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property ownership
Real property ownership and characteristics of property
| Question | Answer |
|---|---|
| land freely held, without obligation of service to any overlord. | Allodial |
| a contract.A guarantee, express or implied, in a deed or lease. | Covenant |
| a written document, properly signed, that a 'grantor' conveys and transfers to a 'grantee' an ownership interest in real property. | Deed |
| a right to use the land of another for a specifice purpose. Ex. right-of-way or utilities.An incorporeal interest in land | Easements |
| The remaining period for which real estate improvement are expected to generate more income than operating expenses cost. | Economic life |
| Loss of value from causes outside the property that adversely affects the economics of the area. | Economic obsolescence |
| additions to land that increase the value**buildings, fence, driveway (private land)** curb, sideway, street, sewer (public land) | Improvements |
| refers to land and all improvements made both on and to the land | Real estate |
| land and everything permanently attached to the land, aw well as legal rights to the land | Real property |
| surface of the earth | Land |
| evidence of ownership of land | Title |
| legal action in which court requires a paty to a contract to perform the terms of the contract when he has refused to fulfill his obligation | specific performance |
| distance a buicling must be positioned from a property line | setback |
| value of a property's useful components that can be removed before demolition | Salvage value |
| act of entering documents affecting or conveying interest in real estate in the recorder's office in county property is located | Recording |
| A deed must be recorded to be effective against __________________________. | subsequent purchasers or mortgagees |
| rights of ownership, including right to use, possess, enjoy and dispose of a thing in any legal way | Bundle of Rights |
| what affects the value and marketablility of real estate? | rights, powers and privileges |
| The sell of any rights to, interests in, and title to real property affacet the ________ of the real property. | Value |
| Three components of land ownership that are separable | face of the earthbelow the surface to the center of the earthand the area above the surface |
| a deed conveys (or transfers) | real property only.....not personal property |
| transfers personal property | Bill of Sale |
| another word for personal property | "chattel" |
| mineral rights are evidenced by ownership of_________________ rights | Subsurface rights |
| Fructus naturales | Fruits of Nature **designed by law as real estate(permanant, do not require regular planting) |
| fructus industriales | Fruits of Industry **Emblements The are personal property |
| Different types of deeds | warranty, grant, bargain and sale, quitclaim, gift, guardian, executor's, personal representative (probate), sheriff's, commissioner's(foreclosure), and deeds in trust. |
| most commonly used deed | general warranty deed |
| deed must contain these to be valid | *grantor, grantee consideration words of convenyance, legal description, signature, and deed must be delivered |
Created by:
tester
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