What is the difference between real property and real estate?
Real property is real estate with the bundle of rights. Real estate is just the land and permanent improvements, such as buildings.
What is meant by an estate?
The word estate denotes a possessory or potential possessory interest in real estate. Not all interests in real property are estates.
How can a leased fee estate have a value that could be transferred to another party?
The original fee owner can give up some property rights to a lessee. The value depends on expected lease payments and the value of the property at lease termination.
What are title records?
Title records identify all properties in a county, including location, present ownership, and any liens or encumbrances affecting each property.
What is an abstract of title?
An abstract of title traces all previous owners and comments on the likelihood of other parties with ownership rights in a property.
What is a deed?
A deed is a document created by the property owner that conveys ownership from one person (grantor) to another (grantee).
How does a deed differ from title?
A deed conveys title, which is an abstract term linking ownership evidence to the property. Title includes all documents, records, and acts proving ownership.
What is meant by a title record?
A title record provides evidence of ownership and can indicate future ownership if the current owner dies.
What is a remainder estate?
A remainder estate refers to a future interest where possession is granted to a third party after the current owner’s rights end.
Why could a mechanic’s lien be a problem for buyers and sellers?
A mechanic’s lien can force the sale of a property for unpaid work, potentially leaving insufficient funds to settle other obligations.
What are the four basic powers of government that shape the real estate market?
1) Right to take property 2) Police Power 3) Taxation 4) Escheat
Could a height restriction be regulated under police power?
Yes, it could be enforced under police power or included in the deed as a restrictive covenant.
Provide an example of personal property in a classroom.
Chairs would be considered personal property because they are not permanently attached to the structure.
Provide examples of fixtures in a classroom.
Projector, chalk/white boards, pencil sharpener, etc., would be considered fixtures.
Approximately what percentage of GDP is commercial property construction?
Approximately 3.4% of GDP in 2021 (and probably less today).
What is an easement?
An easement is granted by the owner of the property to allow the use of the owner’s land for a stated purpose.
What is a reciprocal easement?
A reciprocal easement involves different owners granting each other the right to use their property for a specific purpose.
Provide an example of an easement.
An example of an easement is granting a utility company the right to bury a utility line under a portion of the property.
Provide an example of a reciprocal easement.
An example of a reciprocal easement is a shared driveway that crosses over property boundaries.
What is the right to take property
takings clause in the 5th Amendment of the US Constitution allows the government to take property for the public good. However, the government must provide just compensation for the property.
What falls under Police Power
regulate land usage: master planning, zoning, code enforcement
What is escheat
Government right to take ownership when no other owner can be identified
