Modern Real Estate Practice 21st Edition Flashcards

Modern Real Estate Practice 21st Edition Flashcards Water rightsCommon law rights held by owners of land adjacent to rivers, lakes, or oceans; includes restrictions on those rights of land ownership.Types of Real Property1) Residential, 2) commercial, 3) Industrial, 4) Agricultural, 5) Special-purpose.Fee Simple Absolutean estate in land that provides the owner to all rights to the property by law.* runs forever.EasementThe right to use the land of another for a particular purpose.Fair Housing ActThe federal law that prohibits discrimination in housing based on race, color, religion, sex, handicap, familial status, and national origin developmentthe preparation of a site and construction of structures or other improvements .Encumbrances on real estateincludes Easements and licenses, Privates restrictions, Liens and Encroachments.Lienslegal claim on someones property as a security for a debt or an obligation of the property ownerReal estate taxesMortgagesJudgementMechanics' liens Severencethe act of separating real property from the land granteeA person who receives a conveyance of real property from a grantor.Surface Rightsownership rights in a parcel of real estate that are limited to the surface of the earth Subsurface rightsthe right to the natural resources below the earth's surface subdivisionthe dividing of a single property into smaller parcels Legal Test of a FixtureMARIA. METHOD OF ATTACHMENT, ADAPTION,

RELATIONSHIP, INTENT, AGREEMENT

Personal Propertyall property they can be owned and does not fit the definition of real property(Movable property)Also known as Chattels accretionincreases in the land resulting from the deposit of soil by the water's action.Factors affecting SupplyLabor force, construction costs, government controls, and monetary policies.Types of HousingSingle-family detached house, apartment building , condominium, cooperative, Planned unit developments, mixed use developments, converted use properties, factory built housing.appraisalthe process of developing an opinion of a property's market value.

Real Propertythe interest, benefits, and rights that are automatically included in the ownership of real estate.Apprutenance(something that is transferred with or runs with the land ) the right or privilege associated with the the property Title-the right of ownership of the property-evidence of the ownership by a deed.brokerageThe business of bringing people together in a real estate transaction.Factors affecting DemandPopulation, demographics, employment and wage levels.Fructus NaturalesTrees, Perennial shrubbery and grasses that do not require annual cultivation.Fee Simple EstateThe highest interest in real estate recognized by law.Doctrine of Appropriationa doctrine that determines ownership and the use of water in states where water is scarcecontrolled by state square mile640 acres Fixturepersonal property that has been so attached to the land or a building that, by law it becomes part if the real property Life TenantThe holder of a life estate.Financingthe business of providing the funds that make real estate sale transactions possible acre43,560 square feet immobilityThe fact that property cannot be relocated to satisfy demand where supply is low, nor can buyers always relocate to areas with greater supply.DeedInstrument that describes a person's ownership interest in a piece of real property Home Inspectiona profession that combines a practitioner's interest in real estate with skills and training in the construction trades Counselinginvolves providing clients with competent independent advice based on sound professional judgement RelictionGradual recession of water leaving land permanently uncovered grantorconverts property to a grantee( buyer) Free Hold Estatean owners interest that continues for an indefinite period.Property Managera person or company hired to maintain and manage property on behalf go the property owner Emblements ( Fructus Industriales )Annually cultivated crops such as fruits, vegetables and grain.Erosionthe gradual wearing away of the land by natural forces such as rain, wind. and flowing water .(Slow process, can take hundreds and thousands of years) accessionacquiring trade fixtures that have become real property Mileequals 5,280 feet supplyThe quantity of goods or services that can be sold at a given price-when supply increases and demand fails to

increase prices go down.

pur autre vieA life estate that is dependent up the life of another.The bundle of rightsPossessionControlEnjoymentExclusionDeposition Real estateland plus all human- mad improvements to the land that are permanently attached.Easement Appurtenantattached to the owner ship Riparian Rightscommon- law rights granted to the owner of land along the course of a river, stream, or similar flowing body of water.DemandThe quantity of goods to services that consumers are willing and able to buy at a given price.-when demand increases and supply fails to increase prices go up.trade fixture (chattel fixture)an article owned by a tenan, attachced to a rented space or building and used in conduction a business estate in landan ownership interest defined by the degree ,quantity, nature, and extent of an owners interest in real property uniquenessNo matter how identical they may appear, no two parcels of real estate are ever exactly alike; each occupies its own unique geographic location.Also known as nonhomogeneity Avulsionthe sudden removal of soil by an act of nature.(Opposite of erosion ) Annexationto change personal property Into real property Air Rightsthe rights to use the space above the earth Forms of co-ownershipTenancy in Common (TIC)Joint TenancyTenancy by the entiretyCommunity property Fee Simple Defeasiblean estate that is qualified because it is subject to the occurrence or nonoccurrence of a specified event Life EstateA freehold estate in land that is limited in duration to the life of the owner or to the life or lives of some other designated person or persons.Requirements for a Valid DeedGrantorGranteeconsiderationgranting clausehabendem clauselegal description of real estateexception and reservationssignature of grantoracknowledgmentdelivery and acceptance Types of Deeds- General warranty deed (greatest protection)- Special Warranty Deed (- Bargain and sale deed- Quitclaim deed Littoral RightsThe right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, .Types of Easementseasement appurtenant , Easement of gross, easement by necessity and easement of prescription Real estate sales personA person employed by to associated with the broker to preform brokerage activities on behalf of or for the broker Fee Simple DeterminableA fee simple defeasible estate that may be inherited.