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Definition
| The surface of the Earth extending downward to the center or the Earth and upward to infinity. |
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| Water rights controlled by the tide. (for large bodies of water) |
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| Water rights along flowing waters. (for rivers and streams) |
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| Land plus things permanently attached. |
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| Fixtures are determined by: |
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Definition
1. Intent
2. Method
3. Adaptation
4. Agreement |
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| Something that is done to add value to a property. |
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| All property that does not fit the definition of real property. |
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| Fixtures used in a trade or business by a tennant. |
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| A document that gives you a personal property interest in real property. |
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Definition
| Two ways to lose land by nature. |
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Definition
| Two ways to gain land by nature. |
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| The mud or sand that builds up due to accretion. |
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Definition
| Rights, beliefs and improvements that belong to real property. (water rights/additions) |
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Definition
| Tangible and intangible features that add value to real property. (view/schools) |
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Definition
| Survey system based on monuments that uses degrees and is used most commonly in SC. |
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Definition
| The degree, quantity, nature and extent of ownership one has in real property. |
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Term
| Four Types of Leasehold Estates |
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Definition
1. Tenancy for Years
2. Periodic Tenancy
3. Tenancy at Will
4. Tenancy at Sufferance |
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Term
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Definition
| Possession without ownership of real property for a definite period of time. |
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Definition
| Possession without ownership from period to period. |
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| Possession without ownership for an unspecified duration. |
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Definition
| Possession without ownership without the consent of the owner. |
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Term
| Can a life estate be sold? |
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Definition
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Term
| When does the end for a life estate? |
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Definition
| With the death of the tenant. |
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Term
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Definition
| When ownership of the property returns to the grantor. |
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Term
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Definition
| When ownership of the property passes to a designated 3rd party (remainderman.) |
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Definition
| The highest degree of interest in real estate that can be inherited. |
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Definition
| Ownership of property by 2 or more persons with the right of survivorship. |
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Term
| The 4 Unities of Joint Tenancy |
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Definition
1. Possession
2. Interest
3. Time
4. Title |
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Term
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Definition
| Ownership of property by 2 or more people where each owner has a complete possession of the property. |
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| Main distinction of Tenancy in Common |
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Definition
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Term
| What unity is required for Tenancy in Common? |
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Definition
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Definition
| Sole ownership of a property. |
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Term
| What does it mean to own a cooperative? |
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Definition
| Each owner holds stock and the comapny that runs the cooperative holds the title. |
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Term
| What does it mean to own a condominium? |
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Definition
| Each owner holds a fee simple title. |
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Term
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Definition
| The process of converting a cooperative or rental apartments into a condominium complex. |
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Definition
| 2 or more owners in a profitable joint venture. |
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Definition
| The partner that contributes money and are only liable up to the amount they invest. |
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Definition
| The partner that is fully invested in the property and have unlimited liability. |
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Term
| Rights included in the "bundle of legal rights" are... |
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Definition
| Air, Water, Mineral, Possession, Leasing, Control, & Disposition |
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Term
| When should a permanent fixture be removed to be considered personal property? |
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Definition
| Before it is listed for sale. |
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Term
| Real Estate Investment Trust |
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Definition
| A business entity that gains at least 75% of its income from real estate, has at least 100 shareholders, and distributes at least 95% of its income to its shareholders. |
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Term
| Lot, Block and Subdivision |
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Definition
| Recorded plat map subdivision regulations. |
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Term
| Life Estate Pur Autre Vie |
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Definition
| Ownership by deed or will that ends with the life of a 3rd party. |
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Term
| Limited Liability Corporation (LLC) |
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Definition
| A combination of both a partnership and a corporation. |
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Definition
| A legal organisation created by state laws where owners purchase stock. |
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