appraisal - ANSWERevaluation or estimation of worth
gestation period - ANSWERthe time between conception of the idea for a development project and its completion and entry into the available property
personal property/chattel - ANSWERmovable items such as automobiles
real estate - ANSWERla...
appraisal - ANSWERevaluation or estimation of worth
gestation period - ANSWERthe time between conception of the idea for a development project and
its completion and entry into the available property
personal property/chattel - ANSWERmovable items such as automobiles
real estate - ANSWERland and any structures that are attached to it
real property - ANSWERthe legal interests associated with the ownership of real estate
6 most important things in real estate - ANSWERLocation, Location, Location, Timing, Timing, Timing
5 principal classifications of real estate in private marketplace - ANSWER1. owner-occupied
residential
2. renter-occupied residential
3. commercial
4. industrial
5. farm and other open land
The most crucial test used to determine whether an item is a fixture is the - ANSWERtest of intent of
parties
Owners of land that adjoins navigable bodies of water are referred to as - ANSWERlittoral proprietors
Littoral proprietors - ANSWEROwners of land that adjoins navigable bodies of water
Riparian Rights - ANSWERAn owner's rights in land that borders on or includes a stream, river, or
lake. These rights include access to and use of the water (as long as they do not deprive others of the
same rights)
, Prior Appropriation Doctrine - ANSWERA water allocation scheme that grants the rights to water to
the first who uses the water for some beneficial economic purpose
Estates in Land - ANSWEROwnership rights in real property, bundle of legal rights that the owner has
to possess, use and enjoy the property. The type of estate is determined from the deed, will, lease or
other document that transferred the ownership rights
Freehold Estate - ANSWERAn estate in land in which ownership is for an indeterminate length of
time, in contrast to a leasehold estate. (ownership interests in real property)
Leasehold Estate - ANSWERAn estate that gives the holder (Tenant) a temporary right to possession,
without title.
fee simple absolute estate - ANSWERthe fullest and most complete set of ownership rights one can
possess in real property. Is alienable, devisable, and descendible
Qualified Fee Estate - ANSWERA fee estate that is subject to certain limitations imposed by the
person creating the estate
The future interest that is held by the grantor at the termination of a life estate which he or she has
granted someone else is a - ANSWERreversion
Of the following ownerships, which is the most common type of concurrent estate? -
ANSWERtenancy in common
reversions and remainders - ANSWERreversion-upon termination of a life estate, ownership transfers
back to the grantor or the grantor's heirs
remainder-ownership transfers to someone other than the grantor or the grantor's heirs
Life Estate - ANSWERA freehold estate in land that is limited in duration to the life of the owner or to
the life or lives of some other designated person or persons.
estate pur autre vie - ANSWERestate for the life of another (when the life tenant is someone other
than the person whose life the life estate is tied to)
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