RE Exam Cards.txt

Based on value of property

Possession, Encumbrance, Exclusion, Transfer, Use, Not Destroy

Method of attachment, Agreement, Relationship, Intent, Adaptability

Any property that can be inherited

Bill of Sale

Chattel or Personalty

Non-physical or non-tangible property (right of way, hereditaments)

Physical or tangible property (buildings, land)

Appurtenances

Police Power, Eminent Domain, Taxation, Escheat

Right to regulate property or confiscate temporarily in an emergency

Condemn private property with just compensation

Taking property if owner dies with a will or heir

overall community growth

Molding growth of contiguous areas

County Treasurer

First in time has first in right

Changing zoning for one property

Leave zoning but use part of property for another zone

Right to hold property forever and inheritable (Fee Estate)

Right to hold property for a period of time with expiration date (lease)

Wholly owned, transferable, and inheritable

Property goes back to owner if violation occurs

Automatic return of property if a violation occurs

Need to prove violation occurred to return property

Property must go to direct descendant (not legal in AZ)

Hold property for a limited time and is not inheritable

Limited time based on a life of another

If grantee dies, goes back to grantor

If grantee dies, goes to someone else

Use, Possess, and Encumber

$150k of equity protection against unexpected liens and judgments off primary residence

Leases with beginning and end

Lease for a specific time

Open-ended lease (e.g. month to month)

Lease that either party can walk away at any time

To be enforceable, contracts must be in writing, except for leases less than 1 year

In writing, signed by both parties, use the word lease, describe consideration, description of premises, period of time of occupancy, be delivered and accepted

Lessee pays rent, Lessor pays everything else

Lessee pays rent, taxes, and assessments, Lessor pays everything else

% of gross sales with a minimum

When contract rent is less than economic (market) rent

When contract rent is higher than economic (market) rent

Right acquired to use another's land for a specific purpose

Interest/right to a person, not property

Termination of easement due to 5 years of non-use

2 or more people/corporations owning equal/unequal share of a property, property goes to heir at death, can sell at any time with no notification

Possess, Interest, Title, Time (all must be equal)

Deed given by sovereign nation to person/company

Document to transfer title from one party to another

A bundle of rights associated with the property

Exchange with money

Exchange for love and affection

To have and to hold - you can have it until you die, then reverts back

Grantor has right to convey

Grantor promises to defend against claims by a third party

Grantor promises property is free and clear from encumbrances unless specifically revealed

Grantor will provide clear title

Grantor will defend Grantee's title forever

Contains all 3 Covenants, but no warranties, usually involuntary alienation

Contains all 3 Covenants and Further Assurance Warranty

Contains all 3 Covenants and both warranties

Removes "clouds on title" or interest in property, no covenants or warranties

Type of Quit Claim Deed used between relatives, usually good consideration

Spouse loses interest in property

Alerts of sale price, signed by buyer and seller, paid for by seller, recorded by buyer with deed

No Deed and possession, unrecorded deed and no possession, recorded deed and no possession, unrecorded deed and possession, recorded deed and possession

Register title only, no title insurance (not in AZ)

Guarantees clean title, insures against bad title

Paid for by seller to benefit buyer, insures against errors by title insurance company, hidden defects, incorrectly given marital status

Paid by borrower for lender, insures against right os parties in possessions, unrecorded or mechanic's liens, questions of survey

Give up legal rights and disavow future claims

Dirt going away

Dirt going away quickly and violently

Increased land due to river/stream deposits

Increased land due to drying out/receding of river

Acquired property without owner's permission (squatter rights)

Lawsuit to acquire property if there is continuous or tacking use for 10+ years, is hostile, open, and notorious

No will, administrator assigned by court to distribute property

Will in place, distribution of property by personal representative named by deceased

Handwritten and signed, no witnesses needed

Oral will, not in AZ

Addition to formal will, typed, signed, and witnessed by 2 people who are not heirs

NOI over Value times Cap Rate

Based on full occupancy and all concessions

Potential Gross Income - Vacancies - Bad Debt - Operating Expenses

Potential Gross Income - Vacancies - Bad Debt

Taxes, Insurance, Management, Maintenance

Depreciation, Income Tax (Personal), Debt Service (P&I), Improvements

Return on investment in land + return on investment in improvements + return of investment in improvements

The Buyer

The Seller

% return on $ put in = Cash Flow/$ put in

NOI - Debt Service

Sales price/gross rent

Secured bonds - guarantees return and timeframe

Unsecured bonds - no guarantee on returns

Urban Development Action Grant to promote revitalization of commercial area

Community Development Clock Grants to promote revitalization of residential area

Must create new jobs, allows higher than normal loan-to-value, more flexible loan terms

Land Loans, Acquisition and Development Loans, Construction Loans, Bridge Loans, Permanent Loans

Financial projections of property

Proof of debt against personal property

Clears lien against personal property

Former slave could not receive citizenship

Prohibited racial discrimination, including in sale of property

Overruled separate but equal, lead to desegregation

Wrong people moving in, better sell now

Not providing loans in a certain area

Influencing clients to go to a specific neighborhood

Prohibits credit discrimination on the basis of color, race, religion, marital status, gender, nationality, age, and dependency on public assistance

1.5 times rent unless agreed to by both parties

14 days from written notice, otherwise 2 times penalty

If tenant is not at fault for habitable premises, tenant can terminate lease

Landlord can take possession back of property due to non-payment of rent

Can seize personal property in lieu of rent

Budgeting, setting rental rates, selecting tenants, collecting rent, maintenance, comply with laws

Horizontal property regimes, own space between ceiling and floor

Corporations own property, individuals own shares in cooperative and proprietary lease to live in property