National real estate exam Property ownership Flashcards

National real estate exam (Property ownership) Flashcards The right to use the land of another for a particular purpose. Includes air space above or a right-of-way across the land.Encroachments A form of ownership in which a corporation is established to hold title to property and to lease the property to shareholders in the corp.Ownership in Severalty Property owned by 2 or more people, with rights of survivorship.Must be spelled out in the deed.Common - interest ownership Datuma point, line, or surface from which elevations are measured or indicated. (air and subsurface) Real-estate owned by one individualLife Estate ownership Mineral, air and water rightsLiens Real Property vs. Personal Propertyreal property is defined as the land, everything attached to the land, and everything appurtenant to the land. Personal property is defined as everything that is not real property Land measurementFeet to Acres:1 acre = 43,560 square feetexample: 3 acres being sold for $1.10 a sq ft43,560 x 3 = 130,680130,680 x

1.10 = 143,748

Fee simple ownership of a housing unit and tenants inOwner responsible for the fee simple part.Co-ops Parcel of real estate owned by 2 or more people.No right of survivorship (gos to heirs or willed) Joint tenancy ConveyancesTransferring one property to another

Mete and boundsMetes = distancesBounds = compass: directionA system of

land description in which the boundaries of a parcel of land are described by reference to monuments, courses, and distances.Relies of physical features to determine boundaries and measurement.when a building, fence, or driveway illegally extends beyond the boundaries of the land of its owner or legal building lines Tenants in common Government / rectangular survey 1785a method of describing land that utilizes a grid map. That map includes base lines that run east and west. These lines are crossed by meridians that run north and south, Townships run six square miles broken into 36 sections one square miles.lot-and-block (recorded plat) systemA method of describing real property that identifies a parcel of land by reference to lot and block numbers within a subdivision, as specified on a recorded subdivision plat.lot = number of the particular parcelblock = name of the subdivision

A charge against property that provides security for a debt

or an obligation of the property owner.Examples:

judgements (sued), unpaid real estate taxes.Easements BenchmarksPermanent reference points, known as monuments.Measure between datum points. Measure evaluation!form of property ownership in which several buyers purchase interests in real estate and each has the right to use the property and facilities for a designated period of time Condominiums contain elements of both ownership in severalty and concurrent ownership Timeshares