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61 Cards in this Set
- Front
- Back
An ownership concept describing all the legal rights that attach the ownership of Real Property.
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BUNDLE OF RIGHTS
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A legal interest in land;
Defines the nature, degree, and the extent of the ownership in land. |
ESTATE
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An estate in real property which continues for an indefinite period of time.
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FREEHOLD ESTATE
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I am a renter with a lease, what type of estate do I have?
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LESS THAN FREEHOLD ESTATE
Example: Renters and Tenants |
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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
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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
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I need to get an approval on my loan before my offer can be complete, this is called a ________ __________.
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CONDITION PRECEDENT
A owner may need to get financing. |
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The rights a person has to own, use have enjoyment, borrow against, and transfer property.
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BUNDLE OF RIGHTS
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Where do we get most of our Real Estate law practice from?
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ENGLAND
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An estate limited to the duration of the holders' life.
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LIFE ESTATE
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Annie sold her Life Estate holding to Sue, how long does Sue hold the rights to the property?
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Until the death of Annie
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When a life estate holder dies, who does the property go to?
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To the original granter.
IE: Annie grants a life estate to sue, sue dies and the property goes back to Annie. |
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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?
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ESATE IN REMAINDER
THE NEW PARTY IS THE REMAINDERMAN |
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What are the obligations and rights of a Life Estate Holder?
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Pay Taxes
Maintain Property Can use for rental property Can Sell the "Life Estate" |
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A Leasehold Estate is what type of property?
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PERSONAL PROPERTY OR CHATTEL REAL
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Can Real Property be Moved?
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No
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Describe Personal Property. How is it sold?
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Anything that can be owned and is movable. It can be sold with a Bill of Sale.
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Describe REAL PROPERTY
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Air Space
Mineral Rights Water Rights Anything permanently attached to the land or property. Can be fixtures, appliances, built-ins, etc. |
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If Farmer Ted sells his farm, what happens to his crop?
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The tress and plants are considered REAL property, but products of the crop are PERSONAL property and can be taken or sold.
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If I own a dress shop and close or sell my shop, what happens to my fixtures? What are these fixtures called?
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They are considered TRADE FIXTURES and can be removed, as long as any repairs are made from removal
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There are --- sections in a Township.
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36
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One township section is ----miles or ----acres
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1 Square Mile
640 Acres |
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What direction do Meridians run?
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North---South
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What direction do Base Lines run?
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East---West
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John and Jackie own a house together as co-owners, if Jackie dies, what happens to the title of the home?
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It becomes the sole ownership of John.
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Property owned by a married couple is most likely what type of ownership?
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Community Property with the right of survivorship.
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___ is the evidence that the owner of the land is in lawful possission.
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TITLE
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When a property is owned by two or more people, it can be held as what four (4) types of ownership?
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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 |
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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?
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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.
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Four children inherit the estate of their parents in un-equal shares, they have what type of estate?
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TENANCY IN COMMON
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What are the FOUR UNITS of Joint Tenancy?
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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 |
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All property acquired by a married couple except _______ is _____________.
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1) Separate Property
2) Community Property |
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A property that is burdned with legal obligations on the titled is ________.
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ENCUMBERED
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What are some types of encumberances you might see on a title?
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1) Loans
2) Mechanics Leins for debt 3) judgements against a party |
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A _________ is the right to use anothers land for a specific purpose that is legal.
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EASEMENT
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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) |
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________ are given by a developer on the property to ensure proper use and maintenance of the property. Commonly known as ______.
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1) RESTRICTIONS
2) CC AND R'S |
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Permanent improvements that align on adjacent property owned by another are called __________.
Common examples |
1) ENCROACHMENTS
2) FENCES, SHED, SHRUBS, WALK PATHS |
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What is the benefit of Title Insurance?
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To protect collection on the property of the former owner from loss, theft, forgery, unrecorded lien or judgments.
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Vesting refers to:
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HOW A PROPERTY IS OWNED
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Corporation "x" would take title to the property how? Why?
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SOLE AND SEPERATE..SEVERALTY
Because the corporation is "one" sole entity. |
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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)
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What happens if a minor enters into a contract and changes his/her mind?
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The minor has the ability to cancel the contract.
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What are the five things that make a contract legal?
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1) OFFER
2) ACCEPTANCE OF THE OFFER 3) CONDSIDERATION 4) CAPISITY 5) LEGALITY |
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Define Consideration.
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When a promise or offer has something to exchange of legal value for BOTH parties.
Money----PROPERTY |
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Aunt Sally inherits 100K and offers to give her niece 10K. She doesn't give her the money. Did they have a contract? Why?
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NO
A contract must have consideration/ |
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When a promise to do something is followed by a promise to do something, you have what type of contract?
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BI-LATERAL (Two)
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A radio station offers 1000 to the 9th caller, what type of contract do they have with the callers?
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UNILATERAL
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When two parties have a contract where all the terms are outlined clearly, what type of contract exists?
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EXPRESS CONTRACT
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Does a contract have to be written? What is the exceptions?
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No.
Real Estate,work over 750.00, or a contract that will exist over one year. |
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Contracts such as Cell Phones, Club Memberships. Real Estate. Construction are Formal or Informal?
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INFORMAL
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I have a contract that has all the 5 points of a contract?
Is this Valid-Void-Voidable-Unforceable |
VALID
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My contract for murder is:
Valid--Void--Voidable--Unforceable |
VOID
An illegal action can hold no contract. |
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Aunt Sally has a mental condition, she enters a contract, but needs to get out of it. She can because why?
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It is a voidable contract because of her lacking capacity. This applies to minors, duress, fraud also.
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If Greenacre is deeded to Lou by Mary for the life of Nancy, Nancy has what interest?
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NONE
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A fee simple estate that is conditioned on the owner remaining in occupancy is a __________.
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FEE SIMPLE DEFEASIBLE
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A fee simple estate that will take effect when a condition is met is a ______ ______.
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CONDITION PRECEDENT
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How many feet are in a mile?
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5280
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A fee simple estate and a life estate are both _________ estates.
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FREEHOLD
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A fee simple estate that may be lost if a certain act is performed is a ________________________.
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FEE SIMPLE ON CONDITION SUBSEQUENT
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Three Joint Tenants share interest in a property. If one joint tenants share is sold the new owner will hold what type of tenancy?
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TENANCY IN COMMON
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