Shared Flashcard Set

Details

Real Estate Prep Course Florida Nov 2021
Glossary Term Unit 3 Rights, Interests & Ownership
27
Real Estate & Planning
Professional
11/09/2021

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
Cooperative
Definition
A building owned by a CORPORATION which in turn leases space to stockholder members.
Term
DECLARATION of Condominium
Definition
The document that is recorded to create a condominium
Term
Proprietary Lease
Definition
The document granting the right to occupy a cooperative unit
Term
Time Sharing
Definition
Interval ownership of a condominium unit for intermittent time periods
Term
Exclusion
Definition
The right to control entry onto one’s land
Term
Estate
Definition
A legal interest or right in land that allows or will allow possession
Term
Fee Simple Absolute
Definition
The estate that features absolute and complete ownership
Term
Life Estate
Definition
Ownership that lasts for the life of someone
Term
Tenancy for Years
Definition
A leasehold estate with a specific termination DATE
Term
Tenancy at Will
Definition
A leasehold estate with no fixed termination date
Term
Tenancy at Sufferance
Definition
An estate created when a tenant holds over without written consent
Term
Deed Restrictions
Definition
Privately created limitations on land use
Term
Easement
Definition
The right to use the lands of another for a specific purpose
Term
Easement by necessity
Definition
An easement to the grantee of a landlocked property across the grantor’s property
Term
Lien
Definition
A hold or claim upon the property of another as security for a debt
Term
Property Tax Lien
Definition
The lien that has a priority over all other claims
Term
Construction Lien
Definition
The lien held by a contractor or whomever improves a property
Term
Mortgage
Definition
A voluntary pledge of lands to secure payment of a debt
Term
Judgement
Definition
A court ordered claim against an individual and the individual’s property
Term
Encroachment
Definition
The unauthorized possession of a land belonging to another
Term
License
Definition
A revocable agreement granting the privilege to use property
Term
Tenancy in Severalty
Definition
Ownership by one’s individual
Term
Tenancy in Common
Definition
The form of co-ownership without the right of survivorship
Term
Joint Tenancy
Definition
A form of co-ownership, not reserved for married couples, that includes the right of survivorship
Term
Tenancy by the Entireties
Definition
The form of ownership reserved exclusively to married couples
Term
Discover Maestro LLC.
Definition
Veteran owned marketing agency. We advise new real estate professionals in Florida on best methods to market themselves. FOR FREE. SEE: https://app.elify.com/vbc/6k5uzh0pvv?t=nwoxoa
Term
Disposition
Definition
The right of a property owner to sell, pledge or transfer land.
Supporting users have an ad free experience!