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27 Cards in this Set
- Front
- Back
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What are the 3 types of shared ownership?
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1. tenancy in common
2. joint tenancy 3. tenancy by the entirety |
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Do joint tenants have to have the same share?
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Yes
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When does the right of survivorship happen?
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Immedeiately on the decedent's death
A joint tenant's interst can't be devised by will or pass by descent. |
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License is a privilege to
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Enter another's land wPermission for a delineated purpose.
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On sale what happens with the deed?
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Pass from seller to buyer
In Writing and signed by Grantor No consideration Must describe property adequately, not perfectly |
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Tell me what an easement by implication is
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When owner of two parcels sells one of them and it is implied that an easement was intended. There must be: one part of the land is being used for the benefit of the other and the use is apparent and continuous and the use is necessary to the enjoyment of the tract.
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Describe an easement by prescription
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When party claiming easement has used the land openly, notoriously, and in that manner for the period required by the SOL for adverse.
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Tell me everything you know about easements by necessity
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1. Estates were commonly owned.
2. The necessity for an easement existed when the parcels were severed 3.. High degree of necessity exists. |
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What are the two categories into which all property is classified?
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Real Property
Personal Property |
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T or F? The law of real property in general is governed by the state in which the real property is located.
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True
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What are the rights that go with ownership of real property?
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Right to use the property
Right to possess the property Power of disposition |
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What are the physical components of real property?
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Land
Water Mineral Airspace |
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Name the various ways a person can become an owner of real property.
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Inheritance
Devise. Gift. Contract and sale. Adverse possession. |
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What test does a court use to determine if an item is a fixture?
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Manner of attachment.
Character of the item and its adaption. Intention of the parties |
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T or F? Fixture is classified as personal property?
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False
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Name the various ways a person can become an owner of real property
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Inheritance.
Devise. Gift. Contract and sale. Adverse possession |
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What is the difference between Inheritance and Devise?
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Both are methods to transfer property. Inheritance - person dies without a will.
Devise - person dies with a will. |
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What are the physical components of real property?
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Land
Airspace Water Mineral Rights |
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What are the two categories into which all property is classified?
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Real Property
Personal Property |
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Is a Fixture Personal Property?
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No
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Briefly list the categories of water sources
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Groundwater.
Surface water. Water that accumulates in a river stream, or natural lake. |
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Briefly describe the riparian rights water doctrine.
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An owner of riparian land has the right to use the water equally with other owners of riparian lands.
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How is an estate for years different from a fee simple absolute estate?
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Fee simple absolute is ownership forever.
An estate for years is ownership for a definate period of time. |
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What are the four unities required for a joint tenacy with right of survivorship?
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Interest.
Title. Time. Possession |
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How is a tenancy in common different from a joint tenancy with right of survivorship?
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No special language needed for creation of tenancy in common.
Ownership of a tenancy in common does not have to be equal shares. No right of survivorship in the tenancy in common. |
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What is community property and how is it created?
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All property acquired during marriage is community property. Community property is created by operation of law, not by operation of grant.
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What property in a community property state is considered not to be community property?
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Property owned prior to marriage and property acquired by gift, devise or descent is not considered community property.
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