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Real Estate Prep Verified and 100% Correct Q & A, Complete Document for Exam
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Real Estate Prep Verified and 100% Correct Q & A, Complete Document for Exam
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Real Estate PrepTerm Definition
Property The Rights of Ownership
The Rights to use, Posses, Enjoy and Dispose of
Ownership
Something
Allodial System Ability to own land and pass it on to their heir
Estate in Land The Degree, Quantity and extent in one's interest in land
Eminent Domain The Governments right to take land for the public good
The Process used to acquire property under the right of
Condemnation
eminent domain
The Right of the state to assume ownership of property
Escheat
when the owner dies without a valid will or it's abandon
Personal Property that is permanently attached to real
Fixture
property so it is considered part of that real property
Fixture (Three ways to make
1. Attachment 2. Adaptation 3. Agreement
personal property into a fixture)
Emblements Crops harvested for profit, Personal Property
A Right, Privilege, or improvement associated with land.
Appurtenance
Parking spot
Item of chattel Personal Property Only
An item which is not movable or is associated with real
Chattel Real property. Either intangible property interest or tangible
property. (DEED IS NOT)
Fee Simple Defeasible Subject to limitations other than the government's rights
Life Estates A Freehold estate that is not normally inheritable
Estates less than a freehold Personal property, also called a leasehold estate
The landlord's right to regain possession at the end of a
Reversion Interest
lease
Estate in Severality Ownership by one person
Requires all Concurrent owners have the same
Joint Tenancy
possession, interest, time and title. PITTS
Each Spouse has an equal interest in property acquired
Community Property
during a marriage. Not recognized in Florida
The Form of concurrent ownership limited to spouses.
Tenancy by the Entirety
Tenancy in Person
Partition The Process of separating a concurrent ownership
Refers to the separating concurrent ownership by
Partition in Kind
subdividing the property
Elective Share 30% of the net estate
Homestead tax exemption 25,000
Easement The right to use or enjoy the property of another
Easement Apurtenant Easement that requires a dominant and servient estate
, An Easement that Affects only one property, Only a
Easement in Gross
Servient estate
An easement in gross held by an individual that can be
Personal Easement
terminated by sale or death but can not be revoked
A written agreement between a landowner and easement
Private Grant
holder
An Easement created by continuous, uninterrupted, hostile
Prescription
possession
Private Grant, prescription, Condemnation, Reservation,
Easement [PoPCoRN]
Necessity
Quitclaim deed Terminate an easement by a release
Termination by abandonment Holder of the easement failed to use it
Termination by vacation Court determines that the easement is no longer needed
Made by the courts and attaches to both real and personal
Judgement Lien
property
After a judgment lien, A sheriff is directed to sell the
Writ of Execution
property
The Legislation which establishes priority of liens in most
Race Statutes
states
1. Property Tax 2. Work began on a mechanic lien 3. Date
Lien Priority
of lien Recorded
The Sum of all facts on which ownership is founded.
Title
Which is esablished by evaluating an abstract of title
A Summary of all instruments affecting title and all
Abstract of title
encumbrances affecting the title
Marketable Title A Title which is free of reasonable doubt as to ownership
Constructive Notice Inspect the property and check the public records
Notice based on what you have seen, heard, read or
Actual Notice
observed
File for a quiet title action and the status and condition is
determined by the courts. Only has the current owner. Any
Torrens Land Title
encumbrances to a title must be entered on the certificate
of title
Title Insurance Owner, Mortgagee.
A written instrument which transfers ownership interest in
real property during the lifetime of the owner. Must be of
Deed legal age and sound mind. Can be for good or valuable. A
recorded deed is assumed to have been delivered and
accepted. Date not needed.
Statue of Frauds Deeds need to be written, signed by the Grantor
Bill of Sale COnveying Personal Property
Grant The act of transferring ownership with a deed
The Party who transfers a deed. Delivers the deed within
Grantor
their lifetime
The party to whom the title is transferred. If they have the
Grantee
deed it is delivered
Words of Conveyance The Granting clause of the deed
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