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Details Title: Real Estate Description: Lesson 2 Total Flash Cards: 16 Created: 04/07/2006 12:03:38	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term A hospital receives a gift of real property from a couple who reserve a life estate. The hospital is: Definition Remainderman Term The degree, quantity, or nature of a person's interest in real property is know as his or her: Definition estate Term At the termination of a life estate, the property may revert back to the grantor, this is referred to: Definition Reversion Term Devise Definition A transfer of real property by a will Not allowed in a life estate (a trick way of saying will) Term Real Property Definition All land and appurtenances to land, including buildings, structures, fixtures, fences, and improvements erected upon the land, excludes growing crops. Term Riparian Definition rights and obligations with ownership of land adjacent to or abutting on watercourses such as streams and lakes. Also, "littoral" Term Does a life estate include only real property? Definition No - could also be for personal property - belongings... Term The most complete and absolute form of ownership in land. Of indefinite duration (no limit), freely transferable, and inheritable. Definition Fee Simple Term The term __________ broadens the definition of real estate to include the bundle of legal rights involved in real estate ownership. Definition Real Property Term Definition of Real Property Definition defined as earth's surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature or by people. Term Appurtenance Definition anything used by the land for its benefit such as mineral rights (subsurface) air rights and water rights. Term Define Real Estate in simple terms Definition Land plus permanent human-made additions. Term Define Real Property in Simple Terms Definition RealEstate plus Bundle of Legal Rights Term For a contract to be valid, all parties must have the legal capacity to contract - must me the following 2 criteria. Definition Buyer and seller must be of legal age of 18 and not suffering from a mental handicap that would makie them incompetent. Term The difference between a contract that is voidable and one that is void... Definition Contract with someone under the influence of alcohol may be voidable. Contract with a person judged incompetent by the court is void. Term Earnest Money Definition Usually cash. Given by the buyer with an offer to purchase to show sincerity and intent to complete the contract if the seller accepts.