Real Estate Promissor
Everything you need to pass the real estate promissor exam.
Terms
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- Rezoning
- A change in zoning
- Attachment
- Lein placed on the property of a debtor before a judgment has been rendered
- Accretion
- The gradual buildup of land by action of water
- Townships
- 6 miles square and 36 square miles, these are formed when meridian and baselines cross
- Restrictive Covenants
- Also known as CC&R's or deed restrictions, these are private, voluntary agreements governing land use
- Zoning Varience
- A permanent exception to zoning
- Tiers
- Horizontal rows of townships are also known as....
- Chattels real
- Real estate interests less than fee ownership, such as tenant leasehold interests and mortgages, are known by....
- Trade Fixtures
- Fixtures installed by a tenant for the purpose of conducting a business or trade is personal property known as....
- Joint Tenancy
- Defined as undivided ownership by two or more people with the right of survivorship.
- Mechanics Lein
- A specific, involuntary statutor lien used to secure payment for labor, services, or materials used in construction, repair, or improvement of real property
- Topigrahical Lines
- These Lines indicate the contour of the land
- Cumulative Zoning
- Zoning that allows less restrictive use, such as appt. zoning that allows single family dwellings
- Agreement, Intent, Attatchment, Adaptability
- At least one of the following four tests must be met to determine that an item is a fixture
- Noncumulative Zoning
- Zoning that allows only the stated use
- Zoning
- Public restriction that is enforceable under the police power of the state to preserve the health, safety, morals, and public welfare
- Erosion
- The gradual loss of land by action of water or wind
- Metes and Bounds
- also called mesurements and directions, this is the oldest method of describing real property
- Annexation
- Personal property becoming real property by becoming attached to real property is the process known as....
- Baselines
- Lines going east and west in the government survey system
- Littoral Rights
- A landowner's right to reasonable use of water from a lake, an ocean, or a pond bordering the property (nonflowing water)
- Laches
- An unreasonable delay in bringing action that works to the detriment of another party
- Exclusionary Zoning
- Zoning that specifically prohibits a use such as adult bookstores
- 5,280 feet
- One Mile = (measurement)
- Chattels
- Any property that is not real property, also known as personal property
- Riparian Rights
- Rights that ensure a landowner receives reasonalbe use of water flowing through, adjacent to, or under his or her property
- Fee Simple on Condition Subsequent
- An estate which conveys title, provided a specific condition is met
- Incentive Zoning
- Zoning that provides an incentive for a developer to include a particular feature
- Fee Simple Estate
- The highest ownership possible in real property
- Conservation Zoning
- Open zoning that excludes development to keep an area in natural or agricultural state
- Voluntary Lein
- Liens intentionally placed or allowed to be placed against a property, such as a mortgage lein
- Estate
- The degree or nature of the ownership interest a person has in real property
- 43,560 square feet
- One Acre = (measurement)
- ad valorem taxes
- taxes assed according to a property's value
- Conditional Use Permit
- Special permission for a use otherwise not allowed under a zoning restriction
- Legal Nonconforming Use
- A legal use that was in existence prior to current zoning that prohibits the use is alllowed to continue what is know as a grandfather clause, but it may not be expanded
- Tenancy in Common
- Undivided interest by two or more parties without the right to survivorship is known as:
- Downzoning
- Zoning to a lesser, more restrictive use
- Reliction
- Land that forms after water recedes
- Severance
- The act of removing something from the land
- Judgement
- A final order by a court that the defendant must pay the plaintiff an amount of money
- Involuntary Lein
- Leins by action of law, such as judgement or tax leins
- Tenancy in Severalty
- This is sole ownership by one individual or entity
- Specific Lein
- Leins applying to one specific property
- 6 square miles
- One Township = (measurement)
- Encroachment
- Tresspass by placing improvements, such as a fence, on or over anothers land
- Meridians
- Lines going north and south in the government survey system
- Time, Title, Interest, and Possession
- For unities must occur for a joint tenancy to exist: (name them)
- 640 acres
- One Section = (measurement)
- Lein
- A monetary claim against property
- Spot Zoning
- Zoning of a parcel that is inconsistant with surrounding use
- Lis Pendens
- A recorded notice of a pending lawsuit concerning an interest in real property
- Emblements
- Ex. Cutltivated crops that a tenant can enter the property after expiration of a lease is known as....
- Appurtenance
- The rights, benefits, and improvements that go with the land
- General Lein
- Leins applying to all the property of a debtor
- Cluster Zoning
- Zoning that allows grouping of residences but alleviates density with green or open areas
- Aesthetic Zoning
- Zoning as to architectural style so structures fit in with the neighborhood
- Bundle of Rights
- The beneficial rights to use, exclude others, lease, encumber, transfer, or inherit
- Ranges
- Vertical rows of townships are also known as.....
- Bulk Zoning
- Zoning for density using setbacks, height restriction, parking requirements, etc.
- Life Estate
- An estate that customarily holds the estate only for a persons lifetime
- Inclusionary Zoning
- Zoning that requires that something be included in a development, such as a percentage of homes for low income families
- Benchmarks
- These markers indicate the elevation above sea level
- Avulsion
- The sudden tearing away of land by action of water, such as a change in a rivers course
- Upzoning
- Rezoning to a less restrictive use such as single family to multi-family