Shared Flashcard Set

Details

Real Estate
Lesson 2
16
Real Estate & Planning
Professional
04/07/2006

Additional Real Estate & Planning Flashcards

 


 

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.
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