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Real Estate 1

Real Estate Principals lesson 1

QuestionAnswer
Property rights or interest
Governmental powers police power escheat taxation, eminent domain
Personal property movable property
mortagage, trust deeds and stocks are? personal property
personal property can be? aliented,hypothecated, or become real property
alient? to convey or transfer
real property immovable
What happens to mineral rights when sold? they automatically transfer with the property
How far does one own when they own land space beneath to the center of the earth and the airspace above it
hypothecated?? use as collateral but still have access to it
Riparian rights? right to river
Littoral rights? right to lake
Appropriation? only the state can take away riparian rights
Surface waters? may protect his land from water but cannot by putting it off on someone else's land
Water table? denoted the depth where water is found
what point is land deeded to? mean high tide
percolating water underground waters not in a defined channel
Fixtures are? incorporated to the land
how many tests are there to determine if something is a fixture? five
What are the five tests to determine if something is a fixture? MARIA-method,Adaptability,relationship,intention,agreement
What is the most important test in determining whether something is a fixture? intention
what are not tests to determine if something is a fixture? size and cost of the item
Trade fixtures? items that are unique to a trade or buisness
can trade fixture be removed? yes
Are trade fixtures real property? no
Appurtenances? anything used with the land for its benefit
What passes automatically with the land? appurtenances
Stock in a mutual water company is? appurtenance
Estate? ownership
What are the two types of estates? freehold and less-than-freehold
freehold estate may have encumberances
fee simple absolute the owner holds title without any qualifications
what is the greatest degree of ownership fee simple absolute
fee simple defeasible there are conditions or limitations of the use of the property
Life estate? an estate limited to the life of another
holder of a life estate? may sell,encumber, or lease for the duration of the life estate
what happens when a life estate ends? lease or encumbrance is terminated
estate in reversion? held by original grantor
estate in remainder? estate goes to the appointed survivor
less-than-freehold estate lease
what are the types of less-than-freehold estates? estate for years,periodic tenancy,will,sufferance
estate of years? continues for a definant period of time
estate of periodic tenancy continues from period to period (month-to-month)
What are the types of leases? gross,net,percentage,graduated,sandwhich
percentage lease? lessee pays rent based of percentage of gross receipts
leasehold estate in real property? are personal property
the lessee owns? the less-than-freehold estate
Although a lease transfers temporary possession? not ownership of the real property
The lessor holds? "reversionary interest"
what is the max lease on agriculter 51 years
what is the max lease on property that is not agriculter 99 years
how long does a lease have to be in writing longer than one year
who must sign the written lease? the lessor
When does a tenant have the right to terminate a lease? landlord breaks terms of contract
how much can a tenant spend in order to make a needed repair? one months rent and only twice in one year
remedies of landlord? what a landlord can do if tenant fails to pay rent
quiet enjoyment possession? tenant has the right to quiet enjoyment
eviction by the landlord or another person who has pramount title? is a breach of his covenant
surrender termination of lease by mutual agrement between parties
Assignmemnt All time in property
Sublease Some time
rent consideration for the use of property
how is the rent of a warehouse determined? square foot
Security deposit? can't exceed two months rent on unfurnished and three months rent on furnished
license personal, revocable
title vesting? tenancy is a mode of holding property(how it's owned?)
Separate vesting? ownership in severalty/sole ownership
con current estate? simultaneous ownership by two or more
Joint tenancy? right of surviviorship & "4 unities" time,title,interest,possession
what are the four unities of time? time, title,interest,possession
Joint tenancy can? Not be willed
Tenancy in Common? No right of surviviorship,possession, can be willed
Community property? all property acquired by husband and wife during marriage
house much is owned by each spouse with community property? 50%
Separate property? is acquired by gift,inheritance, or prior to marriage
how long does a spouse have to void the sale of community property one year
when can a husband or wife dispose of his or her half of interest? by will
when a deed names husband and wife? the vesting is considered community property
Created by: 1535448438