Real Estate Exam Prep Champions; Texas Flashcards

Real Estate Exam Prep (Champions; Texas) Flashcards freehold estateownership. Ownership with the greatest bundle of rights is called Fee Simple of Fee Simple Absolute.installedoften indicates a permanent attachment most common type of tenancytenancy in common estate of inheritance (tenancy)tenancy in common Bundle of rightsLegal rights that attach to ownership of real property (including right to sell, lease, encumber, use, enjoy, exclude, will to heirs) periodic tenancyleasehold estate; lease with a fixed period that is automatically renewed unless tenant or landlord acts to terminate it. Notice is typically 30 days. (month-to-month is a common example) personal propertyalso called chattel or personalty; a right or interest in smiting of a temporary or movable nature and includes anything not classed as real property. Real property becomes personal property through severance.avoids probate - title passes at death (tenancy) joint tenancy Types of fee simple defeasibledeterminable or condition subsequent most common private controls of land use CC&Rs expresswritten or verbal improvementsman's additions to the land such as building and landscaping police powerthe 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 1. encumbrance indestructibilityone of three physical characteristics of land; land is durable and will always be there easement appurtenantmost common easement; used for entry and exit from a property. Goes with the land and the landowner owns the easement Cooperative or "co-op"investment for residents. The land and building are owned by a corporation. Residents must by shares in the corporation in exchange for a proprietary lease on their property. The corporation pays for the mortgage, property taxes and maintenance.declaration of restrictionsdocument that contains deed restrictions estate in severaltyownership by one; can be one individual or one business entity such as a corporation or partnership how can easements be createdexpress or implied grant, agreement, reservation, limitation or prescription, necessity or condemnation

reservationimposed by grantor, withholds title to a part of the land

described in the deed (ex: easement or mineral rights)

injunctioncourt can issue this to enforce restrictions in case of violation condition subsequenttype of fee simple defeasible. Grantor must take steps to reclaim the property if the condition is violated or conditional use terminated right of survivorship (tenancy)Joint tenancy ownership by oneestate in severalty, tenancy in severalty, sole ownership ad valoremaccording to value modificationone of four economic characteristics of land; land use and value are greatly influenced by improvements made by man to land and to surrounding parcels of land syndicatewhen two or more parties join together to create and operate a real estate investment

easement in grossbelongs to a company or corporation. example: utility

easement. No matter who owns the land, the utility company owns the easement remaindermanthe person who gets the property after a life estate is ended. gets fee simple.emblementscrops that are cultivated annually. Considered the personal property of the farmer who cultivated them. Ownership can be transferred with a bill or sale, or farmer may make arrangements to return to the property and harvest them one time.determinabletype of fee simple defeasible. Violation of the condition or termination of the conditional use results in reversion to the grantor automatically.variancemay be requested if your property violates zoning., goes with the property when sold estatean interest in real property estate at willleasehold estate also called tenancy at will. Can be terminated by either party at will without notice.easementallows limited use or enjoyment of another's land. Should be created in writing and recorded - is a use without possession fixtureitem that was personal property but has been attached in such a way that it has become real property such at tv brackets joint tenancyownership by two or more with rights of survivorship. Also called "poor man's will". Four unities requires doe this type of ownership - time, title, interest and possession. Shares are equal and undivided.lis pendensrecorded notice filed against a specific property meaning that there's a pending lawsuit. Lis pendent can become the

responsibility of the new owner if the matter isn't resolved.

economic characteristics of real property scarcity-naturally desirable; modification-change or improve; fixity-not liquid assets; situs-prestige location.most common method of legal land description lot, block and subdivision method tenancy in commonmost common type of joint ownership. estate of inheritance

• ownership by two or more without rights of survivorship

Partitiona procedure to divide the co-tenant's interests in real property in joint tenancy. Can be voluntary or court action.Partition divides the property into pieces and ends the joint tenancy.non-conforming usesometimes is the result from a change in zoning. This is grandfathered without hearing or application process. If property is destroyed, non-conforming use comes to an end. non-conforming use can transfer with sale.buffer zonearea of land separating one land use from another.

transitional use for example: single family, apartments,

retain... apartments are the buffer zone.situsone of four economic characteristics of land; location preference from an economic rather than a geographic standpoint Section (survey system)contains 640 square acres (part of rectangular survey system) willable type of tenancytenancy in common rectangular survey systemlegal land description method; uses base lines, meridians, townships and sections - located in ranges.leashold estatecreated by a lease agreement. Four types and each gives possession without ownership.

• acre (in feet)43,560

escheatproperty reverts to the state when someone dies intestate and without heirs. can be used if property is abandoned.main purpose is to ensure that no land remains unowned.4.encumbrance. Not necessarily a single woman with no children as she may have siblings or parents inverse condemnationwhen an individual forces the government to buy his or her property licensepermission to do a particular act upon the land or property of another.taxationproperty taxes are the highest priority lien on real property

• encumbrance.

scarcityone of four economic characteristics of land; land is in short supply where demand is great (geographic considerations) unity of time, title, interest, possession (tenancy)joint tenancy Township (survey system)contains 36 sections (part of rectangular survey system) life estate pur autre vieif a life estate is based on the life of someone other than the life tenant