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property ownership

Real property ownership and characteristics of property

QuestionAnswer
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