REAL 4000 Test 1 UGA

property

anything that can be owned or possessed

tangible property

physical things, such as automobiles, clothing, land, and buildings

intangible property

nonphysical and include contractual rights, financial claims, interests, patents, or trademarks

real estate

the land and the things attached to the land

improvements on the land

any fixed structures such as buildings, fences, walls, and decks

improvements to the land

components necessary to make the land suitable for building construction or other uses, such as streets, sidewalks, and utilities

raw land

does not include any improvements or structures

real property

rights associated with ownership of land and all permanent attachments to land.

personal property

things that are moveable and not permanently fixed to the land. ex: motor home

acre

43, 560 sq ft

space market

Potential occupants, both owner-occupants and tenants, or renters competing for physical location and space

asset market

the financial sector of the economy that serves to allocate financial resources among households and firms requiring funds

assessment lien

lien assessment by local governments to ensure that those who receive the primary benefit of neighborhood improvements will be charged their "fair share

attach

to place a lien on real property

condominium

an ownership that combines a fee simple estate for ownership of individual units and tenancy in common for ownership of common areas - describes an ownership form not construction

condominium bylaws

the official rules and regulations that govern condominiums ownership

deed restriction

limitations imposed on the use of land and structures by clauses in a deed

dower

a common law provision that grants a wife a one third life estate in all of the real property of a decedent husband

easement

a right that the owners of another property may have to use ones land for a specific limited purpose

easement appurtenant

a right of use that continues from owner to owner that involves a relationship between two parcels of land; becomes a permanent feature of both parcels

easement in gross

the right to use land for a specific, limited purpose unrelated to any adjacent parcel

right of exclusive possession

right that states you can decide who uses your real estate

right of use

right that states you can enjoy the benefits of your property

right of dispossession

right that states you can get rid of your real estate as you see fit

fee simple absolute estate

most common estate; includes a complete set of rights

fee simple conditional estate

estate ownership contingent on a specified condition

reversion interest

Owner of a fee simple interest transfers an interest which, when terminated, reverts back to the owner.

life estate

estate in which ownership is granted "as long as" a specified person is alive

remainder interest

The remnant of an estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another.

tenancy for years

leasehold estate with predetermined beginning and end dates

periodic tenancy

leasehold estate with no predetermined beginning or end dates; automatically renews until sufficient notice of termination is given

tenancy at will

leasehold estate with no set termination date or period; lease can be terminated without notice by either party

tenancy at sufferance

leasehold estate in which a tenant possesses a property against the landlord's wishes

tenancy in common

least restrictive type of co-ownership; property is owned jointly and rights are shared equally

joint tenancy

type of co-ownership in which shares cannot be transferred are inherited; upon death of shareholder, remaining shares are divided amongst living shareholders

tenancy by entirety

joint tenancy of marriage

deed

written document that conveys permanent interest in real property

covenants

set of legally binding promises that a deed grantor makes to the grantee

covenant of seisen

grantor promises full ownership of property in question

covenant against encumbrances

grantor promises there are no liens, easements, or other encumbrances on property

covenant of quiet enjoyment

grantor promises their will be no additional claims on the land

covenant of further assurance

grantor promises that if anything is omitted that the grantor will fix the problem

words of conveyance

part of a deed that establishes grantor intention and establishes the type of deed

habendum clause

part of a deed that establishes type of interest being conveyed: establishes easements or creates FSCE, etc

general warranty deed

deed that includes all four covenants; highest quality deed

special warranty deed

deed that includes all four covenants but the covenant against encumbrances applies only to the period of time the previous owner was in ownership of the property

deed of bargain or sale

deed that includes no covenants; implies grantor has title and right to convey it

quitclaim deed

deed that includes no covenants; transfer any interest that grantor has to grantee

building codes

detailed standards for construction of new property and for improvements to existing property

zoning

regulation of land use, property density, and building size by creating geographical districts of similar use

eminent domain

the government's right to acquire land for public use as long as the owner is justly compensated

inverse condemnation

processes by which a landowner sues the government for damages to property brought on by land use control

market value

most probable selling price of a property

assessed value

a percentage of market value; found by using individual state's assessment percentages

taxable value

value of a property use to calculate property tax; found by subtracting tax exemptions from assessed value