Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

(Week 1) Study Sheet

Section 2 - Unit 7 - Lesson 6

QuestionAnswer
REAL PROPERTY The land and everything attached to the land Ex: built in hot tub
PERSONAL PROPERTY Everything not attached Ex: free standing hot tub
Tests of a FIXTURE (MARIA) M ETHOD of annexation ADAPTABILITY of item to land’s use RELATIONSHIP of the parties INTENTION in placing item on land AGREEMENT of the parties
Forms of Legal Description Metes and bounds Lot and block Rectangular survey
Real Property Ownership Rights (5) Possession Enjoyment Exclusion Control Disposition
More rights in the bundle… (3) Mineral rights Air rights Water rights - Littoral - Riparian
Appurtenances Profit License
Measuring Square Footage Only finished areas attached to the main property No garages Ceiling height at least seven feet (w/ some exceptions)
Land Measurement Conversions One foot = 12 inches
Land Measurement Conversions One Yard = 3 feet
Land Measurement Conversions One Mile = 5,280 feet
Land Measurement Conversions One Square yard = Nine square feet
Land Measurement Conversions One Acre = 43,560 square feet
Land Measurement Conversions One Section = One square mile (5,280 feet on each side; 640 acres
Land Measurement Conversions One Cubic Yard = 27 cubic feet
FREEHOLD ESTATE ownership estates of inter-determinable length Fee simple estate Life estate
LEASEHOLD ESTATE Are the rights of possession without ownership Estate for years Estate at will Estate at sufferance Periodic estate
Forms of Ownership SEVERALTY Title is held by one owner
Forms of Ownership CO-OWNERSHIP Title is held by two or more persons or two or more legal entities Tenancy in common Joint tenancy Tenancy by the entirety
Forms of Ownership TRUST Title is held by a third person for the benefit of another (or others), called the beneficiary (or beneficiaries). Real estate investment trust (REIT) Living Testamentary Land
Forms of Ownership BUSINESS OWNERSHIP Limited liability partnership (LLP) Limited liability company (LLC) Sole proprietorship Partnerships Corporation
ENCUMBRANCES Monetary or Physical Is anything that limits or prevents the transfer of title to a property. Liens Easements Encroachments Licenses Existing leases
LIEN Is a debt against a property that must be paid off in order for a title to be transferred. Voluntary or Involuntary Multiple liens - certain have priority over others
EASEMENT Is an authorized physical restriction of the use of property. Right of way, driveway, drainage, solar, light and air, utility, and conservation. Remain attached to property permanently, unless both parties agree to remove them.
4 ways to terminate EASEMENT Express agreement Abandonment Merger Lack of necessity
Common Interest Property CO-OPS Shareholder don’t own any real estate, just shares in the corporation
Common Interest Property TOWNHOMES The owner owns both the structure and the land
Common Interest Property CONDOS The owner owns a unit within the structure, but no land
Common Interest Property TIMESHARES Ownership of property allows purchaser to use for periods through the year
ACCESSION The increase of land or property due to natural or man-made causes
ACCRETION Process in which water carries rock, sand and soil and causes land build-up
ALLUVION The new deposits of land that are the result of accretion (Commons at the mouth of large rivers)
AVULSION Rapid loss of land
COMMON AREA Shared halls, bathrooms, lobby, service closets, elevators, stairwells, etc.
EASEMENT APPURTENANT An easement attached to a specific parcel of land that transfers with the land and grants the right to use adjoining property
EASEMENT IN GROSS An easement granted to a specific individual or business entity rather than attached to the property itself
EROSION Gradual loss of land due to natural force
ESTATE IN SEVERALTY One person owned the property; all other interest are severed
IMPROVEMENTS Artificial attachments, such as fencing, buildings, and walkways
JOINT TENANCY Equal ownership with undivided rights of possession in which each owner may sell his own interest; if one owner dies, that person’s ownership reverts to the survirors
LAND Earth’s surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects
LAND TRUST A trust consisting of real property only
LIVABLE SQUARE FOOTAGE Square footage that includes enclosed areas that are suitable for year-round use, containing walls, floors, and a ceiling, and accessible from the rest of the living area
LIVING TRUST A trust created during an individual’s lifetime
METES AND BOUNDS Uses compass heading and directions
MONUMENT SYSTEM Permanent land markers are used a point of beginning
LOT AND BLOCK Provided plat references
PUD Planned unit development
REAL ESTATE Everything in the definition of land, plus all things permanently attached to it naturally or artificially
REAL PROPERTY Real estate plus the interest, benefits and rights automatically included with real estate ownership
REAL ESTATE INVESTMENT TRUST (REIT) Companies that own income-producing real estate
RECTANGULAR (GOVERNMENT) SURVEY SYSTEM Divides land surveyed into six-mile-square townships, which are further subdivided
RELICTION Increase in land caused by the permanent recession of water (such as lake)
RENTABLE SQUARE FOOTAGE Usable square footage plus a tenant’s share of common areas
TENANCY IN COMMON Each person is entitles to possession of the whole, and if one dies, that person’s ownership is inheritable (but doesn’t necessarily pass to the other owners).
TENANCY BY THE ENTIRETY Spouses own property together as a single legal entity and neither spouse may sell or give away an interest in the property without the other’s permission; if one dies, the entire ownership reverts to the surviving spouse.
TESTAMENTARY TRUST A trust created per the will of a deceased person
USABLE SQUARE FOOTAGE Square footage that can be used by a tenant
Created by: crochetchick
Popular Real Estate sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards