Real E-Ch 1

Front 1

This is absolute ownership. The owner is entitled to entire estate, w/unconditional powers of disposition during owner's lifetime, and the power to transfer the property to heirs and legal reps on the owner's death?

Back 1

Fee simple absolute/Fee simple

Front 2

This is ownership in real property limited to expire on the happening or non-happening of an event that is stated in the deed/will?

Back 2

Fee simple determinable

Front 3

This an estate in which a fee simple is subject to a power in the grantor to recover the estate on the happening of a specified event?

Back 3

Fee simple on condition subsequent.

Front 4

What are the two kinds of property?

Back 4

Real (attached to land) and
Personal (funiture, clothing)

Front 5

This is when it is limited in its duration to a fixed duration to fixed period such as twenty years?

Back 5

estate for years.

Front 6

This is an estate in which the duration of which is measured by the life or lives of one or more persons either the owner or the life of some other person or persons.

Back 6

life estate/ estate for life.

Front 7

What can Paralegals do in real estate law?

Back 7

1. exam/rewiew property titles and leases.

Front 8

Name the six steps in a real estate K'?

Back 8

1.offer
2.Acceptance
3.Consideration
4.Assent(both parties have to agree)
5.Capacity
6.Legal object

Front 9

Ownership by default, usually after 20 yrs?

Back 9

Adverse Possesion

Front 10

A gov. taking of land to serve the public good?

Back 10

Eminent domain

Front 11

What is the purchasing process of real property?

Back 11

1. K'
2. Attorney review
3. Inspection (looking for damages)
4. Appraisal
5. Title policy/title work
6. Closing (Attorney, Paralegal and closing agent)