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61 Cards in this Set

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An ownership concept describing all the legal rights that attach the ownership of Real Property.
BUNDLE OF RIGHTS
A legal interest in land;
Defines the nature, degree, and the extent of the ownership in land.
ESTATE
An estate in real property which continues for an indefinite period of time.
FREEHOLD ESTATE
I am a renter with a lease, what type of estate do I have?
LESS THAN FREEHOLD ESTATE

Example: Renters and Tenants
The most complete form of ownership in real property;
Can be passed by descent or by will after death of the owner.

( THREE TERMS)
ESTATE IN FEE OR FEE SIMPLE ABSOLUTE OR ESTATE OF INHERITANCE
A Fee Simple Estate that may be lost when an act is performed is a :

IE:
Bill sold his land on the condition a church was to be built, the new owner applied to put a bookstore.
FEE SIMPLE SUBSEQUENT
I need to get an approval on my loan before my offer can be complete, this is called a ________ __________.
CONDITION PRECEDENT

A owner may need to get financing.
The rights a person has to own, use have enjoyment, borrow against, and transfer property.
BUNDLE OF RIGHTS
Where do we get most of our Real Estate law practice from?
ENGLAND
An estate limited to the duration of the holders' life.
LIFE ESTATE
Annie sold her Life Estate holding to Sue, how long does Sue hold the rights to the property?
Until the death of Annie
When a life estate holder dies, who does the property go to?
To the original granter.

IE:
Annie grants a life estate to sue, sue dies and the property goes back to Annie.
When a Life Estate goes to a Third Party after death verses the original granter, the third person estate is called a what? What is the holder called?
ESATE IN REMAINDER
THE NEW PARTY IS THE REMAINDERMAN
What are the obligations and rights of a Life Estate Holder?
Pay Taxes
Maintain Property
Can use for rental property
Can Sell the "Life Estate"
A Leasehold Estate is what type of property?
PERSONAL PROPERTY OR CHATTEL REAL
Can Real Property be Moved?
No
Describe Personal Property. How is it sold?
Anything that can be owned and is movable. It can be sold with a Bill of Sale.
Describe REAL PROPERTY
Air Space
Mineral Rights
Water Rights

Anything permanently attached to the land or property. Can be fixtures, appliances, built-ins, etc.
If Farmer Ted sells his farm, what happens to his crop?
The tress and plants are considered REAL property, but products of the crop are PERSONAL property and can be taken or sold.
If I own a dress shop and close or sell my shop, what happens to my fixtures? What are these fixtures called?
They are considered TRADE FIXTURES and can be removed, as long as any repairs are made from removal
There are --- sections in a Township.
36
One township section is ----miles or ----acres
1 Square Mile
640 Acres
What direction do Meridians run?
North---South
What direction do Base Lines run?
East---West
John and Jackie own a house together as co-owners, if Jackie dies, what happens to the title of the home?
It becomes the sole ownership of John.
Property owned by a married couple is most likely what type of ownership?
Community Property with the right of survivorship.
___ is the evidence that the owner of the land is in lawful possission.
TITLE
When a property is owned by two or more people, it can be held as what four (4) types of ownership?
1) Joint Tenants: Equal Ownership
2) Tenancy in Common: Divided Interest ( not always equal)
3) Community Property: Married Only
4) Tenancy in Partnership: Business Partners: CANNOT be INHERITED
Bill and Bob are Partners in a business with a Tenancy in Partnership. Bill dies, can his son inherit his part of the business? Why?
No, because you cannot force a legal partnership upon the other partner. They both would have to agree to the partnership, or buy out the other.
Four children inherit the estate of their parents in un-equal shares, they have what type of estate?
TENANCY IN COMMON
What are the FOUR UNITS of Joint Tenancy?
T-Time:become tenants at the same time
T-Title: All on the same deed
I: Interest: All have same share
P: Possession: Equal Right of Possession
All property acquired by a married couple except _______ is _____________.
1) Separate Property
2) Community Property
A property that is burdned with legal obligations on the titled is ________.
ENCUMBERED
What are some types of encumberances you might see on a title?
1) Loans
2) Mechanics Leins for debt
3) judgements against a party
A _________ is the right to use anothers land for a specific purpose that is legal.
EASEMENT
A property is split in half. The above property needs an easement through the below property for access to the road. The above property is the _____ (1)
The below property is the _____ (2)
(1) DOMINANT ( using the easement)

(2) SERVIENT ( Giving the easement)
________ are given by a developer on the property to ensure proper use and maintenance of the property. Commonly known as ______.
1) RESTRICTIONS

2) CC AND R'S
Permanent improvements that align on adjacent property owned by another are called __________.

Common examples
1) ENCROACHMENTS

2) FENCES, SHED, SHRUBS, WALK PATHS
What is the benefit of Title Insurance?
To protect collection on the property of the former owner from loss, theft, forgery, unrecorded lien or judgments.
Vesting refers to:
HOW A PROPERTY IS OWNED
Corporation "x" would take title to the property how? Why?
SOLE AND SEPERATE..SEVERALTY

Because the corporation is "one" sole entity.
What type of a contract is one that is "void" if performance is not completed within the specified amount of time:

EX: Listing to sell within 45 Days
EXECUTORY ( think execute)
What happens if a minor enters into a contract and changes his/her mind?
The minor has the ability to cancel the contract.
What are the five things that make a contract legal?
1) OFFER
2) ACCEPTANCE OF THE OFFER
3) CONDSIDERATION
4) CAPISITY
5) LEGALITY
Define Consideration.
When a promise or offer has something to exchange of legal value for BOTH parties.

Money----PROPERTY
Aunt Sally inherits 100K and offers to give her niece 10K. She doesn't give her the money. Did they have a contract? Why?
NO
A contract must have consideration/
When a promise to do something is followed by a promise to do something, you have what type of contract?
BI-LATERAL (Two)
A radio station offers 1000 to the 9th caller, what type of contract do they have with the callers?
UNILATERAL
When two parties have a contract where all the terms are outlined clearly, what type of contract exists?
EXPRESS CONTRACT
Does a contract have to be written? What is the exceptions?
No.
Real Estate,work over 750.00, or a contract that will exist over one year.
Contracts such as Cell Phones, Club Memberships. Real Estate. Construction are Formal or Informal?
INFORMAL
I have a contract that has all the 5 points of a contract?

Is this
Valid-Void-Voidable-Unforceable
VALID
My contract for murder is:

Valid--Void--Voidable--Unforceable
VOID

An illegal action can hold no contract.
Aunt Sally has a mental condition, she enters a contract, but needs to get out of it. She can because why?
It is a voidable contract because of her lacking capacity. This applies to minors, duress, fraud also.
If Greenacre is deeded to Lou by Mary for the life of Nancy, Nancy has what interest?
NONE
A fee simple estate that is conditioned on the owner remaining in occupancy is a __________.
FEE SIMPLE DEFEASIBLE
A fee simple estate that will take effect when a condition is met is a ______ ______.
CONDITION PRECEDENT
How many feet are in a mile?
5280
A fee simple estate and a life estate are both _________ estates.
FREEHOLD
A fee simple estate that may be lost if a certain act is performed is a ________________________.
FEE SIMPLE ON CONDITION SUBSEQUENT
Three Joint Tenants share interest in a property. If one joint tenants share is sold the new owner will hold what type of tenancy?
TENANCY IN COMMON