Champions Real Estate Final Exam Flashcards

Champions Real Estate Final Exam Flashcards No two pieces of land are alike, each piece of land is unique Nonhomogeneity If trade fixtures are not removed prior to the termination of the lease, what happens?They become real property and pass to the landlord Lease where the landlord pays all the expenses of the property, the tenant only pays rent Gross lease OwnershipFreehold Estate Procedure to divide the co-tenant's interests in real property Partition Specific type of joint tenancy where the co-owners are married to one another Tenancy by the entirety Right of the government to take private property for public use through the action of condemnation Eminent Domain A reservation, encroachment, and easement are all examples of what?Encumbrances How can the government take an easement for itself, the utilities or the railroads?Condemnation Personal property that has been attached in a. way that has become real property Fixture Power given to a municipality to regulate and control the character and use of property for the health, safety and general welfare of the public Police Power Month-to-month leasePeriodic tenancy Give an individual part ownership of a property coupled with the right to exclusive use of it for a specific number of days per year without the responsibility of full ownership Time Shares What estate benefits from the easement?Dominant Estate Recorded notice filed against a specific property, meaning some form of lawsuit has been filed but not yet resolved Lis Pendens Lease with a specific starting and ending date Estate for years Lease agreements createLeasehold estate Ownership by two or more with rights of survivorshipJoint Tenancy Person who gets the property after the life estate is ended gets fee simple Remainderman Location preference or location from an economic rather than a geographic standpoint Situs Fixtures installed by a tenant in order to carry out a business and may be removed from leased property prior to termination of the lease Trade Fixtures A change in zoning may result in what?Non-conforming use

What are the 4 economic characteristics? Scarcity, Modification, Fixity, Situs The determinations of enchroachments require a ___?Survey What are the legal methods of land description? Metes and bounds, lot/block/subdivision descriptions, Rectangular Survey system Occurs when property is acquired from the rightful owner through the Statute of Limitations. Must be hostile.Adverse Possession What estate is encumbered by the easement? Servient Estate If fee simple defeasible is ______, violation of the condition, or termination of the conditional use results in reversion to the grantor, automatically.Determinable What is the most common example of police power? Zoning Lease that can be terminated by either party at will without notice Estate at will What is ownership transferred with?Bill of Sale If the life estate is set up so that are the end of the life estate the property goes back to the original owner, this is called a Life estate with reversion Lease with a fixed period that is automatically renewed unless the tenant or landlord acts to terminate Periodic tenancy Allows limited use or employment of another's land. Is use without possession and must be created in writing and recorded Easement Area of land separating one land use from another, such as residential from commercial Buffer zone Limit on a property or a limit on a property's owners rights that may or may not also be a cloud on the title Encumbrance Personal property is also called personalty and _____?Chattel How are encroachments discovered?By physical inspection (actual notice)A survey (constructive notice) Ownership by one individual or business entity with only one signature Estate in Severalty The space between the wetlands and construction is an example of Buffer zone The process when real property becoming personal Severance What are the highest priority lien on real property and paid first at foreclosure?Property taxes Man's additions to the land such as buildings and landscaping improvements T/F A fixture is never freestandingTrue A lot in Manhattan is more valuable than a lot in upstate in New York due to?Scarcity The right to sell, will to heirs, encumber or leaseDisposition Easement belongs to a person or corporation Easement in Gross Ownership with conditions or terms, which if violated, could cause the ownership interest to be defeated or terminated Fee simple defeasible

If fee simple defeasible is ______, the grantor must take steps to reclaim the property within a reasonable period of time if the condition is violated or the conditional use is terminated Condition Subsequent Established under laws referred to as horizontal property acts Condominiums The owner in a life estate is called aLife tenant If you have two parcels of land with a road across one parcel, the owner who crosses over the other's land is considered?Dominant Property that reverts to the state when someone dies leaving no will and no heirs or kindred, to ensure no land remains unowned?Escheat Local laws to control land use, ex. R-1 means residential, single family only Zoning regulations Property held by one party for the benefit of another then the property is held in ____ Trust Ownership for the duration of someone's life Life Estate A utility easement belonging to the utility company no matter who owns the land is called a?Easement in Gross T/F Situs can change over time as people change True If your property violates zoning, what may you request?Variance In short supply where demand is great, usually based on geographic considerations Scarcity Imposed by the grantor, withholds title to a part of the land described in the deed, such as an easement or mineral rights Reservation Estate of InheritanceTenancy in common The right to exclude othersExclusion Durability/land will will always be there indestructibility Lease where the tenant pays rent plus some of the expenses of the property Net lease What are the 4 leasehold estates?Estate for years, Periodic Tenancy, Estate at will, Tenancy at Sufferance All the legal rights that attach to the ownership of real property Bundle of Rights Often used to describe rights, privileges or improvements that belong and pass with the land appurtenance If the life estate is based on the life of someone other than the life tenant, this is called a Life estate pur autre vie What are the 3 physical characteristics of land? nonhomogeneity, immobility, indestructibility Occurs when a lease expires and the tenant refuses to move out Tenancy at sufferance Who will the responsibility of the lis pendent go to if it's not settled prior to closing?New Owner

Interest in real propertyEstate When an individual forces the government to buy his.her property, this is called?Inverse Condemnation What is the only time the government must compensate property owners?Eminent Domain When two or more parties join together to create and operate a real estate investment Syndicate Easement needed for entry/exit from the property. Goes with the land and is owned by the landowner.Easement Appurtenance T/F Leasehold estates gives possession without ownershipTrue Land and buildings and other improvements to land are considered fixed or permanent investments - they are not liquid assets Fixity Crops cultivated annuallyEmblements Process of attaching personal property to become a fixtureannexation Ownership with the greatest bundle of rights, the best type of ownership Fee Simple Ownership by two or more without rights of survivorshipTenancy in Common Land cannot be moved - a person must go to the landimmobility Created and determined by a surveyorLegal descriptions The right to use uninterrupted by former owners Quiet Enjoyment CC&R's are commonly referred to as?Deed Restrictions or Deed Covenants Property taxes are _______ taxesAd Valorem taxes How can easements be terminated?Merger, release, or abandonment What are the 8 different types of leases? Gross lease, Net lease, Percentage lease, Graduated lease, Lease with an option to buy, Lease purchase agreement, Ground lease, Oil & Gas lease Permission to do a particular act upon the land or property of another License What can be used if property is abandoned? Escheat What are the most common private controls of land use?CC&R's Investment for residents. The land and buildings are owned by a corporation and residents must buy shares in the corporation in exchange for a "proprietary lease" on their unit.Cooperative or "Co-ops" Provides the government the right to establish building codes Police Power Land use and value are greatly influenced by improvements made by man?Modification When a structure or improvement overlaps or trespasses onto another's property Encroachment The estate that is landlocked without the easementDominant Estate The right to use, enjoy, occupyPossession What do unpaid taxes automatically create? An automatic lien on property