Real Estate Principles Flashcards

Vocabulary flashcards covering key real estate concepts and terminology from the lecture.

Bundle of Rights

Refers to the title to real estate, including the right to use, enjoy, share, or lease the property.

Deed

The legal document that transfers real estate property rights from a seller to a buyer at closing.

Title

Refers to the intangible rights a person has when owning real estate.

Easement

The right to cross over another person's property.

Land

A spot on the earth that extends down to the center and up to infinity.

Immovable (Land Characteristic)

Land cannot be moved.

Indestructible (Land Characteristic)

Land cannot be destroyed.

Unique (Land Characteristic)

Every piece of land is different.

Location (Economic Characteristic of Land)

A primary factor influencing land value.

Scarcity (Economic Characteristic of Land)

Land is a limited resource, increasing its value.

Appurtenance

A right, privilege, or improvement permanently attached to the land, which runs with the land upon sale. Includes natural, man-made, mineral, air, and water rights.

Natural Appurtenances

Trees, streams, and other natural features that run with the land.

Man-Made Appurtenances

Houses, buildings, and other improvements made by humans that run with the land.

Personal Property

Anything other than real property that is easily movable, such as chairs, cameras, and desks.

Chattel

Another word for personal property.

Bill of Sale

The instrument used to transfer personal property.

Severance

The process of converting real estate into personal property, such as cutting down a tree.

Fixture

An item that was once personal property but is now attached to real estate.

Method of Attachment (MIA)

How permanently an item is affixed determines if it's a fixture. (MIA)

Intention of Attaching Parties (MIA)

The intent whether to make an item permanent. (MIA)

Adaptation of the Article (MIA)

Whether the item is customized or easily used elsewhere. (MIA)

Trade Fixture

An item installed by a commercial tenant for their business use, considered personal property.

Emblements

Growing crops in a field, considered personal property, allowing the seller to harvest after the sale.

Taxation (Government Right)

The right of the government to tax real estate for the good of the community.

Police Power (Government Right)

The government's right to regulate real estate to keep things in order, including zoning and building codes.

Eminent Domain (Government Right)

The right of the government to take private property for public good, with compensation.

Condemnation

The process used to take property when the government exercises eminent domain.

Escheat (Government Right)

The right of the government to take private property if someone dies intestate with no heirs or if the property is abandoned.

Estate

A possessory interest in real property.

Freehold Estate

Ownership of real property with no definite ending date, lasting at least a lifetime.

Leasehold Estate

The right to possess real property for a definite period of time via lease or rental agreement.

Fee Estate

An inheritable ownership interest also known as a Fee Simple Estate, providing the maximum rights in real estate.

Conditional Fee Estate

An inheritable ownership based on certain conditions.

Life Estate

Ownership deeded to someone for their life or the life of another, which is non-inheritable.

Estate in Reversion

A life estate where, upon the life tenant's death, the property reverts back to the grantor or the grantor's heirs.

Estate in Remainder

A life estate where, upon the life tenant's death, the property goes to a third-party remainderman.

Pur Autre Vie

A life estate based on the lifetime of a third party rather than the grantee.

Dower Laws

A life interest that a wife receives upon the husband's death.

Courtesy Rights

A life interest that a husband receives upon the wife's death.

Homestead Exemption

Protection of a family home from judgments for debts (except for real estate taxes or mortgages).

Tenancy in Severalty

Ownership by one person or a single entity, like a corporation.

Concurrent Estates

Ownership by two or more people together.

Tenancy in Common

Individual interest in group ownership, which is inheritable to the heirs.

Suit to Partition

A legal action to dissolve co-ownership by forcing the sale of the property.

Joint Tenancy

A form of ownership with a right of survivorship, requiring unity of time, title, interest, and possession (TTIP).

Right of Survivorship

Upon the death of a joint tenant, the ownership interest goes to the surviving owners.

Tenancy by the Entireties

A form of ownership similar to joint tenancy, but specifically for a husband and wife.

Community Property

Property acquired during marriage, with each spouse having an equal interest.