Aceable Agents Real Estate Final Exam set. Flashcards

Aceable Agents Real Estate Final Exam set. Flashcards principal meridianameridian used in reference to a baseline to identify ranges, tiers, and townships in the rectangular survey method of land description legal descriptionadescription of a property that is distinct and precise enough to distinguish it from all other properties improvementsany non-natural structure built on or affixed to land bundle of rightsownership of land with all of the legal rights of possession, quiet enjoyment, exclusion, disposition, and control sectionone of 36 equal square miles in a township joint venturea kind of syndicate that, instead of being an ongoing investing group, is a one-off collaboration planned unit development (PUD)a subdivision that includes residential dwellings along with nonresidential real estate, departing from normal zoning and subdivision regulations; recreational facilities may be co-owned by PUD lot owners as tenants in common meridiananimaginary line of longitude used to identify a certain area of the earth's surface along a north-south direction community propertya system of property co-ownership, most commonly applied to married couples, which describes what is joint property and what is individual property timesharea form of co-ownership where each owner has use of the property at a different prescribed period of time; aka interval ownership conversions1yard - 3 ft 1mile- 5280 ft, acer one square mile legal life estateany life estate created by a function of law as opposed to the actions or desires of a property owner real propertyland from the surface to the center of the earth and upward into space, all attachments, and the bundle of legal rights of ownership condominiumproperty where each owner has a separate interest in their own unit and undivided interest in the common areas trusta legal entity where control of some asset or property is transferred by a grantor (trustor) to a third party (trustee) to be held for the benefit of another (beneficiary) air lotsareas above parcels of land that are defined by elevation boundaries cooperativea building owned by a corporation where the residents are shareholders in the corporation; each shareholder has the right to use common areas joint tenancyco-ownership in which the parties have an equal and undivided interest in the property; includes the right of

survivorship rather than inheritance

pur autre viea life estate characterized by ownership lasting only for the duration of a designated party's lifetime metes and boundsland survey process in which a licensed land surveyor starts at a readily identifiable point of beginning and defines the boundaries of a property in terms of distances and compass directions, finally returning to the point of beginning accretionthe process that results in the gradual increase in land area through deposits of soil by natural forces Land's Unique Physical CharacteristicsOne way land is special and separate from personal property is that it has three unique physical characteristics.

They are:IndestructibilityImmobilityNon-homogeneity

acrea measurement of land equal to 43,560 square feet homestead estatelaws which protect a homeowner from loss of their principal residence from the claims of most creditors fee simple determinableatype of fee simple defeasible estate which causes the title to automatically revert to the original owner if the deed requirements regarding property use are violated rangethe area of land between two consecutive range lines leasehold estatean interest in the occupation of a property, established through a lease, a.k.a. non-freehold or less-than-freehold situsthe economic significance of a property's location real estate investment trust (REIT)a trust that invests in, owns, or acquires real property and is owned by investors who share the trust's profits according to shares subsurface rightsownership rights to all that is found beneath the surface of the tract of land owned, extending downward to the center of the earth; a.k.a. mineral rights right to survivorshipthe statutory principle of survivorship tenancy that provides that when one co-owner dies, their ownership interest reverts to the surviving co-owners block and lot systema system of legal land description that identifies a piece of platted property by referring to the section, lot, and block numbers in a subdivision; aka recorded plat method Ownership in trustwhere a trust holds property for a person until they are ready to pass it on to their heir or beneficiary titlethe actual ownership of a real property that includes the bundle of rights in which a party may own a legal or equitable interest; not an actual document beneficiarythe recipient of advantage or gain from an act or instrument such as a trust, will, or insurance policy illiquiditythe relative difficulty of converting an asset to cash without loss of value accessionthe right to all that one's own property produces, including that which is added, either naturally or by human action, to

the property already owned