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Principles of Louisiana Real Estate Unit 1 National Portion Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.$8.39
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Principles Of Louisiana Real Estate Unit 1 Nationa
Principles of Louisiana Real Estate Unit 1 Nationa
Exam (elaborations)
Principles of Louisiana Real Estate Unit 1 National Portion Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.
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Principles of Louisiana Real Estate Unit 1 Nationa
Institution
Principles Of Louisiana Real Estate Unit 1 Nationa
limited partnership - A partnership composed of general and limited partners whose contribution
and liability are limited and specifically defined
joint tenancy - a form of co-ownership between two or more persons of an interest in real
property whereby such persons own the interest together and...
Principles of Louisiana Real Estate Unit
1 National Portion
limited partnership - A partnership composed of general and limited partners whose contribution
and liability are limited and specifically defined
joint tenancy - a form of co-ownership between two or more persons of an interest in real
property whereby such persons own the interest together and each person has exactly the same rights in
that interest as his co-tenants. Joint tenancy is created by the act of the parties. The key is the right of
survivorship.
easement in necessity - Arises when there is no other access to a street or public way. If the
owner of the back half cannot get to the street except by crossing the front half of the lot, then the back
half owner will usually be given the right to cross by court order.
lien - A right, given by law, whereby a creditor may satisfy a debit out of the proceeds of the sale
of real or personal property belonging to the debtor; an encumbrance usually naming property as
security for payment of a debt or for the discharge or obligation
immobility - A physical characteristic of real estate referring to the fact that real estate can't move
from one place to another.
real estate - Also called "real property," it is land and anything permanently attached to the land,
such as buildings, fences and items that are attached to the buildings.
improvements - Changes or additions made to a property, such as walls or roads, and so on. These
typically increase the value of a property, except in some cases of over improvement.
real property - land , interests, benefits and rights inherent in real estate ownership
chattels - Personal property
,Bill of Sale - A written instrument which passes title of personal property from seller to buyer
Severance - 1. Termination of joint tenancy. 2. The permanent removal of a natural attachment,
fixture, or appurtenance from real property, which transforms the item into personal property
Fixture - An article of personal property which has been installed in or attached to land or a
building thereon, in such a manner, that it is now considered to be part of the real estate.
Adaptation - the the article is adapted to the building
trade fixture - a fixture placed for business purposes
accession - the law that allows transfer or trade of a fixture
emblements - Farm pants and other plants that are grown and harvested annually
situs - area preference that refers to people's choices and desire for a given area
land - Earth's surface extending downward to the center of the earth
encumbrance - A claim, charge, or liability that attaches to and is binding on real estate.
lis pendens - A legal document giving constructive notice that an action at law is pending.
mechanic's lien - A lien which exists against real property in favor of persons who have performed
work or furnished material for the improvement of real estate
deed restriction - Provisions in a deed that restrict use of the property, and which may be either
covenants or conditions.
, easement - A right, privilege, or interest in which on party has in the land of another.
dominant tenement - An estate attached to and benefiting from the servient estate, e.g., an
easement runs over the servient estate and serves the dominant estate; also called dominant estate.
servient tenement - Property burdened by an easement. In other words, the owner of the
servient tenement (the serviant tenant) must allow someone who has an easement (the dominant
tenement) to use the property.
easement in gross - An easement which does not attach to the land, usually given to a quasi-
public corporation, such as the electric or phone company
easement by prescription - A method of acquiring a right to a portion of property by lapse of time,
in the manner of adverse possession.
license - A personal privilege to perform some act on the land of another.
encroachment - A building or fixture which intrudes partly or wholly upon the property of
another.
freehold estate - An estate in real property for an indefinite and uncertain time. Font Foot:
Property measurement of the front foot on its street line or waterfront line with each front foot
extending the depth of the lot.
fee simple absolute - The highest and most complete form of ownership, which is of potentially
infinite duration. Also called a fee or a fee simple.
fee simple defeasiable - A fee simple estate that is subject to termination if a certain condition is
not met or if a specified event occurs. Also called a conditional fee, determinable fee, qualified fee, or
fee simple subject to a condition subsequent.
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