Chapter One - Ownership

Front 1

Taxation

Back 1

The highest priority - always the 1st claim on the property

Front 2

Police Power

Back 2

Government rights to control the property - includes planning and zoning

Front 3

Certificate of Occupance

Back 3

When the government says it is okay to use it.

Front 4

Eminent Domain

Back 4

The RIGHT of the government to take private proeprty for PUBLIC GOOD.

Conditions: 1. Public Use 2. Owner must be paid

Front 5

Condemnation

Back 5

The PROCESS used to take the property when the government exercises the right of Eminent Domain

Front 6

Escheat

Back 6

The right of the government to take private property that no one claims upon:

Owner dies INTESTATE and has no heirs
Abandonment

Front 7

Estate

Back 7

Quality and quanitity of rights

Front 8

Freehold estate

Back 8

FOREVER
Ownership - no definite ending date

Front 9

Leasehold estate

Back 9

LIMITED
Renting or Leasing - or for a definite period of time (limited duration)

Front 10

2 types of freehold estates

Back 10

Fee Simple - maximum rights

Conditional fee or defeasible fee - ownership with strings attached

Front 11

Life Estate

Back 11

Deeded to someone for life or the life of another

Front 12

Estate in reversion

Back 12

When the second party dies, it goes back to the first

2 parties

Front 13

Estate in remainder

Back 13

Goes to third party remainderman

3 parties

Front 14

Pur Autre Vie

Back 14

For another's life (like in a life estate)

Front 15

Legal Life Estates

Back 15

Created to protect people from being left homeless

Front 16

Dower

Back 16

the right of the woman in her deceased husband's assets

Front 17

Curtesy

Back 17

the right of the husband in his deceased wife's assets

Front 18

Homestead

Back 18

protecting the home against the claims of general creditors

Front 19

Homestead Exemption

Back 19

Does NOT apply to real estate taxes or mortgages

Front 20

Life estates

Back 20

Can be sold, leased, and mortgated, but not wasted or willed

Front 21

Fee Estates

Back 21

Fee=inheritable
Fee Simple
Conditional Fee

Front 22

Life Estates

Back 22

Non-inheritable
Reversion/Remainder
Dower - Curtesy - Homestead

Front 23

Severalty

Back 23

One person or one legal entity

Front 24

Forms of Co-ownership

Back 24

Tenancy in Common
Joint Tenancy
Tenancy by the Entireties
Community Property

Front 25

Tenancy in common

Back 25

Individual interests in group ownership

Front 26

What are the interests in Tenancy in Common

Back 26

Interests unequal
Undivided interest
share possession
inheritable
(if one dies - it goes to their heirs)

Front 27

Suit to partition

Back 27

Court action forcing the sale of the property

Like in a tenants in common situation where one party wants out

Front 28

Joint Tenancy

Back 28

Unity of ownership
Usually family
Not inheritable

Front 29

Joint Tenancy Four Unities

Back 29

Time
Title
Interest
Possession (undivided interest)

Front 30

How is a joint tenancy terminated?

Back 30

When any of the 4 unities are destroyed (TTIP)

Suit to Partition
One sells their interest

Front 31

Tenancy by the entireties

Back 31

Marriage
Similar to Joint Tenancy

Front 32

Community Property

Back 32

recognizes pre-marital assets
like a prenup

Front 33

4 Types of Leasheold Estates

Back 33

Estate for Years
Periodic Tenancy
Tenancy at Will
Tenancy at Sufferance

Front 34

Estate for Years

Back 34

fixed period of time
definite beginning, definite ending
no notice is required to terminate

Front 35

Periodic Tenancy

Back 35

definite beginning, uncertain ending

Front 36

Tenancy at will

Back 36

the lease is over, but you have permission to stay on

Front 37

Tenancy at sufferance or "hold over"

Back 37

the lease is over and you don't have permission to stay on

Front 38

Tenancy=estate

Back 38

Leasehold estate=less than freehold estates

Front 39

Encumbrance

Back 39

something that burdens or limits your title
or
rights held by someone else

Front 40

Liens are encumbrances BUT

Back 40

not all encumbrances are liens

Front 41

Specific Lien

Back 41

tied to a specific property

Front 42

Property Tax Lien

Back 42

always the #1 claim on a property

Front 43

Morgage lien

Back 43

voluntary lien

Front 44

mechanic's lien

Back 44

an Involuntary lien by someone who provides goods or services to improve the property

*the effective date of the lien is the date the work starts

Front 45

Judgment lien

Back 45

court-awarded claim

Front 46

lis pendens

Back 46

"a pending lawsuit"

Front 47

General lien

Back 47

lien against anything you own

like a judgment lien or an income tax lien

Front 48

What is a deed restriction

Back 48

Restrictions use encumbrance
Placed by the GRANTOR - binds future owners

COVENANTS are a type of deed restriction

Front 49

Who can enforce a restriction?

Back 49

only the courts

Front 50

Who can bring action on a restriction?

Back 50

any interested party
ie - neighbors, HOA

Front 51

What kind of restrictions would NOT be enforceable

Back 51

restrictions against public policy

Front 52

How can one find out what restrictions are?

Back 52

in the public record

Front 53

What is an easement?

Back 53

Gives someone else the right to USE a part of your property while you still retain the ownership rights.

An easement does NOT give possessory rights, just the right of INGRESS and EGRESS

Front 54

Is an easement an estate

Back 54

No. It is Interest in the property, not an estate.

Easements are non-possessory

Front 55

What are the three types of easements

Back 55

Appurenant easement
easement in gross
easement by prescription

Front 56

Appurtenant easement

Back 56

runs with the land
cannot be sold separately from the property

Front 57

Easement in gross

Back 57

NOT tied to the land
can be sold separately from the property

usually commercial - like railroads

Front 58

Easement by prescription

Back 58

continuous
open
notorious (without permission)

like hunting on a property

Front 59

Dominant Tenement

Back 59

Land Benefited by the easement

Front 60

Servient Tenement

Back 60

Land burdened by the easement

Front 61

Who can terminate an appurtenant easement?

Back 61

Only the dominant tenement - the one benefitting from the easement

Front 62

How are easements created?

Back 62

easement deed
by prescription - long term use
by necessity

Front 63

How are easements terminated?

Back 63

by the dominant tenement
with a quit claim deed
merger
abandonment

Front 64

License

Back 64

Permission instead of a right
License is NOT an encumbrance!

License is not as benefitial as having an easement

Front 65

Encroachment

Back 65

Tresspassing
When an improvement of other real estate extends across the property line

Front 66

3 types of multi-owner properties

Back 66

Cooperative
Condominium
Time Sharing

Front 67

Cooperative

Back 67

Coop is owned in severalty - corporation or coop owns the building
Members own STOCK in the coop
Stockholders have a leasehold estate
Rental payments are made to the coop
Coop pays mortgage and taxes
All members could lose if coop is foreclosed on

Front 68

Condominium

Back 68

Fee simple title to EACH UNIT
Pay own mortgage and taxes
Common Areas are owned as Tenants in common
Pay HOA dues
Master deed creates the condominium under state law
BYLAWS list the rules. The can be changed (different than a restriction) by a board of directors

Front 69

Alienation

Back 69

Transfer

Front 70

Four types of deeds

Back 70

General warranty
special warranty
bargain and sale
quitclaim

Front 71

Promises in a general warranty deed
(not always listed, but always included)

Back 71

Seizin - "i own it, I have the right to sell it"
quiet enjoyment - no 3rd party claims
against encumbrances - no unrecorded liens or hidden encumbrances
further assurance - seller will provide docs in the future if necessary
warranty forever - money back guarantee

Front 72

Special warranty deed

Back 72

You promise the title has been clear since you've owned it

common with relo companies

Front 73

Bargain and Sale Deed

Back 73

One promise - "I own it"

Front 74

Quitclaim Deed

Back 74

"IF I own it, i give you my interest"

commonly used to clear up a cloudy title

Front 75

What is the difference in the four types of deeds

Back 75

They all convey title to a property, the difference is the SELLER"S PROMISES

Front 76

Requirements for a valid deed

Back 76

Must be:
Grantor
Grantee - must be clearly identified
Consideration - something of value
Granting clause - show the intent to transfer property
Property description
Exceptions and reservations - list of encumbrances
Signatures of grantors
Deliver and Acceptance - when title passes

Front 77

Descent

Back 77

Person dies without a valid will or INTESTATE

Front 78

Probate

Back 78

determines the distribution to relatives

Front 79

Adverse posession

Back 79

Squatter's rights
obtained through filing a "quiet title action"

Front 80

Requirements for adverse possession

Back 80

continuous
open
notorious
exclusive

Front 81

Involuntary deeds

Back 81

Tax deed or sherrif's deed

non-payment of taxes or mortgage

Front 82

The law rewards people who use property over those who don't

Back 82

TRUE

Front 83

2 ways to remove cloud on the title

Back 83

Quitclaim deed
Quiet title suit

Front 84

Abstract

Back 84

filing of deeds - does not guarantee clar title

Front 85

What is contained in a title insurance policy

Back 85

the exceptions

Front 86

Subrogation

Back 86

signing over rights in a claim in return for being paid by the insurance company

Front 87

Ad Valorem

Back 87

based on value

like property taxes

Front 88

PUD

Back 88

Planned unit development
different uses of the same area

Front 89

Non-conforming use

Back 89

happened before zoning
like the "grandfather clause"

runs with the land

Front 90

Variance

Back 90

special use permit that happens after zoning

doesn't change zoning

Front 91

dedication

Back 91

voluntarily giving property to the government