Accounting /Real Estate Exam Essentials Part 2

Real Estate Exam Essentials Part 2

Accounting32 CardsCreated 2 months ago

This deck covers key concepts and legal acts related to real estate, including property rights, types of estates, and important legislation.

1974 Housing and Community Development Act

Protects against sex or gender bias.
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Key Terms

Term
Definition
1974 Housing and Community Development Act
Protects against sex or gender bias.
1988 Fair Housing Amendments Act
Protects the handicapped and familial status.
Fee Simple
Ownership with the greatest bundle of rights - the owner has all available rights to the property and can always pass it to his heirs
Fee Simple Estate
Absolute ownership with all the rights associated with ownership of real property
Life Estate
Ownership for the duration of one's life - cannot be willed to heirs; The three parties are the Grantor, Grantee and Remainder man.
Life Estate With Reversion
Set up so that at the end the property goes back to the original owner

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TermDefinition
1974 Housing and Community Development Act
Protects against sex or gender bias.
1988 Fair Housing Amendments Act
Protects the handicapped and familial status.
Fee Simple
Ownership with the greatest bundle of rights - the owner has all available rights to the property and can always pass it to his heirs
Fee Simple Estate
Absolute ownership with all the rights associated with ownership of real property
Life Estate
Ownership for the duration of one's life - cannot be willed to heirs; The three parties are the Grantor, Grantee and Remainder man.
Life Estate With Reversion
Set up so that at the end the property goes back to the original owner
Conventional Life Estate
A freehold estate limited in duration to the life of the grantee. the grantee enjoys just as fee. they pay taxes, maintenance
Community Property
All property acquired by a husband and wife after marriage unless it is acquired by gift, will or inheritance.
Homestead
The residence property of a landowner; protected from forced sale by general creditors.
Estate For Years
A leasehold with a specific starting and ending date - it survives death or the sale of the property
Leasehold Estate
An interest in real property giving a party possession without ownership
Littoral Rights
Stationary body of water
Riparian Rights
Flowing body of water
Tenancy In Severalty (to sever)
Only one owner
Tenancy In Common or Joint Tenancy
The unities that must exist for this type of ownership to exist areL Interest, Possession, Time and Title. If one owner of a joint tenancy dies, that owner’s interest reverts to the other owners. This right of survivorship may vary by state.
Syndicate
Two or more parties join together to create and operate a real estate investment
Fixity
the time is takes to repay the costs of land, buildings or improvements (investment permanence)
Anti-trust Laws
promote competition in an open marketplace
Modification
refers to change in property value due to improvements made to nearby parcels
To be eligible for a broker's license, if the business is a corporation, the designated person must be
an officer of a corporation
To be eligible for a broker's license, if the business is a limited liability company, the designated person must be
a manager of the company
To be eligible for a broker's license, if the business is a partnership, the designated person must be
a general partner
The right of ownership is the definition of
property
Appurtenance
A right, privilege or improvement associated with land but not part of the land
Chattel Real Tangible Property
Trade fixtures and emblements (crops)
Chattel Real Intangible Property
Mortgages, leases, options and easements
Concurrent ownership
co-owners hold title to undivided interest in the property
Property
Definition of 'rights of ownership'
Feudal
A system in which individuals can own land for their lifetime but not pass it on to their heirs
Alloidal
A system in which individuals can own land for their lifetime and pass it on to their heirs
Escheat
The right of the state to assume ownership of property when an owner dies without a valid will or heirs
Personal property may become real property
Attachment, adaption, agreement