Real Estate Princ. Review

Real Estate- Land and improvements to the land use (houses, structures built on the land, also under land such as mineral rights oil gold etc also air rights)
Real Property- Anything that won’t fall of a house if upside down
Personal Property - Not attached to the house
Fixture- First personal property, then attached to house
RS professions- agent,broker,financing,litigation,management,developer,constructor,appraiser,architect,land planner,analyst
Infrastructure- services built by government (roads, sewer lines, parks) concurrency- two things happen at once interim- temporary use of land adaptive reuse- Use of a building other than what it was originally used for
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Leasehold Estate- Tenant gets the right to use for a certain period of time
Freehold Estate- Means an ownership interest
Present Inheritable Interest- An interest in property you have today (Fee simple: Most complete form of ownership) (Qualified Estate: Anything less than fee simple, title transfer is restricted)
Leasehold Estates- Tenancy (Length of time youre in a property)
Concurrent Estates- The interest in a property owned by two or more people
Tenancy in Common (TIC)- each owner holds an undivided proportional interest in a property (most common type of concurrent estate) (POOL)
Joint Tenancy- Same as TIC but includes right of survivorship, If one owner dies the interest goes to the remaining ones. (Cannot sell or put in a will or it reverts back to a TIC)
Tenancy by Entirety- Tenancy for husband and wife’s. If one dies the other gets the homestead
Community Property State- Marital community, assets brought to marriage are deducted of property, what’s left is split
Condominium- Unit is owned in fee simple (undivided proportional interest in the unit for people living in it)
Cooperative- Non Profit corp owns the building and issues shares of stocks (You own shares in the company that owns real estate)
Time Share- Own in Fee Simple But for a certain time period (one week, two