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91 Cards in this Set
- Front
- Back
Taxation
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The highest priority - always the 1st claim on the property
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Police Power
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Government rights to control the property - includes planning and zoning
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Certificate of Occupance
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When the government says it is okay to use it.
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Eminent Domain
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The RIGHT of the government to take private proeprty for PUBLIC GOOD.
Conditions: 1. Public Use 2. Owner must be paid |
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Condemnation
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The PROCESS used to take the property when the government exercises the right of Eminent Domain
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Escheat
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The right of the government to take private property that no one claims upon:
Owner dies INTESTATE and has no heirs Abandonment |
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Estate
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Quality and quanitity of rights
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Freehold estate
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FOREVER
Ownership - no definite ending date |
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Leasehold estate
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LIMITED
Renting or Leasing - or for a definite period of time (limited duration) |
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2 types of freehold estates
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Fee Simple - maximum rights
Conditional fee or defeasible fee - ownership with strings attached |
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Life Estate
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Deeded to someone for life or the life of another
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Estate in reversion
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When the second party dies, it goes back to the first
2 parties |
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Estate in remainder
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Goes to third party remainderman
3 parties |
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Pur Autre Vie
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For another's life (like in a life estate)
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Legal Life Estates
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Created to protect people from being left homeless
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Dower
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the right of the woman in her deceased husband's assets
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Curtesy
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the right of the husband in his deceased wife's assets
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Homestead
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protecting the home against the claims of general creditors
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Homestead Exemption
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Does NOT apply to real estate taxes or mortgages
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Life estates
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Can be sold, leased, and mortgated, but not wasted or willed
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Fee Estates
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Fee=inheritable
Fee Simple Conditional Fee |
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Life Estates
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Non-inheritable
Reversion/Remainder Dower - Curtesy - Homestead |
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Severalty
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One person or one legal entity
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Forms of Co-ownership
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Tenancy in Common
Joint Tenancy Tenancy by the Entireties Community Property |
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Tenancy in common
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Individual interests in group ownership
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What are the interests in Tenancy in Common
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Interests unequal
Undivided interest share possession inheritable (if one dies - it goes to their heirs) |
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Suit to partition
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Court action forcing the sale of the property
Like in a tenants in common situation where one party wants out |
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Joint Tenancy
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Unity of ownership
Usually family Not inheritable |
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Joint Tenancy Four Unities
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Time
Title Interest Possession (undivided interest) |
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How is a joint tenancy terminated?
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When any of the 4 unities are destroyed (TTIP)
Suit to Partition One sells their interest |
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Tenancy by the entireties
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Marriage
Similar to Joint Tenancy |
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Community Property
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recognizes pre-marital assets
like a prenup |
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4 Types of Leasheold Estates
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Estate for Years
Periodic Tenancy Tenancy at Will Tenancy at Sufferance |
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Estate for Years
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fixed period of time
definite beginning, definite ending no notice is required to terminate |
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Periodic Tenancy
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definite beginning, uncertain ending
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Tenancy at will
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the lease is over, but you have permission to stay on
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Tenancy at sufferance or "hold over"
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the lease is over and you don't have permission to stay on
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Tenancy=estate
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Leasehold estate=less than freehold estates
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Encumbrance
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something that burdens or limits your title
or rights held by someone else |
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Liens are encumbrances BUT
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not all encumbrances are liens
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Specific Lien
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tied to a specific property
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Property Tax Lien
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always the #1 claim on a property
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Morgage lien
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voluntary lien
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mechanic's lien
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an Involuntary lien by someone who provides goods or services to improve the property
*the effective date of the lien is the date the work starts |
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Judgment lien
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court-awarded claim
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lis pendens
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"a pending lawsuit"
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General lien
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lien against anything you own
like a judgment lien or an income tax lien |
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What is a deed restriction
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Restrictions use encumbrance
Placed by the GRANTOR - binds future owners COVENANTS are a type of deed restriction |
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Who can enforce a restriction?
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only the courts
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Who can bring action on a restriction?
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any interested party
ie - neighbors, HOA |
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What kind of restrictions would NOT be enforceable
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restrictions against public policy
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How can one find out what restrictions are?
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in the public record
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What is an easement?
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Gives someone else the right to USE a part of your property while you still retain the ownership rights.
An easement does NOT give possessory rights, just the right of INGRESS and EGRESS |
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Is an easement an estate
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No. It is Interest in the property, not an estate.
Easements are non-possessory |
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What are the three types of easements
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Appurenant easement
easement in gross easement by prescription |
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Appurtenant easement
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runs with the land
cannot be sold separately from the property |
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Easement in gross
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NOT tied to the land
can be sold separately from the property usually commercial - like railroads |
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Easement by prescription
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continuous
open notorious (without permission) like hunting on a property |
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Dominant Tenement
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Land Benefited by the easement
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Servient Tenement
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Land burdened by the easement
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Who can terminate an appurtenant easement?
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Only the dominant tenement - the one benefitting from the easement
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How are easements created?
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easement deed
by prescription - long term use by necessity |
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How are easements terminated?
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by the dominant tenement
with a quit claim deed merger abandonment |
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License
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Permission instead of a right
License is NOT an encumbrance! License is not as benefitial as having an easement |
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Encroachment
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Tresspassing
When an improvement of other real estate extends across the property line |
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3 types of multi-owner properties
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Cooperative
Condominium Time Sharing |
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Cooperative
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Coop is owned in severalty - corporation or coop owns the building
Members own STOCK in the coop Stockholders have a leasehold estate Rental payments are made to the coop Coop pays mortgage and taxes All members could lose if coop is foreclosed on |
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Condominium
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Fee simple title to EACH UNIT
Pay own mortgage and taxes Common Areas are owned as Tenants in common Pay HOA dues Master deed creates the condominium under state law BYLAWS list the rules. The can be changed (different than a restriction) by a board of directors |
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Alienation
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Transfer
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Four types of deeds
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General warranty
special warranty bargain and sale quitclaim |
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Promises in a general warranty deed
(not always listed, but always included) |
Seizin - "i own it, I have the right to sell it"
quiet enjoyment - no 3rd party claims against encumbrances - no unrecorded liens or hidden encumbrances further assurance - seller will provide docs in the future if necessary warranty forever - money back guarantee |
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Special warranty deed
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You promise the title has been clear since you've owned it
common with relo companies |
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Bargain and Sale Deed
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One promise - "I own it"
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Quitclaim Deed
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"IF I own it, i give you my interest"
commonly used to clear up a cloudy title |
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What is the difference in the four types of deeds
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They all convey title to a property, the difference is the SELLER"S PROMISES
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Requirements for a valid deed
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Must be:
Grantor Grantee - must be clearly identified Consideration - something of value Granting clause - show the intent to transfer property Property description Exceptions and reservations - list of encumbrances Signatures of grantors Deliver and Acceptance - when title passes |
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Descent
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Person dies without a valid will or INTESTATE
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Probate
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determines the distribution to relatives
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Adverse posession
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Squatter's rights
obtained through filing a "quiet title action" |
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Requirements for adverse possession
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continuous
open notorious exclusive |
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Involuntary deeds
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Tax deed or sherrif's deed
non-payment of taxes or mortgage |
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The law rewards people who use property over those who don't
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TRUE
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2 ways to remove cloud on the title
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Quitclaim deed
Quiet title suit |
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Abstract
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filing of deeds - does not guarantee clar title
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What is contained in a title insurance policy
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the exceptions
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Subrogation
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signing over rights in a claim in return for being paid by the insurance company
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Ad Valorem
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based on value
like property taxes |
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PUD
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Planned unit development
different uses of the same area |
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Non-conforming use
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happened before zoning
like the "grandfather clause" runs with the land |
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Variance
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special use permit that happens after zoning
doesn't change zoning |
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dedication
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voluntarily giving property to the government
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