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35 Cards in this Set
- Front
- Back
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Real Estate Defined
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Any interest in land and its improvements thereon, corporeal (tangible), incorporeal (intangible), freehold (fee) or non-freehold (lease).
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Real Property
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Land with improvements and rights.
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Land Characteristics
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Immobile, indestructible, non-homogeneous (no two pieces of land are alike)
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Land Ownership Rights
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Surface, subsurface, and air.
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Personal Property
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Anything moveable, not attached to the R. E.
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Fixture
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Once personal property, now permanently attached to the R.E., belongs to the R.E. owner
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Test of fixture
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Manner of attachment, intent, purpose of and type of picture.
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Appurtenance
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Attached, passes with title
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Allodial System
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Individual ownership of land
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Bundle of Legal Rights
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Possession, control, quiet enjoyment, disposition (sell, lease, will, gift, morgage)
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Government Limitations
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Taxation, escheat, eminent domain, police power
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Private Limitations
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Deed restrictions
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Voluntary Title Transfer
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Purchase, gift, will, descent
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Escheat (Involuntary Title Xfer)
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Title to govt when no heirs
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Condemnation (Involuntary Title Xfer)
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Govt seizing by right of eminent domain
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Adverse Possession (Involuntary Title Xfer)
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Title by hostile possession for 20 years
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Tax Sale (Involuntary Title Xfer)
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Foreclosure; Court ordered Sheriff's sale
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Deed (types of)
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Quitclaim, special and general warranty, statutory quitclaim, bargain and sale
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Warranty Covenants
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Seizin, against encumbrances, quiet enjoyment, warranty of title, further assurances (defend against claims of ALL persons)
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Special Warranty
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Claims limited to grantor's period of ownership
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To Be a Valid Deed
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In writing, consideration, delivery, acceptance.
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Descriptions
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Legal: address, metes and bounds
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Monuments
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Fixed objects (trees, streams etc)
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Deed Tax Stamps
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$2.28 per $500 or part thereof, paid by the seller. Stamps indicate price less existing liens.
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Executor
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Person named to carry out terms of will
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Devise
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Gift of RE in a will
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Legacy
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Gift of personal property in a will
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Recording
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CONSTRUCTIVE NOTICE of interests affecting RE
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Title Certif
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Issued by Registry of Deeds to owner
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Title Search
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Attorney's search of recorded documents affecting title
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Cloud on title
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Apparent defect
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Color of title
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a deed which on its face, indicates good title
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Action to quiet title
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Court action to settle disputes or claims over land
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Freehold Estates: Fee Simple
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No conditions, absolute, inheritable.
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Freehold Estates: Fee with Condition Subsequent
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Grantor or heirs has OPTIONAL right to regain title for condition broken.
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