REAL ESTATE

Card Set Information

Author:
shorunke86
ID:
22718
Filename:
REAL ESTATE
Updated:
2010-06-08 22:26:29
Tags:
REAL ESTATE
Folders:

Description:
REAL ESTATE
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user shorunke86 on FreezingBlue Flashcards. What would you like to do?


  1. WHAT IS REAL ESTATE?
    PROPERTY- ANYTHING THAT CAN BE BOUGHT OR POSSESSED.
  2. WHAT IS A TANGIBLE ASSET?
    PHYSICAL THINGSSUCH AS CARS, CLOTHING, LAND, OR BUILDINGS
  3. WHAT IS AN INTANGIBLE ASSET?
    NONPHYSICAL AND INCLUDE CONTRACTUAL RIGHTS (MORTGAGE AND LEASE AGREEMENTS) FINANCIAL CLAIMS STACKS AND BONDS, INTERESTS, PATENTS OR TRADEMARKS.
  4. WHAT ARE THE THREE WAYS REAL ESTATE IS USED?
    1. IDENTIFY THE TANGIBLE ASSETS OF LAND AND BUILDINGS

    2. DENOTE THE BUNDLE OF RIGHTS ASSOCIATED WITH THE OWNERSHIP AND USE OF THE PHYSICAL ASSETS

    3. INDUSTRY OR BUSINESS ACTIVITIES RELATED TO THE ACQUISITION, OPERATION, AND DISPOSITION OF THE PHYSICAL ASSETS.
  5. WHAT IS PERSONAL PROPERTY?
    THINGS THAT ARE MOVEABLE AND NOT PERMENANTLY AFFIXED TO THE GROUND
  6. WHAT ARE REAL ESTATE USER MARKETS?
    COMPETITION AMONG USERS FOR PHYSICAL LOCATIONS AND SPACE.
  7. WHAT ARE THE CAPITAL MARKETS?
    THEY ALLOCATE FINANCIAL RESOURCES AMONG HOUSEHOLDS AND FIRMS REQUIRING FUNDS.
  8. WHAT IS A LARGE AREA THA DOES NOT INCLUDE ANY IMPROVEMENTS?
    "RAW LAND"
  9. GIVE THE DEFINITION AND AN EXAMPLE OF AN IMPROVEMENT ON THE LAND
    ANY FIXED STRUCTURES ON LAND SUCH AS A BUILDING, FENCE, WALL AND DECK
  10. GIVE THE DEFINITION AND AN EXAMPLE OF AN IMPROVEMENT TO THE LAND
    ADDING THE COMPONETS NECESSARY TO MAKE THE LAND SUITABLE FOR BUILDING CONSTRUCTION OR OTHER USES. EXAMPLES ARE STREETS, WALKWAYS, STORM WATER DRAINANGE SYSTEMS, AND WATER, SEWER, ELECTRIC, AND TELEPHONE UTILITIES REQUIRED FOR LAND USE.
  11. WHAT ARE THE 2 MAIN CHARACTERISTICS OF RIGHTS?
    RIGHTS ARE CLAIMS OR DEMANDS THAT OUR GOVERNMENT IS OBLIGED TO ENFORCE

    THEY ARE ALSO NONREVOCABLE
  12. WHAT ARE PERSONAL RIGHTS?
    THOSE THAT ARE GIVEN IN THE BILL OF RIGHTS AND OTHER AMENDMENTS AND CLAUSES OF THE U.S. CONSTITUTION
  13. WHAT ARE PROPERTY RIGHTS?
    RIGHTS TO THINGS BOTH TANGIBLE AND TANGIBLE PG 20
  14. WHAT IS REAL PROPERTY? PG 21
    RIGHTS IN LAND AND ITS PERMANENT STRUCTURES
  15. WHAT IS A FIXTURE?
    AN OBJECT THAT WAS ONCE PERSONAL PROPERTY, BUT HAS BECOME REAL PROPERTY.
  16. WHAT ARE THE 4 RULES USED TO HELP US DETERMINE WHETHER AN OBJECT HAS BECOME A FIXTURE.
    1.) THE MANNER OF ATTACHMENT- IF THE REMOVAL OF THE OBJECT LED TO DAMAGE IN THE PROPERTY

    2.) THE CHARACTER OF THE ARTICLE AND MANNER OF ADAPTATION- EXAMPLES ARE CUSTOM DESIGNED WINDOWS, BOOKSHELVES, SECURITY SYSTEMS ETC.

    3.) THE INTENTION OF THE PARTIES- THE FACTS OF THE SITUATION

    • 4.) RELATION OF THE PARTIES-
    • TRADE FIXTURES

    AGRICULTURAL FIXTURES-

    RESIDENTIAL TENANTS-
  17. WHAT IS AN INTEREST?
    A BUNDLE OF RIGHTS
  18. WHAT IS AN ESTATE?
    INTERESTS IN REAL PROPERTY THAT INCLUDE POSSESSION
  19. WHAT IS FEE SIMPLE ABSOLUTE?
    MOST COMPLETE BUNDLE OF RIGHTS AND HAS THE GREATEST VALUE
  20. WHAT IS FEE SIMPLE CONDITIONAL?
    OWNERSHIP IS SUBJECT TO A CONDITION OR TRIGGER EVENT
  21. WHAT IS AN ORDINARY LIFE ESTATE?
    THE RIGHTS OF DISPOSITION OF THE FEE SIMPLE ABSOLUTE ARE UNBUNDLED AND SEPERATED COMPLETELY.
  22. WHAT IS A LEGAL LIFE ESTATE?
    CREATED BY ACTION OF LAW.
  23. WHAT ARE LEASE HOLD INTERESTS?
    THEY ARE ESTATES (POSSESSORY INTERESTS) BUT WITH DIFFERENT CHARACTERISTICS

    • THEY ARE LIMITED IN TIME
    • THE RIGHT OF DISPOSITION IS DIMINISHED BECAUSE THE PROPERTY ULTIMATELY REVERTS TO THE LANDOWNER

    THEY ARE NOT TITLED INTERESTS
  24. WHAT IS A TENENCY FOR YEARS?
    LEASEHOLD INTEREST FOR A SPECIFIC PERIOD OF TIME
  25. ANY LEASE THAT HAS NO DEFINITE TERN AT THE START IS CALLED A ....................................
    PERIODIC TENENCY
  26. WHAT IS A TENENCY AT WILL?
    AGREEMENT THAT TENENT WILL STAY UNTIL EITHER LANDLORD OR TENENT GIVES NOTICE.
  27. WHAT IS A TENENCY AT SUFFRANCE?
    WHEN A TENENT IS SUPPOSED TO VACATE BUT DOES NOT
  28. WHAT IS AN EASEMENT?
    THE RIGHT TO USE LAND FOR A SPECIFIC AND LIMITED PURPOSE
  29. WHAT IS AN EASEMENT APPURTENANT?
    A RELATIONSHIP B/W 2 PARCELS OF LAND

    THE DOMINANT PARCEL BENEFITS WHILE THE SERVIENT DOES NOT

    ALSO THE APPURTENENT IS PERMANENT
  30. GIVE EXAMPLES OF AN AFFRIMATIVE EASEMENT APPURTENANT
    • A DRIVEWAY EASEMENT ACROSS ONE PARCEL TO ANOTHER
    • A DRAINAGE EASEMENT FOR STORM WATER FROM ONE PARCEL TO ANOTHER
    • ACCESS ACROSS A PARCEL FOR SEWER SERVICE
  31. WHAT IS AN EASEMENT IN GROSS
    THE RIGHT TO USE LAND FOR A SPECIFIC LIMITED PURPOSE UNRELATED TO ANY ADJACENT PARCEL
  32. WHAT IS A LICENSE
    PERMISSION TO USE LAND
  33. WHAT ARE RESTRICTIVE COVENENTS?
    LIMITS IMPOSED ON THE USES OF LAND.
  34. WHAT IS EMMINENT DOMAIN
    THE POWER OF GOVERNMENT TO TAKE UP PRIVATE PROPERTY
  35. WHAT IS A LIEN?
    AN INTEREST IN REAL PROPERTY THAT SERVES AS SECURITY FOR AN OBLIGATION
  36. WHAT IS A GENERAL LIEN?
    ARISES OUT OF ACTION UNRELATED TO OWNERSHIP OF THE PROPERTY
  37. WHAT IS A SPECIFIC LIEN?
    DERIVES DIRECTLY FROM EVENTS RELATED TO A PROPERTY
  38. WHAT IS A CONDOMINIUM?
    A FORM OF OWNERSHIP COMBINING SINGLE PERSON OWNERSHIP WITH TENANCY IN COMMON.
  39. DOWER?
    A WIFE GETS 1/3 ESTATE IN ALL REAL PROPERTY
  40. TIMESHARE?
    MULTIPLE INDIVIDUALS HAVE USE OF A PROPERTY BUT THE INTERESTS ARE NOT SIMULTANEOUS

What would you like to do?

Home > Flashcards > Print Preview