Real Estate
Help!
|
|
||||
|---|---|---|---|---|---|
| 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
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
aneal01
Popular Real Estate sets