Kaplan Real Estate Principles Exam Graded A+

Appurtenance - ANSWER Anything than can benefit the land or make it more valuable. Rights of Real Estate - ANSWER Possession Use Encumber - e.g. mortgage Dispose Exclude - e.g. exclude certain uses Avulsion/Ero ...

Appurtenance - ANSWER Anything than can benefit the land or make it more valuable. Rights of Real Estate - ANSWER Possession Use Encumber - e.g. mortgage Dispose Exclude - e.g. exclude certain uses Avulsion/Erosion - ANSWER Sudden/Gradual loss of land through natural causes Accretion - ANSWER Adding land through natural causes Accession - ANSWER Taking title to additional property through accretion or attachment Mineral Rights - ANSWER May be sold Transfer with the land Do legal descriptions of real property describe or include improvements? - ANSWER They include them, they do not describe them. Metes and bounds - ANSWER *Used for irregular property *Metes - measures in feet & compass degrees *Bounds - Boundaries *Use a permanent reference marker at each corner - monument *Begin and end at point of beginning, go in clockwise direction Holographic will - ANSWER Will entirely handwritten and signed Rectangular (Governmental) Survey - ANSWER Uses grid system *Meridians & Ranges = North & South *Baselines & Tiers = East & West *Makes townships Township - ANSWER 36 Sections Section - ANSWER 1 mi x 1 mi 640 acres 1 Acre = ft sq - ANSWER 43,560 sq ft Recorded Plat Map (Lot & Block) - ANSWER *Used for subdivisions *Most common in urban residential areas Frontage - ANSWER Distance of lot facing street Survey - ANSWER Measures property line, houses, easements, etc. Can be used for legal description Improvement Location Certificate - ANSWER Only talks about improvements Can be used for legal description Buffer zone - ANSWER separates two significantly different land uses Certificate of Occupancy - ANSWER Building complies with building codes Conditional or Special Exception to Zoning - ANSWER Specific type of variance allowing for different use (church) Special or Exceptional Use Zoning - ANSWER Zoning map laid over original zoning (school, utility company) Amendment to zoning - ANSWER Zoning change for an entire area Variance in zoning - ANSWER Allows deviation to prevent economic hardship Governmental Land Rights - ANSWER Police Power - Land Use Eminent Domain - Take land back; condemnation Taxation - ad valorem - at assessed value by county Escheat - Right to abandoned land - intestate Prop 13 - ANSWER *Tax limited to 1% plus voter-approved indebtedness *Annual increases cannot exceed 2%, unless reassessment event occurs *Homeowners may deduct $7k from assessed value *Seniors postpone paying taxes until sale Life Estate - ANSWER Ownership for duration of life *Pur autre vie - term of ownership measured by 3rd party's life Life tenant may lease or sell Statute of Frauds - ANSWER All transfers of interest must be in writing, EXCEPT leases of 12 months or less Estate for Years - ANSWER *Specific termination date *Lease doesn't end upon death, nor sale of property Fee Simple Absolute - ANSWER Complete Bundle of Rights Fee Simple Defeasible - ANSWER You own it so long as... Periodic Estate - ANSWER *Renews automatically with payment of rent *Terminated by advance notice Estate at will - ANSWER *As long as both parties are willing Estate at sufferance - ANSWER *Holdover after lease ends *Can evict or collect rent *If rent collected, then periodic estate Appurtenant Easement - ANSWER Transfers with the land Easement in gross - ANSWER Attached to an individual, not the land (e.g. Utility company) Easement by necessity - ANSWER To prevent landlocked land Easement by prescription - ANSWER *Must be continuous for five years *May be terminated after five years of nonuse Types of Deed restrictions and potential land loss - ANSWER *Covenant - no loss of property *Condition - contingency - loss of property Estate in Severalty - ANSWER Owned by one person or corporation Property goes to heirs Tenancy in Common - ANSWER *Co-ownership *NO right of survivorship to other owners (heirs take over share) Joint Tenancy - ANSWER *Equal shares *Right of survivorship - Overrides a will Four Unities (Joint Tenancy, Tenants by the Entirety) - ANSWER PITT *Possession - right to possess whole property *Interest - Both have same kind of interest *Time - Interest acquired at same time *Title - Must have used same instrument to gain interest Condominium - ANSWER *Fee Simple *Own ONLY the unit *Everything else is owned as joint tenancy Cooperative - ANSWER *Owned by corporation, allows shareholders to occupy *No deed