Unit 2 Glossary Review Flashcards Preview

Real Estate National > Unit 2 Glossary Review > Flashcards

Flashcards in Unit 2 Glossary Review Deck (24)
Loading flashcards...
1
Q

P.E.T.E

A

Police power, Eminent Domain, Taxation, Escheat

2
Q

Police Power

A

Public control of land, determines how the land can be developed

3
Q

Eminent Domain

A

Right to “take” private land for public use through process of Condemnation. Give compensation, an example of “involuntary alienation”.

4
Q

Property tax priority…

A

over ALL OTHER liens

5
Q

Escheat

A

Gov right to take abandoned property, exercises when over dies and has no will or heirs

6
Q

Real property tax calculations

A

Annual tax = Assessed value x tax rate

Assessed value = actual value x assessment rate

7
Q

Estate

A

The amount and kind of legal interest in, or right in, real property that allows or will allow possession.

8
Q

Freehold estate

A
Ownership for indefinite duration.
Complete bundle of rights.
Fee simple absolute 99.9% of deals.
Fee simple defeasible/qualified fee.
Life Estate.
9
Q

Leasehold estate

A
POSSESSION for fixed term
Estate for years
Periodic Tenancy
Estate at will
Estate at sufferance
Landlord/lessor holds a leased fee estate and has a reversionary interest.
10
Q

Fee simple defeasible/qualified fee

A

Normally a gift created by a deed CONDITION. Transferable and inheritable.

11
Q

Life Estate

A

Life tenant is the owner.
Upon death, estate return to fee simple absolute OR remainderman.
Life tenant may sell or lease the property, but upon death the buyers or tenants lose their interest.

12
Q

Estate for years

A

Specific termination date, no advanced notice. Like a years rent…

13
Q

Periodic estate

A

Renews automatically; month to month.

14
Q

Estate at will

A

No fixed term, like someone just sleeping on your couch.

15
Q

State at sufferance

A

Land lord is suffering, owner may evict or take another month’s rent.

16
Q

Encumberances

A

Deed restrictions, Lien, Encroachment, Easement. An encumbrance is any claim, right, or interest held by a party who is NOT THE LEGAL OWNER of the property.

17
Q

Easement

A

Means USE—Attached and transfers with the land.

18
Q

Dominant holder vs. Servient holder

A

Dominant holder = the one receiving the easement. Servant = is th eone giving the easement

19
Q

Easement in Gross

A

Has no dominant property, only servient property…such as utility easement.

20
Q

Easements aren’t revocable, but three ways is can be terminated…

A

Merger of properties, dominant releases rights to servient, abandonment (must be proved in court)

21
Q

Lein types

A

Government lein, Mechanic lein, mortgage lein, general lien.

22
Q

Homestead rights–Homestead exemptionis

A

created by state statute to protect a primary residence against creditors

23
Q

Dower and Curtesy

A

are other legal right in some states. wrong answer lol.

24
Q

Lein Waiver

A

releases and unrecorded lein