77 terms

Chapter 8 real estate

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
the process of land build up from water borne rock, sand, and soil
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.)
gradual loss of land due to natural forces.
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 _____ ___ ______.
Permanent or movable store furnishings, such as display cases, counters, shelving, racks, and benches.
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
bundle of rights
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)
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
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.
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