FIN 3300 Exam 1 WMU with Complete
Solutions
Real Estate - ANSWER-Land and all permanent attachments (object)
Real Property - ANSWER-Laws and Rights associated with that object
Land - ANSWER-Raw land that is unimproved land that is not ready for building
improvements
Vacant - ANSWER-Not improved or legally ready to be improved
Vacant Site - ANSWER-unimproved but ready to be improved
Vacant Pad - ANSWER-unimproved land ready to build on and utilities already installed
Chattels - ANSWER-all objects that are not real estate
Personal Property - ANSWER-laws and rights associated with chattel
fixture - ANSWER-item of chattel that is now part of real estate
allodial system - ANSWER-Individuals are given the right to own land
-System of real estate rights, land ownership,
-Bundle of Rights - always changing
-Public and private portions
Property Taxes - ANSWER-Taxes are levied against land- Govt can tax us
Police Power - ANSWER-The right of government to enact laws and enforce them for
the order, safety, health, morals, and general welfare of the public
Escheat - ANSWER-When you die, if you don't leave a will and no hearers act on it, the
property goes to the state
Eminent Domain - ANSWER-The government has the right to take your property,
provided :
-its in the publics best interest
-they give you just compensation
Private Rights - ANSWER--possession- when you own, you use
, -control- physically alter real estate
-disposition- sell, give away, donate,
-enjoyment- all laws and rights that protect your rights
Freehold Estates - ANSWER-Unlimited and unpredictable duration
fee simple - ANSWER-most common- a person has all the rights a person can have
qualified fee simple - ANSWER-less common- same as fee simple, but subject to a
qualification/condition
Life estate - ANSWER-all rights subject to someones lifetime
Dower Rights - ANSWER-Rights a woman has in the house she lives in that is her
husbands real estate
courtesy rights - ANSWER-rights a man has in wife's real estate
Non-Freehold estates - ANSWER-(lease hold estates) An estate in land associated with
renting (leasing)
Lessor - ANSWER-Landlord (Leased fee estate)
Lessee - ANSWER-Tenant (Leasehold estate)
Estate for years - ANSWER-any lease with specific start and end time
Periodic estate - ANSWER-Lease for continuing automatic renewal until cancelled
Ex. Month to Month rental
Verbal lease agreement
(Estate at will) - ANSWER-Not recommended, but are legal (up to 1 year)
A tenancy at sufferance - ANSWER-Someone is occupying another space illegally
Reasons a Landlord can keep Security Deposit - ANSWER--Unpaid rent you actually
owe
-unpaid utilities
-damage to the unit
-no change of address was submitted (4 days after end of lease)
Gross Lease - ANSWER-Tenant pays rent only
Gross plus utilities - ANSWER-tenant pays rent plus some/all utilities
Solutions
Real Estate - ANSWER-Land and all permanent attachments (object)
Real Property - ANSWER-Laws and Rights associated with that object
Land - ANSWER-Raw land that is unimproved land that is not ready for building
improvements
Vacant - ANSWER-Not improved or legally ready to be improved
Vacant Site - ANSWER-unimproved but ready to be improved
Vacant Pad - ANSWER-unimproved land ready to build on and utilities already installed
Chattels - ANSWER-all objects that are not real estate
Personal Property - ANSWER-laws and rights associated with chattel
fixture - ANSWER-item of chattel that is now part of real estate
allodial system - ANSWER-Individuals are given the right to own land
-System of real estate rights, land ownership,
-Bundle of Rights - always changing
-Public and private portions
Property Taxes - ANSWER-Taxes are levied against land- Govt can tax us
Police Power - ANSWER-The right of government to enact laws and enforce them for
the order, safety, health, morals, and general welfare of the public
Escheat - ANSWER-When you die, if you don't leave a will and no hearers act on it, the
property goes to the state
Eminent Domain - ANSWER-The government has the right to take your property,
provided :
-its in the publics best interest
-they give you just compensation
Private Rights - ANSWER--possession- when you own, you use
, -control- physically alter real estate
-disposition- sell, give away, donate,
-enjoyment- all laws and rights that protect your rights
Freehold Estates - ANSWER-Unlimited and unpredictable duration
fee simple - ANSWER-most common- a person has all the rights a person can have
qualified fee simple - ANSWER-less common- same as fee simple, but subject to a
qualification/condition
Life estate - ANSWER-all rights subject to someones lifetime
Dower Rights - ANSWER-Rights a woman has in the house she lives in that is her
husbands real estate
courtesy rights - ANSWER-rights a man has in wife's real estate
Non-Freehold estates - ANSWER-(lease hold estates) An estate in land associated with
renting (leasing)
Lessor - ANSWER-Landlord (Leased fee estate)
Lessee - ANSWER-Tenant (Leasehold estate)
Estate for years - ANSWER-any lease with specific start and end time
Periodic estate - ANSWER-Lease for continuing automatic renewal until cancelled
Ex. Month to Month rental
Verbal lease agreement
(Estate at will) - ANSWER-Not recommended, but are legal (up to 1 year)
A tenancy at sufferance - ANSWER-Someone is occupying another space illegally
Reasons a Landlord can keep Security Deposit - ANSWER--Unpaid rent you actually
owe
-unpaid utilities
-damage to the unit
-no change of address was submitted (4 days after end of lease)
Gross Lease - ANSWER-Tenant pays rent only
Gross plus utilities - ANSWER-tenant pays rent plus some/all utilities
