Real Estate National

All Flashcards

19 cards·by ktsb827@gmail.com

OPTION

Unilateral agreement (contract) to keep open for a set period an offer to purchase property

Accretion

The increate or addition of land by deposit. (beach for example)

Commissioner

a person appointed to a role

Habendum Clause

"To have and to hold" beginning of a deed, defines ownership by grantor

Involuntary Alienation

When the title to property may be transferred without the owners consent

Remainder Estate

Law is a future interest given to a person.

Homestead

Land that is owned and occupied as the family home

Chattel

Items of personal property

Severance

Changing an item of real estate to personal property (Detaching from land)

Freehold Estate

Indeterminate length of time

Fee Simple Estate

Absolute ownership

Life Estate

Estate measured on life of person

Fee Simple Absolute Interest

Highest interest

Conventional Life Estate

1. Ordinary remainder 2. Pur Autre Vie ( intentionally conveyed to life of tenant, owns for life)

Legal Life Estate

Establised by state law automatically when certain events occur

Pur Autre Vie

For the life of another ( as in life estate)

Physical Deterioration

Repairs, curable or incurable

Functional Obsolescence

Outdated Features in a home

External Obsolescence

Negative Factors, -environmental -social -economic