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by: Cruz Murray III


Marketplace > James Madison University > Finance > FIN 370 > REAL ESTATE FINANCE
Cruz Murray III
GPA 3.77

Hugh Hobson

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Hugh Hobson
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This 1 page Study Guide was uploaded by Cruz Murray III on Saturday September 26, 2015. The Study Guide belongs to FIN 370 at James Madison University taught by Hugh Hobson in Fall. Since its upload, it has received 59 views. For similar materials see /class/214006/fin-370-james-madison-university in Finance at James Madison University.




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Date Created: 09/26/15
Chapter 1 Study Guide Realty land and all things permanently attached Personalty all movable things Real estate all things that aren t movable such as land and improvements permanently attached to the land and the ownership rights which are referred to as real property Property rights the right of a person to the possession use enjoyment and disposal of his or her property lnterest denote s a property right the holder of an interest in real estate enjoys some right or degree of control or use and in turn may receive payment for the sale of such an interest Estates in real property describe the extent to which rights and interests in real estate are owned Estate in possession vs estate not in possession future possession estate in possession present estate in land entitles its owner to immediate enjoyment of the rights to that estate Estate not in possession future possession doesn t convey the rights of the estate until some time in the future if at all basically this is just a future possessory interest in property Freehold estate lasts for an indefinite period of time that is there is no definitely ascertainable date on which the estate ends basically a freehold estate means you have full ownership Leasehold estate expires on a definite date here you only have the right to possess and use the property owned by another for a period of time Fee simple estate freehold estate that represents the most complete form of ownership of real estate Life estate freehold estate that lasts only as long as the life of the owner of the estate or the life of some other person Upon death of that person the property reverts back to the original grantor or his or her heirs or a designated person This type of estate is less valuable as collateral and less marketable 2 types of future estates 1 Reversion exists when the holder of an estate grantor in land conveys to another person grantee a present estate in the property that has fewer ownership rights than the grantors own estate and retains for the grantor or grantor s heirs the right to take back at some time in the future So the grantor has a reversionary interest that can be sold or mortgaged 2 Remainder basically the grantor conveys to a third person hisher reversionary interest Estate for years most likely to encounter Specifies an exact duration for the tenancy which can be less than a year Must be in writing when covering more than a year Estate from year to year continues for successive periods until either party gives proper notice of its intent to terminate at the end of one or more subsequent periods periodrent paying period Can be oral if less than a year Encumber when an owner of real estate pledges his property as a condition for obtaining a loan mortgage loan This means the lender recibes only a secured interest Easement nonpossessory interest in land Right to use land that is owner or leased by someone else for some special purpose special driveway or something Title assurance means by which buyers can learn in advance whether their sellers have and can convey the quality of title they claim to possess and also receive compensation if the title after transfer turns out not to be as represented Title is an abstract term frequently used to link an individual or entity who owns property to the property itself Abstract of title historical summary of the publicly recorded documents that affect a title


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