Real estate

Fee simple absolute

all possible rights

Fee simple conditional rights

The same as fee simple absolute, but with conditions attached that can limit or restrict the ownership.

Life estate

Ownership lasts a life time

Allodial

A type of land ownership free from obligations to a superior authority, granting full ownership rights to the holder. No goverment

tenacy for years

a fixed specif period of lease

Periodic tenacy

Month to month lease, often a oral agrrement

Tenancy at will

either side can end the lease whenenver

Tenancy at sufference

tenat stays past the end date

Non possesary interest

the right to use or access property without owning it. Easement

Liens

finical claim againstt property

Lien heirachry

Property tax, Morggate/debt priority list of claims against property

Restrecitve convenants

Rules set by deed owners IE Hoa

What makes realesate unique

location is unique, lots of capital

General warranty deed

Owns everything no conflicts

Special Warranty deed

Same as general but only to a point

Deed of bargain and sale

Implys that the seller owns the property and has the right to sell it, but does not guarantee clear title.

Quitclaim deed

Most basic, Least protection. Transfers whatever interest the granter has without warranties.

Judicial/Trustee loan

A court order that a parcel is owned

Covenant

a formal agreement or promise regarding the use of land, which may restrict or dictate certain actions by the property owner. The buyer has the ability to sue.

Patent

Goverment gives the land for the first time

Probate

Death of a land owner via a will(testate) or without a will (intestate)

Condemnation

Emminent domain

implied easement

Land should be usable and accesibleby the owner as if an easement had been explicitly granted.

Easement by estoppel

A spoken promise can become a right.

Easement by prescription

Title

Shows ownership requires a collection of evidence

Constructive notice

Title searching in public record at the county office

Actual notice

Looking at the property, Squatters

Metes and bound

Metes is property lines, Bounds is phyiscal boudnries like rivers. Uses compass

Emminent domain

they take it

Externalites

outside things, out of idmeatite controll

Building codes

Safety standards, Fire safety, etc

Zoning

1920’s, Districts, residential, by zone. Can be grandfathered in

Non conforming use

Old buildings that fall out of new zoning

Variances

Exceptions to zoning

Setback requirments

How far a buildign willbe from limits

Density

Refers to the number of housing units or buildings allowed per unit of land area in a given zoning district.

Special use Distrits

Hosptials, schools etc.

Subdivision regulations

Rules governing the division of land into smaller parcels for development or sale.

Impact fees

Charges imposed on developers to fund public infrastructure needs created by new development.

Inverse condemnation

A legal claim by a property owner against a government that has taken property without just compensation. This occurs when government actions result in a decrease in property value, effectively taking the property.

Ad valoram tax

A property tax based on the assessed value of real estate, calculated as a percentage of the property's value.

Special assessments tax

Fees levied on property owners for public improvements that directly benefit their properties, such as road construction or sewer upgrades.

Taxable income

NOI- int-dep

CDD’s

Community development district, Special districts use bonds to build roads then paid back through special taxes.

Passive income or loss

Earnings from rental properties, dividends, or interest that require minimal effort to maintain. Normally only deducted against passive income

Active income or loss

salaries, wages or fees. Trade

Portoflio income or

intrest or divdneds. or real esate classified as capital assets

1031 exchange

Sell a property, then reinvest the sale. No capital gains taxes