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47 Cards in this Set
- Front
- Back
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Freehold Estates |
Fee Simple and Life Estates |
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Two types of Fee Simple |
Absolute and Determinable |
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Fee Simple - Absolute |
The highest, beat form of ownership, can do everything but government restrictions |
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Fee Simple - Determinable |
1. Condition Subsequent 2. Condition Precedent * characterized by the phrase "so long as" *continues until an event should or should not occur * if the event occurs contrary to stated, the estate is lost * Sometimes referred to as Base, Qualified, or Defeasible |
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Two types of Life Estates |
Ordinary and Legal |
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Life Estate - Ordinary (these 4 cancel it) |
1. Reversionary Interest 2. Pur Autre Vie Reversionary Interest 3. Remainder Interest 4. Pur Autre Vie Remainder Interest |
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Pur Autre Vie Remainder Interest |
When the person other than the grantor dies, the third party named other than the grand tour gets a fee absolute or defeasible estate |
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Remainder Interest |
When the grantee dies, the third party named receives a fee absolute or defeasible estate |
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Pur Autre Vie Reversionary Interest |
Grantor or heirs get realty back if party named other than grantee dies |
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Reversionary Interest |
Grantor or heirs get realty back when grantee dies |
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Life Estate - Legal (3 groups) |
Dower, Curtsey and Homestead |
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Dower |
Wife's right to realty in a non- community state |
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Curtsey |
Husband's right to realty in a non-community property state |
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Homestead |
An owner of realty who is owner occupant is protected from involuntary debts in some states |
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Two types of restrictions on realty |
Government and social |
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Government Restrictions P.E.T.E |
Police Powers Escheat Taxation Eminent Domain |
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P for police powers |
Zoning ordinances Agricultural, residential, commercial and industrial |
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Assessments |
*Used to pay for improvements *Charged by amount of front footage of property owned |
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Amendment |
Property rezone for greater use eg. residential to commercial |
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Down Zoning |
Property rezone for lesser use eg. residential to commercial |
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Buffer Zone |
Between zones, like a park or wall |
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Non-conforming Use |
* right to continue use after change in zoning * grandfather clause- creates an exemption from application of a new law due to previously existing circumstances |
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Conditional use permit |
Allows a person to use property which is inconsistent with zoning in the area |
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Variance |
Am exception or exemption for undue hardship on the current zoning |
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Spot zone |
Allowing a parcel of real tdbu for a different purpose, however, once use is gone it revert to the original Zone |
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E for Escheat |
Realty revert to the state if a person dies interstate and has no heirs |
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T for Taxation |
Process of imposing monetary contribution on Realty for purpose of the government and the people |
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E for Eminent Domain |
* constitutionally granted power to consider taking Realty for public key * just compensation must be given to the owner and must be for a public good |
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Two types of eminent domain |
Actual condemnation and inverse condemnation |
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Actual condemnation |
Actual taking other private persons Realty |
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Inverse condemnation |
Realty owner forcing the government to take property left because of government |
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Social restrictions on realty |
*CC&R'S (conditions, covenants and restrictions) ie. Homeowners socialist rules on realty *If government & social restrictions are different, the more severe applies |
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7 ways to take title of Realty |
1) Severalty 2) Joint Tenants 3) Tenants in Common 4) Tenants in the Entirety 5) Community Property 6) Trust 7) Legal Entity |
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Severalty |
One person |
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Joint Tenants |
* must be equal interest (2 or more) * may or may not be married * right of survivorship (cannot will) * possession, and Trust, title and time (PITT); has to occur simultaneously * can convey title without other owner's permission * if only one joint tenant sells new owner becomes tenant-in-common with remaining joint tenants |
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Tenants in Common |
* may be unequal interest (2 or more) * may or may not be married * no right of survivorship (can will) * PITT can occur at any time * can convey title without other owner's permission |
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Tenants in the entirety |
* Must be married * right of survivorship (cannot will) * cannot partition or convey real property without both signatures |
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Community property |
* equal percentages after marriage * must be married * no right of survivorship (can will their portion) *Realty acquired before marriage can be kept separate as long as there is no commingling of funds * upon death one spouse, Survivor is entitled to half of Realty acquired during marriage * can have separate Realty during marriage by gift, will or inheritance |
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Trust |
* sole or co-owners * upon death or incompetence, trustee takes over * upon death, title to the Realty passes without probate and trustee takes over *revocable living trust is revocable during the life of the grantor |
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Four ways of taking title on Realty as a business |
1) General partnership 2) Limited partnership 3) Corporation 4) limited liability company (LLC) |
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General Partnership |
Liability personally and as a group (must be two or more) |
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Limited Partnership |
*One or more General Partners *General Partners completely liable * Limited partners only liable up to original investment |
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Corporation |
* Title taken in severalty under the name of the corporation * percentage of ownership determined by shares of stock * stockholders liability usually limited to investment * subject to double taxation * it is possible to have a corporation of only one person |
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Limited liability Corporation (LLC) |
limited liability within the organization |
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Cooperative |
* Title held in form of shares of stock in the corporation * owners of the Realty are each stockholders * each has a propriety lease * taxes are against the corporation (no deed) |
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Condominium |
* Owner of the realty holds two titles: one for air space inside of the condo and one for the common areas of development with other condo owners * each party is responsible for their units taxes, etc. (Deed) |
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Timeshare |
* Own one unit for one week out of one year *one can own their unit in a leasehold estate or a fee simple |
