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9 Cards in this Set
- Front
- Back
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What are the 5 ways of aquiring title.
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A. By will
B. Succession C. Accession D. Occupancy E. Transfer |
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What are the 3 types of wills of acquiring title?
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1. Witnessed Will ( 2 witnesses)
2.Holographic Will (hand written by testator) 3. Statutory Will (2 witnesses) preprinted form will which is the testament |
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What is the purpose of probate?
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find and pay creditors of the deceased.
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Probate sale is not actually a method of acquiring title.
What are the 3 bullets for probate sale. |
1. initial offer is > or = 90% of appraised value
2. Petition court for approval of sale - schedule confirmation hearing. 3. Competing Bids (overbidding) must be atleast 10% of 1st $10,000 + 5% of any excess + original bid. Subsequent increases may be less atthe discretion of the judge. |
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What are the 2 methods of aquiring title by succession?
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1. seperate property.
a. Spouse + child 50/50 b. Spouse + 2 or more children spouse 1/3 + 2/3 c. No spouse/chold goes to nest of kin. 2. Community Property- all to spouse. |
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What are the 2 methods of aquiring title by Occupancy?
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1. Abandonment - of leasehold - tenant leaves before the expiration of the lease.
2. Adverse possession |
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Whate are the 5 requirements of Adverse possession for Occupancy?
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1. Open and notorius use
2. Hostile to the title of the current owner 3. Claim of right of color of title 4. Continuous and uninterrupted use for 5 years 5. Payment of all property taxes for the 5 years |
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What are the 5 ways of aquiring title by Transfer?
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1. Private Grand - various deeds. Voluntary transfer.
2. Public Grant - Govt to individual 3. Public Dedication - individual to govt. 4. Gift - possible gift tax donor - donee 5. Court Action - Involuntary |
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What are the 5 ways of aquiring title by transer in Court Action?
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1. Partitions Action - co-owners
2. Foreclosure - minimum of 111 days from filing of NOD to trustee's sale 3. Bankruptcy 4. Escheat - die w/out heirs, title to the property goes to the state 5. Eminent Domain - "Condemnation proceedings" Property is purchased by the state for public use. |
