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Real Estate Exam
Flash Cards for Real Estate Sales Agent Exam
21
Real Estate & Planning
06/06/2011

Additional Real Estate & Planning Flashcards

 


 

Cards

Term

Chapter One

 

Concepts of Real Estate 

 

Land

Definition

Land is immovable, solid material of the earth in whatever natural form  it may be found, whether soil, rock or other substance, including things permanently attached by nature, such as water, soil, and plants.

Term

 Land Characteristics

 

 

 

Definition

 

- Immobility

 

- Indestructibility

 

- Nonhomogeneity

Term
Real Estate
Definition

includes the definition of land as well as all natural and

man-made improvements which are permanently attached or affixed to the land.

Term
Real Property
Definition

the interests, benefits, and rights which are included with the ownership of land as well as the physical rights of ownership.

Term
Bundle of Legal Rights Theory
Definition

 - Possession

 

 - Control

 

 - Quiet enjoyment

 

 - Disposition

Term

Physical Rights of Ownership of Land

 

 

Ownership of land includes:

Definition

1. surface rights

 

2. sub-surface rights

 

3. air rights

 

4. water rights

Term
Reparian Land
Definition

Land bordering a natural watercourse, such as a lake, river, or stream.

 

note: If land is navigable, land rights extend only to the water's edge.

 

A non-navigable waterway owns the land under the water to the exact center of the waterway.

Term
Littoral Land
Definition

Land on the bank or shore of a sea, ocean or large lake.

 

Rights extend only to the mean high water mark.

Term

Personal Property - Chattels

 

Personal Property

Definition

Personal property is movable. It includes all property except land and improvements.

 

note: Title to real property is transferred by deed. Personal property is transferred by bill of sale.

Term
Tangible and Intangible
Definition

Chattels are tangible (corporeal) personal property. i.e. clothing, furniture, and vehicles.

Intangible ( incorporeal) property is has no intrinsic value or material being. i.e. stocks, bonds, and checks.

Term
Fixture
Definition

A fixture is a chattel, which has become permanently attached to real estate.

Term
Law of Affixation (Annexation)
Definition

Ownership of real property includes everything that is permanently affixed or annexed to the land.

Term
Legal Tests of a Fixture
Definition

1. The manner of attachment.

 

2. The intention of the parties.

 

3. The type and adaptability to the real estate.

 

4. The relation of the parties.

Term
Trade Fixtures
Definition

Trade fixtures are items of personal property necessary to carry on a business.

Term

Concepts of Ownership

 

Feudal System

Definition

All land owned by the King. The King's subjects only had the right to use the land but not own it.

Term
Allodial Land Ownership System
Definition

Recognizes the rights of individuals to own land subject to no proprietary control of the government. This is the system of land ownership we have today.

Term
Limitations on Ownership - Governmental Powers
Definition

1. Taxation: Government has the right to tax property to receive revenue to finance necessary public expenditures.


2. Escheat: The right of the state to take title to property of a deceased who dies intestate (without a will) and with no heirs.

 

3. Eminent Domain: The right of the state to take property for public purposes upon the payment of just compensation.

 

4. Police Power: Government has the right to restrict the use of land to preserve order and to protect the public health and safety. i.e. Rent control, zoning laws, building codes, and environmental protection laws. 

Term
Limitations of Ownership - Private or Contractual
Definition

1. Lease

 

2. Mortgage

 

3. Easement

 

4. License

Term
Tenements
Definition

Tenements are property rights of a permanent nature, which relate to the land and pass with the conveyance of title. May be tangible i.e. buildings or fixtures or intangible i.e. easement over a neighbor's land.

Term
Appurtenances
Definition

Appurtenances are rights, privileges and improvements that belong to and pass with the transfer of title.

Term
Herediments
Definition

Hereditaments are real (corporeal) and personal(incorporeal) property, which pass to heirs upon the death of the owner.