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Real Estate Ch. 1-3
Real Estate
| Term | Definition |
|---|---|
| Appraisal | the process of developing an opinion of a property's value. Done by an appraiser. |
| Property Management | a person or company hired to maintain and manage a property for the owner. |
| Home inspection | shows the results of a thorough survey of the observable property condition. |
| 6 Types of property | Residential, commercial, mixed-use, industrial, special purpose, agricultural |
| Descrimination | Prohibited by law. FRESH CORN |
| Parts of FRESH CORN | Family status Race Ethnicity Sex Handicap (AIDS, HIV, Service animal) Color Origin Religion Nationality |
| supply | affected by labor force material costs government controls ( restrictions, codes) Interest rates |
| demand | affected by population demographics employment and wage levels |
| Broker | person of company licenses to buy, sell, exchange or lease property |
| salesperson | employed by the broker to perform activities on their behalf |
| 7 Types of Housing | single family apartment condo cooperative planned unit development (planned mater community) ex LC converted use property ( warehouse to condo) factory built housing - mobile or modular home |
| Physical Characteristics of Land | Immobility, Uniqueness, Indestructability |
| Rights of property owners Bundle of Rights (DEEP-C) | DEEP-C Disposition - sell, will, transfer Enjoyment exclusion possession Control |
| 3 Parts of Land | surface, subsurface, air |
| Examples of mineral rights | oil, coal, gas |
| Riparian rights | right to use river, stream, flowing bodies water |
| littoral rights | right to use lake, sea, ocean |
| accretion | increase in land sue to deposition |
| Avulsion | sudden removal of land due to natural disaster |
| Personal Property | movable property , transferred by bill of sale |
| Real Property | not movable, transferred by deed |
| Chattle | types of personal property - chairs, tables, etc |
| annexation | How personal property becomes real property. when it's attached to the property, |
| emblements | crops that require annual cultivation or harvesting also knows as fructus industriales |
| fructus industriales | crops that require annual cultivation or harvesting same as emblements |
| fructus naturales | trees and bushes - don't require harvesting |
| Legal tests of Fixtures | MARIA Method of annexation - how movable is it Adaptability of the item for the land's ordinary use Relationship pf the parties - tenant /landlord, buyer/seller Intention of the person in placing the item on the land Agreement of parties |
| trace fixture | attached to a rented space and used by a business |
| title | used to show ownership of a property |
| appurtenance | a right or privileged associated with real property that's transferred with the sale - parking space, easement, water rights |
| mobile homes - personal or real property? | personal if pin is in real if pin is out |
| estate in land | the owner's interest in real property |
| freehold estate | lasts for an indeterminable amount of time - lifetime or forever |
| fee simple estate or fee simple absolute | highest interest in real estate Upon death it passes to: co-owner person specified in will if not will ten by the state - probate |
| fee simple determinable estate | a fee simple estate that may be inherited Has a special limitation - so long as, while, during If limitation is violated it reverts to heir or successor No legal action required considered a "future interest" in the estate |
| fee simple subject to condition subsequent | owner gives real estate on the condition of ownership. If they violate the condition the owner or heir has right to reentry with a court order. considered a "future interest" in the estate |
| Fee simple defeasible estate | a fee estate that is subject to occurances or nonoccurance of an event. 2 types: fee simple determinable, fee simple subject to condition subsequent |
| life estate | a freehold estate limited in duration to the life of the holder or another person |
| Pur Autre Vie | a life estate based on the life of another person ex - brother's children's life |
| remainder interest | the person the creator of the life estate names to get the property when they pass (remainderman) |
| reverstionary interst | creator of the life estate may not name anyone so the property reverts to the original owner |
| legal life estate | created by state law |
| homestead | legal life estate where property is used as the family home protects the occupant from creditors exemption if you are 65 Disabled or blind give a 5500 credit |
| encumbrances | an interest in real estate from someone other than the owner. ex- lien, easement |
| lien | charge against the owner for a debt |
| CCR | Covenants, conditions, and restrictions lists rules for subdivsions |
| easement | right to use the land of another for a purpose |
| easement appurtenant | allows the owner to use the neighbor's land ex - driveway transfer with the sale of the land |
| dominant tenement | the person the benefits from the easement |
| servient tenement | the person who's land is used |
| easement in gross | company uses someone's land ex - railroad, utility |
| easement by necessity | when land has no access from the road Court Order needed |
| easement by prescription | when someone has used another's land for a period prescribed by law (10-21 years). |
| conditions to terminate an easement | no longer needed sole ownership- through a buy out abandonment nonuse - years |
| license | a personal privilege to enter land for a specific reason. If it's given orally it is considered a license rather than an easement ex - fishing on someones land |
| encroachment | when something extends beyond the boundaries of the land ex - Gary's brother's fence |
| Lis pendens | a notice filed in public record of pending legal action ex- beginning stages of forclosure |
| Governmental Powers | PETE Police power Eminent domain Taxation Echeat |
| PETE 1 Examples of Police Power | DHEC enforcing EPA laws, zoning ordinances, building codes |
| PETE 2 Eminent Domain | the right of the government to acquire privately owned land for public use ex- extend roads |
| Condemnation | when the government exercises the right of eminent domain through judicial or administrative proceedings |
| taking | 5th Amendment right - land owner must be compensated when govt takes land through condemnation |
| Inverse condemnation | action taken by property owner seeking compensation for land that is adjacent to land being used for public use when it lowers their property's value |
| PETE 3 Taxation | charge on real estate to raise funds for the government ex- property tax for schools tax on profit on sale of real estate special fee for roads Failure to pay taxes results in a lien |
| PETE 4 Echeat | Ownership of property transfers to the state when a person dies and has no heirs. |
| Severance | How real property becomes personal property |
| situs | location, location, location |
Created by:
aneal01
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