ch 3-4

Question 1

severalty

Answer 1

real property owned by one person

Question 2

concurrent ownership

Answer 2

two ore more people or entities own real property

Question 3

undivided interest

Answer 3

each co-owner has right to possess entire property and not just one piece of it

Question 4

tenants in common

Answer 4

most prevelant form of concurrent ownership, most favored by state law. Two or more holding right to posses entire deed. Most favored by law. Does not have to be equal share. Passes after death.

Question 5

joint tenants with rights of survivorship

Answer 5

concurrent ownership but on death of one owner it automatically passes to remaining owners. All own equal share.

Question 6

unity of interest

Answer 6

each owner has equal percentage

Question 7

unity of possession

Answer 7

each concurrent owner holds right to entire property

Question 8

JTROS

Answer 8

must have unity of time and unity of title - that is they must take ownership at same time and with same mortgage or cash instrument

Question 9

PITT

Answer 9

JTROS must have unity of posession, interest, time and title

Question 10

partition

Answer 10

physically dividing TIC or JTROS that are similar in size

Question 11

TIC

Answer 11

NO unity of interest required, NO unity of title or time required versus JTROS

Question 12

waste

Answer 12

improper use of land - such as making improper change or repair

Question 13

voluntary waste

Answer 13

or affirmative waste - commited by using land that reduces value. ex - strip mining. overt and willful destruction

Question 14

permissive waste

Answer 14

permit land to fall into disrepair which results in lower value of land

Question 15

ameliorative waste

Answer 15

improvements made to land which increase value - such as tearing down old structure and building new one

Question 16

tenancy in entirety

Answer 16

not recognized in GA but parties must be married

Question 17

marital property state

Answer 17

GA is one versus community property state. divided by equity

Question 18

separate property

Answer 18

acquired before marriage, gift by third party, assets inherited by one of the spouses

Question 19

CHAPTER 4 encumbrance

Answer 19

interest in real property held by someone other than the owner of the property. Encumbrances are third party interests in real property that run with the land. Certain encumbrances affect the use of real property and other encumbrances represent claims on the property to secure financial obligations by the property owner.

Question 20

Run with the land

Answer 20

attach to property and are not extinguished by changes in ownership
Undesirable because they place limitations on a property owner’s bundle of rights
Virtually all real property is encumbered to some degree.

Question 21

Two Categories of Encumbrances

Answer 21

1 - limit use 2 - liens

Question 22

Types of encumberances

Answer 22

Easements
Licenses
Leases
Restrictions and Obligations Arising From Ownership of Real Property Located in Subdivisions, Condominiums and Co-ops

Question 23

Easements

Answer 23

A right that may be exercised by a third party on, over or through real property owned by another for a specific use
Run with the land
May be granted to private parties or the government

Question 24

types of easements

Answer 24

1. Easements in Gross 2. Appurtenant Easements

Question 25

Appurtenant Easements

Answer 25

benefits parcel of property and can be affirmative or negative depending on who is effected a. Dominant Tenement – property benefitted by the easement b. Servient Tenement - property burdened by the easement c. Reciprocal easements benefit and burden both parcels of property

Question 26

easement in gross

Answer 26

benefits a third party. ex - utility company

Question 27

Formation of Easements

Answer 27

Express grant Reservation Implication Prescription

Question 28

Termination of Easement

Answer 28

Expiration Date or Specified Event Abandonment Merger Release

Question 29

Leases

Answer 29

A lease is contract that conveys a possessory interest in real or personal property A tenant's exclusive right to occupy the premises generally ends with the expiration of the lease. Runs with the land

Question 30

Licenses

Answer 30

A license is permission or authority given to a third party by the owner of land to do a particular act or series of acts on the licensor's property. Does not usually run with the land

Question 31

Restrictions and Obligations of Subdivisions, Condominiums and Co-ops Restrict and direct the use of property within the community

Answer 31

Restrict and direct the use of property within the community

Question 32

Subdivisions

Answer 32

A subdivision is a tract of land that has been divided into several smaller parcels upon which detached, single-family homes can be built. Homeowners’ Association Restrictive Covenants

Question 33

Condominiums

Answer 33

``` A condominium is a building or complex in which units of property are owned by individuals and the exterior of the buildings are jointly owned and maintained by all residents of the complex. Condominium Declaration (contains CC&Rs) ```

Question 34

Cooperative Associations

Answer 34

A cooperative association, or co-op, consists of a multi-unit building owned by a non-profit corporation in which individual unit owners of the building own shares of stock in the corporation. Found in New York City, Florida, California and Washington, DC

Question 35

Encumbrances that provide security for the payment of a debt or other obligation

Answer 35

Known as “liens” | Liens are clouds on title

Question 36

Categories of Liens

Answer 36

Voluntary Liens Involuntary Liens Specific Liens General Liens

Question 37

Voluntary Liens

Answer 37

Security Instruments UCC Liens Bail Bonds All of these liens are specific liens

Question 38

Involuntary Liens

Answer 38

``` Real Property Tax Liens Municipal Service Liens Special Assessment Liens Mechanics’ and Materialmen’s Liens Homeowners' Association Liens Condominium Association Liens Attorneys' Liens Motor Vehicle Bonds Commercial Real Estate Broker Liens Judgment Liens Lis Pendens Income Tax Liens All of these are also specific liens ```