legal right to the land for example possession, control

Real Estate Principles & Practices Flashcards Life EstateFreehold estate limited in duration to the life of the owner or the life of some other designated person or persons Reversionary interestcreator will recapture ownership when the life estate ends Time share ownershipShared ownership between people Bundle of legal rightsThe concept of land ownership that means ownership of all legal right to the land for example possession, control within the law, and enjoyment Exclusion of tax on capital gainTBD Legal tests of a fixture1. Method of annexation (permanence)2. Adaptation to real estate3. Agreement Freehold estatesAn Estate in land in which ownership is for an indeterminate length of time, in contrast to a lease-hold estate Real Estate salespersonAny person licensed to preform real estate activities on behalf of a licensed real estate broker Township linesLines running east and west parallel to the base line and six miles apart Tenancy in commonEach tenant holds an undivided fractional interests in the property Real EstateSame as land wether natural or man-made Physical characteristics of real estateImmobility, Indestructibility, Uniqueness Salesperson's compensationAlso known as brokerage fee,Computed as a percentage of the total sales price, flat fee or hourly rate Real PropertyReal estate plus the interest, benefits, and rights inherent with its ownership

• common law fiduciary dutiesCare, obedience, loyalty, disclosure, accounting,

confidentiality

• ways to own a business1. Proprietorship2. Partnership3. Corporation

Competitive Market AnalysisA sales person can help the seller determine a listing price for the property by using a competitive market analysis EncumbranceIs a claim, charge, or liability that attaches to real estate Factors affecting demand for real estate -Population-Demographics-Employment and wage levels Units of land measurementMile=5,280 feetsquare mile= 640 acresacre=43,560 feet Littoral RightsOwners who land boarders commercially navigable lakes, seas, and oceans.Areas of Real Estate SpecializationBrokerage, Licensee, Appraisal, Home Inspection, Property Manager, Financing, Title Agencies, Subdivision and Development, Counseling, Education Deed restrictionsAre private restrictions that affect the use of the land Rights of surivorshipThe right of a survivor of a deceased person to the property of said deceased. A distinguishing characteristic of a joint

tenancy relationship

Fee simple/Fee simple defeasibleSubject to the occurrence or nonoccurrence of some specified event. two categories that lead into that are fee simple determinable and fee simple subject Three Basic methods used to describe real estate 1. Metes and bounds2. Rectangular3. Lot and block Coinsurance clauseA clause in insurance policies covering real property that requires that the policyholder maintain homeowners insurance converge generally equal to at least 80% of the property's actual replacement cost Types of Buyer Agency Agreements1. Exclusion buyer agency agreement2. Exclusion agency buyer agency agreement3. Open buyer agency Fee Tail EstateIt is an estate that, instead of descending to the heirs as fee simple does, is limited to the "issue of the body" of the recipient-that is, the recipients biological children, but only for one generation Canons of EthicsStandards of professional conduct prescribed for lawyers and in their professional dealings Ohio plat actOwner of parcel divides it into two or more lots, any which of them is less than 5 acres, the owner must have the land surveyed and a plat prepared and recorded in the county recorders office.Flood InsuranceRequired on all types of buildings-residential, commercial, industrial, agricultural-for either the value of the property of the amount of the mortgage loan, subject to the maximum limits available LandThe earths surface, extending downward to the center of the earth and upward infinentlu into space, including things permanently attached by nature, such as trees and water EasementsIs the right to use the land of another for a particular purpose LienA charge against property that provides security for a debt or an obligation of the property owner Express AgencyAn agency relationship based on a formal agreement Police PowerThe power to enact legislation to preserve order, protect the public health and safety, and promote the general welfare of its citizens Salesperson licensing procedureHow to be Real Estate agent (look at notes) RemainerA person to whom the property will pass when the life estate ends Implied AgencyInformal agency agreement DowerIs the life estate that a wife or husband has in the real estate of the deceased spouse CooperativesA residential multiunit building whose title is held by a trust or corporation that is owned by and operated for the benefit of person living within the building, who are the beneficial owners of the trust or stockholders of the corporation, each

possessing a proprietary lease Range LinesThe land on either side of a principal meridian is divided into six-mile-wide strips by lines that run north and south, parallel to the meridian. These north south strips of land