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Definition
| interests, benefits, and rights inherent in ownership of real estate |
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| land and everything attached (improvements & fixtures) to the land |
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Definition
| (personalty/Chatel) All other property that is not real property (tangible or intangible) |
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| evidenced by legal document (ie ownership of stock) |
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| Transfer of Personal Property |
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| Transfer of Real Property |
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Definition
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| Rights to beneath the ground |
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| private or public structure erected on or enhanced on land to benefit |
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| Personal property converted to real estate by being permanently fixed to the property |
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| Physical Characteristics of Land |
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Definition
| immovable, indestructible, non homogeneous (no 2 pieces are exactly the same) |
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| Economic Characteristics of Land |
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Definition
| Scarce, modify, permanence of investment(fixity), location (situs) |
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Term
| 4 Prong Residential Lease for Fixtures |
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Definition
| 1) How is it attached?(Is it attached in a way which when removed will damage the property) 2) How is it used or adapted?(standard off the shelf or customized) 3) What is the understanding of the parties? 4) What is the relationship of the parties? |
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| Trade Fixtures on a Commercial Lease |
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Definition
| personal property even if bolted down and go with tenant when they leave |
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| Informal Land Description |
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Definition
| should be able to be read, understood and figure out where the property is |
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| Direction (degrees, mins, secs) |
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Definition
| fixed natural or artificial marker used as starting point (POB) used in metes and bounds |
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Definition
| permanent reference mark used to measure difference in elevation |
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| Rectangular Survey System |
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Definition
| established by federal government using meridians (longitude NS) and base lines (latitude EW) |
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Definition
| Map indicating location and boundaries of individual properties |
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| Tax assessor assigns number to each parcel of land to aid in tax collection (tax assessor number usually underlined) |
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| 2 sides on street, not very desirable because of traffic but used to be most valued |
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Definition
| kind of ownership of ones extent of interest in ownership of land |
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Definition
| king or government owns all property, allows people to occupy but not own |
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Definition
| govnt owned but people can become property owners, private ownership of land exists |
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Definition
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Term
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Definition
| uncertain duration, right of possession, right of ownership |
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Term
| Fee Estate under Freehold |
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Definition
| largest estate one can have |
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Term
| Fee Simple under Freehold |
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Definition
| entire bundle of rights, less the govnt has retained |
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| Life Estate under Freehold |
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Definition
| for duration of someones life |
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Term
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Definition
| A gives to B for as long be shall live, transfer done by way of deed and transfer cannot be revoked, upon B's death it goes to C (the remainder)which is revisionary interest |
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| Pur Autre Vie under Freehold |
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Definition
| A gives to B for as long as C shall live upon C's death it can go back to A or given to D (the remainder) |
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Term
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Definition
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Term
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Definition
| husbands rights to dead wives property acquired during marriage |
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Term
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Definition
| wifes rights to dead husbands property owned solely by him in marriage |
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Term
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Definition
| owned and operated as family home may be exempt from judgement or taxes |
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Definition
| each interest for each spouse to property acquired during marriage |
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Definition
| fixed duration, right of possession, no right of ownership |
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Term
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Definition
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Term
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Definition
| fee simple owner giving over possession during time of lease |
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Term
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Definition
| occurs for definite period of time (ex rent for week, stay at hotel, 2 year lease) |
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Term
| Estate from Period to Period |
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Definition
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Term
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Definition
| go past lease term w.o consent from landlord |
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Term
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Definition
| tenant has with w. landlord consent for unspecified time |
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Term
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Definition
| tenants stays beyond legal right w.o consent from landlord (trespassing) |
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Term
| If a lease is 3 + years... |
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Definition
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Term
| If a lease is over 21+ years |
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Definition
| must be recorded (memorandum of lease-address, name of property etc) |
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Term
| Gross Lease (method of Setting Rent) |
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Definition
| tenant pays a fixed amount and landlord pays expenses (ex. all inclusive) |
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Term
| Net Lease (method of Setting Rent) |
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Definition
| tenant pays rent and some or all expenses |
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Term
| Graduated Lease (method of Setting Rent) |
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Definition
| predetermined rental increase over length of lease aka step up lease (ex office space, 1+year lease) |
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Term
| Escalated Lease (method of Setting Rent) |
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Definition
| tenant pays percent of increase of utilities or property tax (participation clause) |
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Term
| Percent Lease (method of Setting Rent) |
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Definition
| tenant pays landlord percentage of gross receipts as rent |
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Term
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Definition
| expiration & mutual agreement (when property is sold lease does Not terminate) |
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Term
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Definition
| transfer of all tenants rights in lease most leases say lease cannot be assigned (tenant cant let someone live with them without owner consent) |
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Term
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Definition
| transferring part of tenant rights |
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Term
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Definition
| landlord attempts to escape or excuse himself from liability for the was he maintains the property |
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Term
| True or False: Security Deposit CANNOT be withheld if damages are beyond average wear and tear |
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Definition
| False; it can be withheld |
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Term
| True or False: In PA, landlord must hold security deposit in separate account. |
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Definition
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Term
| True or False: In PA, a landlord cannot take more than 2 months worth of rent for security deposit. |
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Definition
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Term
| True or False: In PA, a landlord can take 2 months worth of rent for security deposit in a year lease. |
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Definition
| False; in a 1 year lease only 1 month of SD can be taken |
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Term
| True or False: In PA, when a landlord takes a tenants security deposiit the landlord must make a list of damages, how must it cost, and return the balance whenever he gets to it |
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Definition
| False; well everything is true but he has to do it in 30days |
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Term
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Definition
| TEPE (tax, escheat, police power, eminant domain) |
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Term
| True or False: Future interest when one has a will can be revoked at anytime |
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Definition
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Term
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Definition
| Charge on real estate to raise funds to meet the public needs of govnt |
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Term
| True or False: At one time property taxes funded schools 100% |
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Definition
| True, now fund police, fire department, and libraries too |
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Term
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Definition
| property reverts to state if owner dies withou will or heir |
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Term
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Definition
| power invested in the state to establish laws to preserve order, protect public health and safety, and promote general welfare |
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Term
| Enabling Act under police power |
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Definition
| lets local govnt (ex municipality) carry out police power |
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Term
| True or False: Police power statues are passed to regulate use of your property and actually takes your property |
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Definition
| False they do regulate but do not take your property |
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Term
| True or False: Government restrictions may actually increase the value of your property |
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Definition
| False; decrease and you are not compensated for decrease in value |
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Term
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Definition
| govnts power to acquire aka take privately owned property for public use (5th amendment) |
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Term
| Legal rights in eminent domain |
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Definition
| negotiations adn condemnation proceeding (go to court) |
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Term
| Must have these in eminent domain |
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Definition
| proposed use must be for public use, just compensation (doesnt have to be fair market value), must be afforded due process(procedural) |
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Term
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Definition
| must receive notice, must have opportunity to be heard, must be before an impartial tribunal |
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Term
| Substantive Two Part Test |
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Definition
| (statute) 1.) legitamate purpose 2.) cant be vague or overboard |
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Term
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Definition
| succession says who gets your property and what percentage they are entitiled to when you die with no will |
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Term
| True or False: If regulated you must be compensated for lost property |
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Definition
| False you dont have to get compensated |
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Term
| What is the only statute that is broad and vague but not unconstitutional? |
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Definition
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Term
| Inverse Condemnation Action |
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Definition
| Property owner(plaintiff) is seeking compensation for govnt taking property (court order) looking for consequential damages |
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Term
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Definition
| usefulness has been diminished and plaintiff is looking for money |
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Term
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Definition
| need to compensation more than just land compensation for inconvenience of severed land |
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Term
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Definition
| (sole ownership) title of the property is held by 1 person ( they can make all decisions [flexibility] but responsible for all costs) |
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Term
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Definition
| Tenants in common, joint tenant, and tenants by entireties |
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Term
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Definition
| state statutes that determined who your heirs are and how much they get |
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Term
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Definition
| 2+ owners holding undivided fractional interest in same real property (a tenant can will his interest upon his death) |
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Term
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Definition
| 2+ owners holding undivided share of whole estate (right of survivorship) ABC own when A dies BC own it when B dies then C owns entire property |
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Term
| 4 unities of joint tenancy |
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Definition
time(all joint tenants must acquire property at the same)
title
interest
posession |
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Term
| True or False: You cannot execute part of property if joint tenancy. |
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Definition
| True: but you can if it is tenants in common |
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Term
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Definition
| has to be married couple and each spouse as a single entity owns the entire estate |
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Term
| True or False: Liens can be placed but cannot execute if tenant in common until the debtor is the only owner you can execute against the lien |
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Definition
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Term
| True or False: If the deed does not state how you are co-owning a property, it will be assumed you are T/C |
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Definition
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Term
| True or False: If the deed does not state how you are co-owning a property and you are married it will be assumed T/E |
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Definition
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Term
| True or False: If the deed does not state how you are co-owning a property, it will be assumed you are J/T |
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Definition
| False J/T is never assumed |
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Term
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Definition
| time, title, interest, possession, person |
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Term
| True or False: Either spouse can convey a portion of the property without permission of the other spouse |
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Definition
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Term
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Definition
| fee simple ownership is held be owner of that unit; common elements such as the hallways, parking lot, and pool are owned T/C |
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Term
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Definition
| occupant of unit owns personal property(stock) title of building held by one enitity (pays mortgage) tenanats are stock holders and they pay monthly assessments |
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Term
| As a tenant in Co-op you receive: |
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Definition
| stock (personal property) |
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Term
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Definition
| multiple (fee simple owners) purchasers by interest in real estate during a particular period of time during the year |
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Term
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Definition
| all are partners but only one is liable for debts |
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Term
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Definition
| at least one general partner and the limited partners share profit and loss but have no say in day to day management |
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Term
| Joint and Several Liability under General Partnership |
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Definition
| when one partner goes into debt the debtor/court can come after the other partner |
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Term
| Real Estate Investment Trust |
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Definition
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