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75 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Associate Licensee |
Real estate salesperson |
Multiple synonyms |
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Broker |
One who acts as an intermediary on behalf of others for a fee or commission |
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Code of Ethics |
A written set of standards for ethical conduct |
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Market |
A place where goods can be bought and sold and a price established |
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Real estate licensee |
Real estate sales person |
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Salesperson |
Someone that performs real estate activities while employed by or associated with a real estate broker |
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Supply and demand |
And interrelated pair that affects the cost of good in a market |
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Accession |
The process by which personal property (such as a trade fixture) becomes real property of the landlord |
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Accretion |
Land builds up because water carries it from elsewhere |
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Air Rights |
The right to use the open space above a property |
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Annexation |
To add to |
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Appurtenance |
Stays with the land (driveway, house) |
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Area Preference |
Location |
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Avulsion |
Land is suddenly lost due to natural cause (landslide) |
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Bundle of Legal Rights |
Difference between real estate and real property. Possession, control, enjoyment exclusion, disposition |
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Chattel |
Personal property |
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Emblements |
Crops in a field |
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Erosion |
Gradual loss of land from water |
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Fixture |
Personal property that becomes real property based on attachment, intent adaptation, and agreement |
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Heterogeneity |
Means uniqueness |
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Non-homogeneity |
Means Uniqueness |
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Improvement |
Man does this to the land, man made |
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Land |
All natural type of real property |
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Littoral Rights |
Water rights associated with lakes and oceans. Own to the high water mark |
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Manufactured Housing |
Housing built offsite and reconstructed on site. Personal property until it is attached to land then becomes real property |
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Personal property |
Mobile |
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Prior Appropriation |
Where water is scarce, its use could be determined by the government |
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Real Estate |
Land with improvements (something man put on the land) |
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Real property |
Real estate + bundle or rights. Best you can get |
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Riparian Rights |
Water rights associated with rivers. Own to the edge unless it is not traversable then own to the center |
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Severance |
Turning real property into personal property. |
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Situs |
Location, desirability. Most important economic characteristic |
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Subsurface Rights |
Ownership of rights beneath the surface of the property |
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Surface Rights |
Ownership limited to the surface of the property |
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Trade Fixtures |
Personal property of trade merchant in a leased or rented space. Can become real property of the landlord ONLY IF TRADE FIXTURES REMAIN AFTER LEASE EXPIRES |
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Water Rights |
Rights of owners of land adjacent to rivers, lakes, and oceans and restrictions on them as well |
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Fructus Naturales |
Naturally occurring fruit (real property) |
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Remainder and Reversion |
Are future interests |
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Pur Autre Vie (pur autra v) |
For the life of another |
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Encumbrance |
Any right or interest that someone other than the owner of the property has that affects title to real estate. It can lessen value or obstruct use of the property but doesn't always prevent transfer of title |
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Liens |
Usually monetary charges, any financial encumbrance Type of encumbrance |
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Deed Restrictions |
Private agreements that affect use of land. Usually done by developer or subdivider Type of encumbrance |
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Easements |
The right to use the land of another for a particular purpose
Type of encumbrance |
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Appurtenant |
Two adjacent parcels of land where one owner uses an easement to cross the other owners property Type of encumbrance |
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Servient Tenement |
Serving property in a appurtenant easement |
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Dominant Tenement |
Using another land in a appurtenant easement |
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Easement In Gross |
Utility easements (sewer lines, power lines, gas lines) |
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Party Wall |
A easement such as a wall built usually with shared funds and agreement where EACH OWNER OWNS THEIR HALF OF THE WALL AND ALSO OWNS AN APPURTENANT EASEMENT IN THE OTHER HALF. This same concept can be applied to the construction of a shared driveway |
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Easement by Necessity |
An appurtenant easement occurring when an owner sells part of their land that had no access to a street except over the sellers remaining land. You cannot land lock property |
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Easement by Prescription |
A prescriptive easement is created by continuous, open, hostile use of land for at least 10 years |
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10 years minimum in West Virginia |
Prescription easements and adverse possession |
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Condemnation (the process) |
An easement by condemnation occurs when it is aquired for public use the right of eminent domain (the right to do so) |
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License |
A personal privilege to enter the land dor a specific purpose. No ownership-temporary use right |
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Encroachment |
Occurs when all or part of a building, fence, driveway, etc. Illegally extends beyond the land of the owner |
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The suffix "or" |
Means the giver or to give |
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The suffix "ee" |
Means to recieve or to take |
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Severalty (forms of ownership) |
Title is held by one person |
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Co-ownership (Form of ownership) |
Title is held by two or more individuals |
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Trust (form of ownership) |
A third individual holds a title for another |
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Tenancy in common (form of co-ownership) |
The right of possession is the ONLY thing in common You can will to heirs |
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Joint Tenancy (Forms of co-ownership) |
MUST share the four unities: Possession, Interest, Time, Title. (PITT)
Equal ownership Right of survivorship (does not pass to heirs but to other remaining owners)
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Tenancy by the entirety (forms of co-ownership) |
Married couples in the event of divorce become tenants in common and right of survivorship doesn't exist |
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Rectangular (Government) Survey System |
Giant squares Base lines- east to west Principal Meridians- north to south |
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Metes and bounds method |
Metes- measures distance Bounds- follows compasd direction or angles POB and POE are the same (beginning and end- same point) |
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Rectangular survey system Township Squares |
Range line- unit of measurement (6 miles N-S) Township line- unit of measurement (6 miles E-W) |
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1 Township Square size |
6 miles up x 6 miles across = 36 miles squared |
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Rectangular Survey System Section |
Section- township squares subdivided into 36 sections. Each section is 1 square mile, or 640 acres |
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Rectangular Survey System Correction Lines |
Range lines are parallel only in theory. Correction lines exist to make up for the inconveniences of lines not running perfectly around the earth |
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Rectangular Survey System Fractional Sections |
Undersized or oversized sections |
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Lot and Block system (Plat Maps) |
Starts with the preparation of a survey |
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Air lots |
Air above a owners property |
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Datum |
A point, line, or surface from which elevations are measured. Defined from the mean sea level at New York Harbor |
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Benchmarks |
Permanent reference points that have been established throughout the U.S for marking Datums to establish elevation. |
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Monument |
Natural or man made marker |
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Math Tips |
43,560 feet an acre is a 7/11 gas station (4+3=7 / 5+6+0=11) remember 7/11 ft/acre A mile as a fast car (5 to 80) 5,280 feet in a mile |
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