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39 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is the Allodial System?
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Any individual who has the means to acquire rights of ownership
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What are the Bundle of Rights?
(4) |
- these bundled rights allow for private ownership of property...
--- When you bundle your insurance plans you feel so secure that... - You ENJOY the POSSESSION of a CONTROLLABLE DISPOSITION (or state of mind).... |
When you bundle your insurance plans you Enjoy Possessing a Controllable Disposition (or state of mind)
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What is the Right of Enjoyment?
(4) |
- Right of Enjoyment protects you from interference or nuisances from neighbors.
-- Your neighbor, BoBo, is nice, but don't take him LIGHT... - rather AIR on the side of caution by... - filling a mote with WATER to... - give you LATERAL SUPPORT to prevent "sideways movement" into your yard. |
You can't enjoy the house because your neighbor BoBo is a nuisance. What can you do?
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What is the Right of Possession?
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The right to occupy your property and to have ingress and egress (a way to get in and a way to get out)...
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If you don't "possess" your car, then you probably don't drive it often - you can't get IN or out.
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What are the Rights to Use or Control?
(9) |
The Right to Control your land allows you to:
- PROFIT from your land by... - REMOVING objects and EXCLUDING city folk to... - start BUILDING a FARM by... - GRANTING neighbors an easement to use the land for DRILLING holes for a garden. - The neighbors will love it so much they'll LEASE the farm which will... - pay for the MORTGAGE. |
The right of use will help you build a farm...
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What is a Right of Disposition?
(3) Give an example of how these rights can be customized. |
- Right of Disposition allows the owner to do exactly what a pothead does...
- SELL it, GIVE it, then PASS it. --- Rights may be separated and owned independently of each other - - X: owner may sell the mineral rights and retain ownership of all the other rights in the bundle. The two different owners may then have the Bundle of Rights (EPCD) over their separate interests. |
Because of a pothead's Disposition, or state of mind, they only know how to do three things...
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What are Encumbrances?
How is the value of property determined? |
- Encumbrances are limitations/restrictions on rights of a property...
---- The value of property is determined by its physical characteristics, the rights it comes with and the limitations that restrict it. |
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What is Interest, or "Property Interest"?
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Property interest refers to the extent of a person's rights in property.
---- It deals with the percentage of ownership, time period of ownership, right of survivorship, and rights to transfer or encumber property. |
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What is it when someone has an Estate in Land?
--- What must interest contain in order to be an Estate? |
Estate in Land
- refers to the OWNERSHIP interest that a person holds in REAL property, and this interest is determined by... - Its QUALITY, QUANTITY, NATURE, and EXTENT. ---- - Interest is not always an estate. - To be an estate, a PRESENT or FUTURE RIGHT to possess (or occupy) the property must exist in the interest. |
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Describe an Easement.
Can Easement be an interest in Estate? |
Easement
- the right for a landowner to have limited use of his neighbor's land, as by crossing it to reach his own property ---- - Easement is an Interest in Land, but not an Estate because it's simply a RIGHT TO USE but not POSSESS. |
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Define Possessory Estate and Non-Possessory Estate?
---- Can a person's estate change from one to the other? ---- Can one estate exist simultaneously with another? |
Possessory Estate
POSSESS means... - "to occupy NOW" ESTATE is... - the nature/extent of a person's rights to land or other property ("do you own the property?) ---- POSSESSORY ESTATE - when a person has the PRESENT RIGHT to occupy the property NON-POSSESSORY ESTATE - when a person's right to occupy is a FUTURE RIGHT. ---- Yes, non-possessory becomes possessory when the possessory estate before theirs, such as a Life Estate, is terminated. ---- Since you possess the estate (possessory) now, but yet I'll be possessing it once you're finally dead (non-possessory; future), one estate MAY EXIST simultaneously with another. |
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What is a Freehold Estate?
---- List/describe the 2 types of Freehold Estates. ---- How are these types different? |
An ownership interest in land, the duration of which is uncertain.
---- 1) Fee Estate - the estate may (indefinite) last forever (i.e. it's inheritable) 2) Life Estate - indefinite duration of estate is measure by one person's life ---- Fee estates is inheritable. Life Estate is not. |
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Describe a Fee Simple Absolute (or "Fee Simple") estate.
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*Most complete ownership of rights in land that one can hold!*
---- Freehold Estate | Indefinite & Inheritable, No Restrictions to Retain (ownership). |
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Describe a Conditional Fee (or a "Condition").
---- What happens if the Condition does, or does not, take place? (2) ---- Conditional Fees are classified as... (2) ---- Conditional Fees are also called... (2) |
Freehold Estate | A special provision or "Condition" in a DEED subjects land owner to certain restrictions. A future right in the property (reversionary interest) is reserved by the creator of the condition (the grantor).
---- Upon the Occurrence, or Non-Occurrence, of a stated Condition, either... 1) the title REVERTS to the grantor, or... 2) the grantor has the right to sue for POSSESSION and terminate the estate. ---- 1- Fee Simple Determinable 2- Fee Simple on Condition Subsequent ---- Qualified or Defeasible Fees |
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Define a Fee Simple Determinable.
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Conditional Fee | Based on Occurrence/Non of a stated condition... a Fee Simple estate that AUTOMATICALLY ends (Reverter Clause) and returns to... the person who granted the estate, to their heirs, or to a remainderman (if named).
---- Reversionary Interest - interest that a property owner retains when he gives another incomplete interest in the property. |
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Define a Fee Simple on Condition Subsequent.
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Conditional Fee | Based on Occurrence/Non of a stated condition... A fee simple estate that MAY BE ended by the grantor/heirs, or remainderman (if named) by going to court and suing within a reasonable time after the violation of the condition.
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What is a Life Estate?
What is another term for Life Estate? |
Freehold Estate | Ownership interest in REAL property. The indefinite duration of the estate is measure by the life of a person. Is NOT inheritable.
---- Conventional Life Estate |
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Define Ordinary Life Estate.
What is a Life Tenant? |
Life Estate | A life estate whose duration is measure by the life of the Life Tenant.
---- The owner of the estate; one to whom the life estate is granted. |
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Define Life Estate Pur Autre Vie.
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Life Estate | A life estate whose duration is measure by the life of someone other than the life tenant.
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What are Remainder Estates?
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Freehold Estate | An estate is which the right of possession comes into being upon the termination of a lesser estate (such as a Life Estate). The right of future possession is vested in the remainderman, or someone other than the grantor of the lesser estate.
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What is a Lesser Estate?
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An estate is created when a portion of ownership rights is conveyed to another.
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Define Conveyance.
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The document used to transfer interest in real property such as deeds, leases, mortgages, etc.
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What is a Contingent Remainder?
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A non-possessory estate created when a fee simple owner grants a lesser estate and designates another person to take possession of the fee simple estate upon termination of the lesser estate AND the occurrence of a stated condition. This estate is also INHERITABLE.
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Define Reversionary Estate.
What is the difference between a Reversionary Estate and a Remainder Estate? |
An estate in which the right of possession comes into being upon the termination of a lesser estate, such as a life estate. The right of future possession is vested in the grantor of the lesser estate or the grantor’s heirs if the grantor is deceased.
---- Reversionary - vested in grantor/heirs Remainder - vested in someone other than the grantor (remainderman) |
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All ____ estates and any _____ estate, except for a ______ estate may be created with either a remainder or a reversionary interest.
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All LEASEHOLD estates and any FREEHOLD estate, except for a FEE SIMPLE ABSOLUTE estate may be created with either a remainder or a reversionary interest.
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If no ___ is named when creating a _____ estate, the estate is said to be _____.
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If no REMAINDERMAN is named when creating a LESSER estate, the estate is said to be REVERSIONARY.
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Since there are ____ interests involved, the life tenant is legally bound not to commit ___.
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Since there are FUTURE interests involved, the life tenant is legally bound not to commit WASTE.
- This legal duty obligates the tenant to pay the property taxes/mortgage payments and not substantially alter the property from its intended use. |
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Legal Life Estates are created
by _____. --- Define Legal Life Estate. --- Legal Life Estates include _____, _____ and ______ ______. ---- Which legal life estates are no longer recognized by Georgia? |
Legal Life Estates are created
by STATE LAW. ---- A Life Estate created by state law, the holder of which has a nonpossessory interest in REAL property. --- Legal Life Estates include DOWER, CURTESY and HOMESTEAD PROTECTION. ---- Dower & Curtesy |
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Define the term Dower.
--- While the ___ lives, this is a future right called a ___ dower. Once he dies it becomes a ____ dower. |
Legal Life Estate | A wife's life estate (33% - 50%) in the real property owned by her husband and conveyed to her by law upon his death.
--- While the HUSBAND lives, this is a future right called a INCHOATE dower. Once he dies it becomes a CONSUMMATE dower. |
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What is a Curtesy?
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Legal Life Estate | A husband's right to a 33% estate in his wife's property that she owns at the time of her death. In some states curtesy exists only if there are children and is defeated if the husband deserts his wife.
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What is Homestead Protection?
Do not confuse this with the "Homestead Exemption" that is a ___ ___ benefit granted to owners for their principle residence. |
A right which protects a portion of a family’s primary residence in the event a creditor forces a sale to satisfy an outstanding debt. The amount of protection is determined by state law.
--- Do not confuse this with the "Homestead Exemption" that is a PROPERTY TAX benefit granted to owners for their principle residence. |
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Unlike Freehold estates, a Leasehold Estate is not a(n) ___ ___ ___.
What is a Leasehold Estate? |
Unlike Freehold estates, a Leasehold Estate is not a(n) ESTATE OF OWNERSHIP.
---- A tenant's rights in real property granted to them by a lease. |
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Four (4) Classifications of a Leasehold Estate?
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1) Estate for Years
2) Estate from period-to-period 3) Estate at Will 4) Estate at Sufferance |
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Describe an Estate for Years.
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Leasehold Estate | A tenant's interest in real property (leasehold estate) for a FIXED period of time.
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Describe an Estate from Period-to-Period.
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Leasehold Estate | A tenant’s interest in real property (leasehold estate) for a CERTAIN period of time. Without proper notice the period is AUTOMATICALLY RENEWED.
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Describe an Estate at Will.
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Leasehold Estate | A tenant’s interest in real property for an INDEFINITE period of time. Either party may terminate the estate upon proper notice. *Death of either party terminates an estate at will. Also known as tenancy for year.
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Define an Estate at Sufferance.
The holdover tenant only differs from a trespasser in that ___. |
Leasehold Estate | An interest in real property held by a tenant who holds over (holdover tenant) WITHOUT THE CONSENT of the landlord after the tenant’s right of possession (lease) has terminated.
--- The holdover tenant only differs from a trespasser in that THE RIGHT TO OCCUPY WAS LEGAL AT ONE TIME. |
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What are encumbrances?
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Anything which affects the fee simple title (owner's rights) or the use of land such as liens, easements, restrictions and encroachments.
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What is Police Power?
Provide (4) examples of Police Power. |
The government’s right to enact and enforce legislation which regulates the use of real estate to provide for the *public safety, *health, *morals and *general welfare of the community.
--- 1) Planning Restrictions, 2) Zoning, 3) Building Codes, 4) Environmental Protection Laws. |
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