
right of one joint tenant to ownership of property when the other joint tenant dies
How to terminate a joint tenancy
Death, conveyance, partition
Tenancy by the Entirety
The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse, the survivor becomes the owner of the property.
property obtained during the course of the marriage
property acquired before marriage
property acquired by gift or inheritance during marriage
a legal arrangement in which property is transferred by the trustor
Person who creates a trust
acts as a fiduciary in carrying out wishes of a trustor
one who receives benefits
an association of two or more persons who carry on a business for profit as co-owners in a general or limited partnership
all partners participate in operation and management. All share full liability for business losses and obligations
made of general and limited partners. General partners run business, limited partners do not run and are liable for losses only up to the amount of individuals investment
Limited Liability Company (LLC)
a form of business ownership that offers both limited liability to its owners and flexible tax treatment
Stairwells, roofs, etc., owned by all
Horizontal Properties Act
Law regulating the creation of condominiums.
A group that governs a modern subdivision or planned community. An association collects monthly fees from all owners to pay for maintenance of common areas, handle legal and safety issues, and enforce the covenants, conditions and restrictions set by the developer.
title to the land and building held by corporation, which sells shares of stock to prospective tenants
A lease issued by a cooperative corporation to its shareholders.
43,560 square feet
27 cubic feet
9 square feet
144 square inches
metes and bounds method (Used in CT)
measures distance (metes) starting from a point of beginning and following compass directions or angles (bounds) to arrive back at the POB
fixed objects/markers used to identify POB and corners/places where the boundary line changes
rectangular survey system
A system used to divide public domain lands in the United States in which land is divided into 6-mile square townships and subdivided into sections, portions of sections, or irregular lots. Also referred to as Public Land Survey System.
north-south lines separating townships
An east-west line designated in the Land Ordinance of 1785
Lines running east and west, parallel to the base line and six miles apart.
All the lines in a rectangular survey system that run north and south, parallel to the meridian line six miles apart.
rows of townships
columns of townships
How many sections in a township?
sections of a township
Lot and Block
A method of land description frequently used after land has been subdivided into building lots; also referred to as the recorded plat method. (Must have a plat map to find the property)
A map of a town, section, or subdivision indicating the location and boundaries of individual properties.
Includes both a legal description and a survey sketch.
Improvement Location Certificate (ILC)
Similar to a survey, this is a very basic way to describe and locate property, and show where improvements, encumbrances, and easements are (often required by lenders and insurance companies)
right to or ownership of land (NOT an actual piece of paper)
transfer of title to real estate by gift or sale during one's lift using some form of deed
To create a valid deed
grantor must be of legal age, must be legally competent to sign the deed
person who transfers a title
a deed executed by a minor is
a grantee must be
identifiable with sufficient certainty
must be states to record a deed
Words in a deed of conveyance that state the grantor's intention to convey the property at the present time. This clause is generally worded as "convey and warrant"; "grant"; "grant, bargain, and sell"; or the like.
That part of a deed beginning with the words "to have and to hold," following the granting clause and defining the extent of ownership the grantor is conveying.
Legal description of property
A description of such certainty and accuracy that one can go to the ground and identify the land- a description prepared by a surveyor
Requirements for a valid deed
grantor, grantee, statement of consideration, granting clause, habendum clause, legal description of property, exceptions/reservations, acknowledgement, delivery and acceptance of deed
general warranty deed
provides greatest protection to the grantee and includes covenant of seisin, against encumbrances, further assurances, quiet enjoyment and warranty forever
Covenant of Seisin
Gives the assurance that the grantor has the exact estate in the quantity and quality which is being conveyed. "I own and I have the right to sell it."
Covenant against encumbrances
a promise that the property is not encumbered with liens, easements, or other such limitations except as noted in the deed
covenant of further assurances
A deed provision in which the grantor promises to perform any acts necessary to produce whatever documents are required to perfect title to the grantee.
Covenant of Quiet Enjoyment
a promise that the property will not be claimed by someone with a better claim to title
Covenant of Warranty Forever
The grantor promises to compensate the grantee for the loss sustained if the title fails at any time in the future.
special warranty deed
A deed in which the grantor warrants, or guarantees, the title only against defects arising during the period of his or her tenure and ownership of the property and not against defects existing before that time, generally using the language, "by, through, or under the grantor but not otherwise."
Bargain and Sale Deed
implies that the grantor holds title and possession of the property but there are no express warranties against encumbrances.
least protection of any deed, carries no covenants or warranties. Conveys only whatever interest the grantor may have when deed is delivered
deed of trust
a trustor conveys real estate to a trustee for the benefit of a beneficiary
used by the trustee to return title to the trustor
conveys property to someone other than the trustor
Deed executed pursuant to a court order
These deeds are established by state statute and are used to convey title to property that is transferred by court order or by will
Transfer Tax Stamps
Tax paid by grantor when deed recorded
transfer of title to property usually by operation of law
property taken by a creditor for nonpayment of a debt secured by real property
property taken by state when no heirs of the deceased can be found
property acquired by adverse possession by open, notorious, continuous, hostile and adverse to the interest of the true owner
when the land of another private person is adversely and exclusively possessed in an open and notorious way
transfer of title by will
when someone dies testate, leaving a valid will prepared as required by state law
an addition to a will while person is living
a gift of real property by will to the devisee
gift of personal property by will
to pass title to property on death a will must be..
filed with the court and probated
Wills canot not...
supersede state laws protecting inheritance rights of surviving spouse (dower or curtsey, or benefits granted by homestead laws)
Statute of Descent and Distribution
A set of laws that determine inheritance for a person that dies intestate.
When a person dies without a will
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