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30 Cards in this Set
- Front
- Back
- 3rd side (hint)
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An Appurtenances Easement Can be terminated by merger of the properties |
Merger of the properties |
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A neighbor traveling on property with out permission for A specified period of time. The neighbor would obtain rights to the land by? |
Easement by prescription |
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What would transfer legal use but not ownership of a property? |
An easement |
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An easement can be given by what 3 methods |
1. Reservation 2. A grant 3. Government condemnation |
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True or false When the servient and the dominant properties are merged, the easement appurtenances is extinguished |
TRUE |
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An easement by prescription is obtained by? |
Trespassing for the statutory period of time |
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A right , privilege or improvement that passes along with the property is |
An appurtenance |
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Chattel |
Personal property |
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Real property |
1.land 2.improvements on land 3.plants and trees 4.airspace above 5.subsurface rights 6.water related rights 7.anything attached permanently to the land |
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Personal property/chattel |
Movable goods on real property |
Mobile home located on land is channel but once installed on permanent foundation after removing wheels it becomes a fixture and may be sold with real estate license |
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Freehold estate |
Interest in real property for a lifetime or more. it is of an indeterminable length. it can be obtained through inheritance or deed |
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Nonfreehold estate |
Interest in property for less than a lifetime and considered to be personal interest. It is obtained by receiving a lease on property |
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Expressed agreement |
Written listing or buyer agency contract. Verbalee stating I am your agent. |
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Expressed agreement |
Written listing or buyer agency contract. Verbalee stating I am your agent. |
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Implied (ostensible) agency |
Leading a person to believe that agent is representing him by so acting or making statements such as telling the customer I protect your interest, I will get you the best possible deal from the other party. |
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Agency disclosure |
Provided by the agent to buyers, sellers, landlords and tenants for residential property 1 to 4 unit dwellings or building sites used for the same purpose, (including condominiums) in advance, before they provide agent any confidential information. Purpose is to state agents position as to which party is being represented. |
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Chattel |
Personal property |
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State tax is paid by seller upon deed recording AMOUNT $3.75 per $500 |
Read front |
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Easement |
The right given to a person or entity to use someone else's property |
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Encroachment |
A trust pass of a building, tree, fence, etc., over the property line of another it may be detected by a survey |
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Adverse possession |
A person occupies another person's land for a statutory period of time, in Michigan 15 years or more, and then seeks a court order (quieting title suit) to receive title to property |
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Eminent domain |
The governments right to take private property for public use provided that taking is necessary and after payment of just compensation |
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Condemnation |
Action through which eminent domain is accomplished when an owner does not voluntarily agreed to relinquish ownership |
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Police power |
The student government to make laws and regulations for the health, safety and welfare of the public. Examples are planning, zoning, building codes, health codes, and environmental protection laws and in some states rent control |
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Police power |
The student government to make laws and regulations for the health, safety and welfare of the public. Examples are planning, zoning, building codes, health codes, and environmental protection laws and in some states rent control |
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Escheat |
Property reverts to the state one owner dies in state that means without a will, and has no heirs |
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Mortgage |
An instrument used to secure a note, creating a lien on property used as collateral for a loan |
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A mortgage although valid one signed, it should be recorded to provide public record of lien. |
If loan is not satisfied, mortgage contract and Abel's lender to foreclose on property |
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Purchase money mortgage |
Buyer pays down payment at closing, signs a note and mortgage in favor of seller "mortgagee" and pay his balance of purchase price with monthly payments including interest. Title is transferred from seller to buyer at closing. Mortgage enable seller to foreclose on property in case of nonpayment. |
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Land contract |
Buyer (vendee) pays a down payment to seller at closing, both parties sign land contract. Balance is paid in monthly payments including interest.
Seller retains title pending full payment of debt. Vendees interest in property is equitable title. Although vendor is titleholder during contract term, vendee is the lawful owner of property . then vendor is said to have naked title, title with no ownership rights |
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