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27 Cards in this Set
- Front
- Back
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how big is 1 section |
640 acres aka 1 square mile |
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how many sqfeet is 1 acre |
43,560 square feet |
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1 mile is equal to how many feet |
5,280 |
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estate is? |
ownership interest in land |
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fee simple is? |
transferring all rights for undetermined amount of time |
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estate in fee simple includes |
inheritance |
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life estate means |
ownership of real property, expires upon death. temp owner can lease |
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estate in remainder? |
is a life estate when grantee dies and grantor has assigned a new grantee |
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tennancy in sufferance |
the time between a lease ending and landlord depositing check for the next months rent |
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periodic tenancy |
is a month to month tenant |
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is a deed the same thing as a title |
No. The deed is evidence that a title exists. |
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grant deed |
a document that transfers title free and clear. Keyword is grant. contains implied warranties not expressed in writing |
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grantor |
gives title |
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grantee |
recieves title |
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lessor |
landlord giving lease
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lesee |
tenant who recieves lease |
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Mortgager is who? |
The borrower because they give the bank something, the mortgage. |
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Mortgagee is who? |
The bank, they RECEIVE the mortgage, from the home buyer |
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What's a mortgage? |
A guarantee to re-pay the loan |
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Quit Claim deed |
gives ownership rites in writing. makes no guarantees, only ownership |
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What needs to be present for a deed to be valid? |
4 things. Must be in writing. The parties must be named, parties must have legal capacity. (no kids, mentally insane, senile). the property must be adequately described. there must be a granting clause. it must be signed by the grantor |
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when does a valid deed pass title? |
when the title is recorded at (county courthouse, clerk). recording is when a deal is really done
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what is a holographic will? |
a handwritten will. the strongest type. |
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what is probate? |
a superior court procedure to determine a wills validity, creditors & beneficiaries. |
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if there is no will, is probate still necesarry |
yes |
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what is the only way to avoid probate |
to have all assets in a living trust, all of them |
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what is a title |
the right to ownership of land, the evidence to the right |
