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Real Estate Feasibility Test 1
1-An Introduction to Real Estate Investment:Legal Concepts and 2-Financing: Notes and Mortgages
9
Real Estate & Planning
Undergraduate 4
09/20/2009

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Cards

Term
Estate in possession
Definition
entititles its owner to immediate enjoyment of the rights to that estate......estate not in possession conveys enjoyment in the future
Term
freehold estate
Definition
indefinate period
Term
remainder
Definition
exists when the grantor of a present estate with fewer ownership rights than the grantor's own estate conveys to a third person the reversionary interest the grantor of the heirs would otherwise have in the property upon termination
Term
reversion
Definition
exists when the holder of an estate in land (the grantor) conveys to another person (a gratnee) a present estate in the property that has fewer ownership rights than the grantors own estate and retains for the grantor the right to take back the full estate that the grantor enjoyed before the conveyance
Term
estate for years
Definition
has exact duration
Term
abstract of title
Definition
historical summary of the publicly recorded documents that affect a title
Term
Most significant warranties conveyed in a General Warranty
Definition
  1. Grantor has good title
  2. '' has right to convey
  3. a covenant to compensate the grantee fo loss of property or eviction suffered by the grantee as a result of someone else having a superior claim
  4. covenant against encumbrances on the propety otehr than those specifically stated
Term
note
Definition
a document which serves as evidence that debt exists between a borrower  a borrower and a lender
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