Term
| A hospital receives a gift of real property from a couple who reserve a life estate. The hospital is: |
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Definition
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| The degree, quantity, or nature of a person's interest in real property is know as his or her: |
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Definition
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Term
At the termination of a life estate,
the property may revert back to the grantor, this is referred to: |
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Term
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Definition
A transfer of real property by a will
Not allowed in a life estate (a trick
way of saying will) |
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Definition
| All land and appurtenances to land, including buildings, structures, fixtures, fences, and improvements erected upon the land, excludes growing crops. |
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Definition
rights and obligations with ownership of land adjacent to or abutting on watercourses such as streams and lakes.
Also, "littoral" |
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Term
| Does a life estate include only real property? |
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Definition
| No - could also be for personal property - belongings... |
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Term
| The most complete and absolute form of ownership in land. Of indefinite duration (no limit), freely transferable, and inheritable. |
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Definition
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Term
The term __________ broadens the definition of real estate to include
the bundle of legal rights involved in real estate ownership. |
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Definition
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Term
| Definition of Real Property |
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Definition
| defined as earth's surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature or by people. |
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Definition
| anything used by the land for its benefit such as mineral rights (subsurface) air rights and water rights. |
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Term
| Define Real Estate in simple terms |
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Definition
| Land plus permanent human-made additions. |
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Term
| Define Real Property in Simple Terms |
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Definition
| RealEstate plus Bundle of Legal Rights |
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Term
| For a contract to be valid, all parties must have the legal capacity to contract - must me the following 2 criteria. |
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Definition
| Buyer and seller must be of legal age of 18 and not suffering from a mental handicap that would makie them incompetent. |
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Term
| The difference between a contract that is voidable and one that is void... |
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Definition
Contract with someone under the influence of alcohol may be voidable.
Contract with a person judged incompetent by the court is void. |
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Term
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Definition
Usually cash.
Given by the buyer with an offer to
purchase to show sincerity and intent to complete the contract if the seller accepts. |
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