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Real Estate 1
Real Estate Principals lesson 1
| Question | Answer |
|---|---|
| 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 |
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