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MI Real Estate > Chap 2 - Property Ownership + Interest > Flashcards

Chap 2 - Property Ownership + Interest Flashcards

1
Q

Estate in Sufferance

A

When a tenant doesn’t leave after lease term is done

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2
Q

Unity in Possession

A

When all co-owners have the right to access or possess any and all portions of property

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3
Q

Unity of possession is also called

A

Possession of an undivided interest

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4
Q

Unity of interest

A

When co-owners have equal percentage of ownership

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5
Q

Unity of title

A

When co-owners have same type of ownership

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6
Q

Unity of time

A

When co-owners receive title at the same time on the same document or conveyance

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7
Q

4 types of unity of ownership

A

Unity of time, Interest, title, and Possession

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8
Q

Right of inheritance

A

Co-owners share of realty passes to heirs after death

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9
Q

The right of survivorship DOES / DOESN’T supersede will

A

Does

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10
Q

Right of survivorship

A

If 1 or more co-owners die, the surviving owners receive their portion of the property

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11
Q

Concurrent ownership

A

Real property owned by two or more people

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12
Q

Ownership in severity

A

When title to real property is held under one name or entity

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13
Q

What’s the remedy to an estate in Sufferance

A

Eviction

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14
Q

In an estate in Sufferance, tenants ARE / AREN’T squatters.

Why/ why not?

A

Aren’t, they had rights to occupy prior to lease term ending

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15
Q

Typical notice time for termination in an estate at will

A

30+ days

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16
Q

Is an Estate at Will inheritable? Why?

A

No

Estate ends once either party dies or terminates estate

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17
Q

Estate at Will

A

Estate that can be terminated at any time by either party because the duration is undetermined at estate creation

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18
Q

Are estates year to year inheritable?

A

Yes

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19
Q

Estate from year to year must be how long?

A

1 year

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20
Q

Estate from year to year

A

Estate that automatically renews at end of term unless given notice

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21
Q

Estate year to year is also called

A

Periodic Estate

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22
Q

What happens to a leasehold Estate when lessor or lessee dies?

A

Estate doesn’t end; heirs to lessor perform lease, heirs to lessee continue to pay

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23
Q

Estate for years ARE / AREN’T inheritable

A

Are

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24
Q

What does a purchaser of an apartment building have to do in regards to tenants living in building? Why?

A

Honor their current lease

Tenants show notice of their rights to possess by virtue of possession

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25
Q

Michigan requires lease be in writing off Estate last how long?

A

More that 1 year

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26
Q

Estate for years also called

A

Fixed termination

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27
Q

Estate for years

A

Tenancy for fixed period

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28
Q

What document creates leasehold

A

Lease or Rental Agreement

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29
Q

What’s the relationship of a leasehold look like?

A

Lessor to lessee

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30
Q

Leasehold Estate refer to Possession WITH / WITHOUT Ownership

A

Possession without ownership

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31
Q

Statutory dower rights

A

Automatic life Estate owned by a surviving spouse in inheritable property owned by the dead spouse DURING marriage

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32
Q

In statutory dower rights, life estates are called?

A

Consummate Dower

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33
Q

Inchoate Right

A

Rights to Estate after spouse dies

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34
Q

What’s the estate value of an estate given through inchoate rights?

A

1/3

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35
Q

When did dower rights end in MI?

A

2017

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36
Q

Dad grants home to Son in will but doesn’t state who gets it after. The Dad has what type of interest in the estate?

A

Reversionary

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37
Q

Dad grants home to Son in will but states Red Cross gets it after. Red Cross has what type of interest in the estate?

A

Remainder interest

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38
Q

Dad grants home to Son in will but doesn’t state the church gets it after the son dies. This is an example of conveyance in _____?

A

Reminder

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39
Q

Dad grants home to Son in will but doesn’t state who gets it after. This is an example of conveyance in _____?

A

Reversion

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40
Q

Dad grants home to Son in will but doesn’t state who gets it after. Who gets the property after the son dies?

A

Heirs of Dad/ Son

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41
Q

Conveyance in Reversion

A

When conveyance doesn’t specify remainderman upon death of life tenant

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42
Q

Dad grants home to Son in will but states Walmart gets it when son dies. Walmart would be known as?

A

Remainderman

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43
Q

Conveyance in Remainder

A

When conveyance is:

grantor ~> X for life ~> Y after X dies

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44
Q

When or where is life Estate ownership started?

A

Will or at the creation of the estate

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45
Q

Estate Pur Atre Vie

A

Ownership may also be based off lifetime of a person other than the life tenant

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46
Q

Where is “estate pur atre vie” stated?

A

In will or given @ creation of life Estate

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47
Q

Life tenant

A

Owner of life estate

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48
Q

Life estates

A

Freehold Estate who’s ownership, Possession, and control is such for the life of its owner

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49
Q

Life estates ARE / ARENT inheritable

A

Aren’t

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50
Q

Fee Simple Defeasible

A

Freehold that’s destructible

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51
Q

Fee Simple Defeasible also called?

A

Qualified Fee

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52
Q

Fee Simple Defeasible MUST / MUST NOT be qualified for

A

Must

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53
Q

Freehold estates ARE / AREN’T inheritable

A

Are

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54
Q

Fee Simple Absolute

A

Provides complete ownership and bundle of rights for real property

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55
Q

What are the 2 types of freehold estates?

A

Fee simple and life

56
Q

Non-Freehold estates are also called?

A

Leasehold estates

57
Q

Nonfreehold estates

A

Signifies possession with determinable end

58
Q

Freehold estates

A

Ownership for a undetermined amount of time

59
Q

What are the 2 types of estates?

A

Freehold and Nonfreehold

60
Q

_____ & _____ are interchangeable when discussing right of possession

A

Estate and tenancy

61
Q

Estates in real property DOES / DOESNT imply only possession.

A

Does

62
Q

Estates in real property

A

An interest in property sufficient to give the holder of the estates the right to possession of the property

63
Q

Trade fixtures DO / DONT transfer at termination of tenancy

A

Don’t

64
Q

Trade fixture

A

Concept that personal property a business installs is presumed to remain personal property

65
Q

Accession

A

When personal property becomes real property

66
Q

An object must first be ______ to become a fixture

A

Personal property

67
Q

Fixture

A

Improvement on and to land

68
Q

Tenants CAN / CANT reenter property and harvest crops after termination of tenancy. Why?

A

Can; considered personal property

69
Q

Emblements

A

Crops planted annually by labor or industry

70
Q

Emblements DO / DONT transfer with sale of property

A

Don’t

71
Q

Water IS / ISNT severable in Michigan

A

Isnt

72
Q

______ includes mineral under surface

A

Land

73
Q

Subsurface rights

A

Right to mine minerals in land

74
Q

Rights to land DO / DONT transfer with same of property

A

Do

75
Q

How is personal property conveyed

A

Bill of sale

76
Q

Personal property

A

tangible property not attached to land

77
Q

What’s another name for personal property?

A

Chattel

78
Q

What’s real property

A

Land and everything prominently attached

79
Q

How is Ownership of real property conveyed

A

Deed

80
Q

What illustrates that real estate owners sell more than dirt and houses?

A

Bundle of rights

81
Q

Tenancy in Common

A

2+ people holding title to property at the same time

82
Q

Owners in Tenancy in Common DOES / DOESNT have right of survivorship

A

Don’t

83
Q

What happens in Tenancy in Common when one co-owner does?

A

The heirs of the deceased take over portion

84
Q

Owners in a Tenancy in Common CAN / CANT partition property

A

Can

85
Q

What Unity(s) are required in Tenancy in Common?

A

Unity of Possession

86
Q

What unity(s) are required in Joint Tenancy

A

All 4

87
Q

Joint Tenancy DOES / DOESNT have right of survivorship

A

Does

88
Q

In a joint tenancy, what happens when one owner dies?

A

Other owner takes portion

89
Q

Tenancy by the Entirety is limited to ______

A

Married couples

90
Q

Tenancy by the Entirety DOES / DOESNT have right of survivorship

A

Does

91
Q

What unities are required in Tenancy by the Entirety

A

All 4 PLUS Marriage

92
Q

In Tenancy by the Entirety, marriage is also called

A

Unity of Person

93
Q

How do you end tenancy by the entirety

A

Divorce

94
Q

How many Community Property states are there? What are they?

A

9; AZ, CA, ID, LA, NV, NM, TX, WA, WI

95
Q

Community Property

A

Owners own title to personal and real property

96
Q

Separate Property in Community Property is?

A

Property owned prior to marriage, as a gift, or purchased separately

97
Q

3 Combination forms of ownership

A

Condo, Coop, & Timeshare

98
Q

When and where did the first condo statue get enacted in the US

A

California in 1961

99
Q

In what act was the first condo statue enacted?

A

California horizontal property act

100
Q

In a condo, tenants own _____ + ____

A

Individual unit and common area

101
Q

What are the 2 Deeds needed for condos

A

Master Deed and Unit Deed

102
Q

Declarations for Condos are also called

A

Master Deed

103
Q

Declaration

A

Legal Description of condo facility

104
Q

What does the Declaration include?

A

Right of first refusal clause

105
Q

What does a condo’s master deed’s right to first refusal do?

A

Give condo association the first opportunity to purchase individual units if owners want to sell

106
Q

Individual Condo units marketable titles are evidenced by ____ , ____ , or ______

A

Unit deed, abstract of title, or title insurance policy

107
Q

Common Area titles are held as ______ with all other unit owners

A

Tenancy in Commons

108
Q

Articles of Association

A

Establishes an association to provide maintenance or management of common areas

109
Q

Bylaws

A

Operative rules for Condo facility and unit owners

110
Q

Michigan Condo act

A

Perspective of a new Condo purchase must be given details of about construction and proposed operation procedures

111
Q

Preliminary reservation of a condo gives purchaser what?

A

First chance at buying unit but can’t bind parties in reservation

112
Q

Once a condo purchase agreement is signed, it’s not binding until ______ ?

A

9 days after developer gives condo documents to purchaser

113
Q

What documents must a condo association give to a new purchaser before purchase agreement is binding?

A

1) Master Deed with bylaws and subdivision plans
2) Purchase and Escrow agreements
3) Condo buyer’s handbook
4) Disclosure Statement

114
Q

If a purchaser of a condo wants to arbitrate against a developer, the developer must ______

A

Always arbitrate

115
Q

Condo purchasers, co-owners, and unit occupier can arbitrate if amount is ______

A

Under $2500

116
Q

Homeowners Associations are required to have their books audited __________

A

Annually

117
Q

Condo Association of co-owners can arbitrate if amount is ________

A

Under $10k

118
Q

Homeowners Associations books must be audited annually by independent auditor if revenue is over ________

A

$20k

119
Q

Homeowners Association can opt out of audit by _________

A

Majority vote of members

120
Q

What can the Homeowners Association do?

A

Assert, defend, and settle claims on behalf of all owners in connection with common with common elements

121
Q

Condo owners wanting to lease their unit must give how much notice before lease is signed?

A

10 Days

122
Q

In Conversions of buildings from rentals to condos, developers must do what if the building has 6 or more units with tenants?

A

Offer extended leases

123
Q

In conversions of buildings from rentals to condos, developers must offer extended leases if the building has _______

A

6 or more units

124
Q

In conversions of a building from rentals to condos, what 2 groups are to always be offered extended leases regardless of unit amounts in the buildings?

A

Disabled

Persons 65+

125
Q

Site Condo

A

Condo unit composed of only vacant land with surface improvements or with air space on which a building will be constructed

126
Q

In Co-ops, buildings, land, all real property rights, and interests are owned by a __________ in ___________

A

Corporation

In severalty

127
Q

Ownership of a co-op is _________

A

Shares of stock in corp PLUS long term lease of apartments

128
Q

Co-ops can’t be owned as tenancy in common, this means _______

A

When one unit tenant leaves, the others make up the cost.

129
Q

Proprietary Leases are usually held as ________

A

Estate for years and for a long period of time

130
Q

A proprietary lease is evidence of a tenants right of _________

A

Occupation

131
Q

What’s the Right of Refusal clause?

A

The requirement of selling shareholders to firstly offer share of stock in coop to corporation before selling to an outside buyer

132
Q

Timesharing

A

Combines ownership of a condo in fee with the sharing of use of the unit by many others

133
Q

Timesharing is based off _______

A

Time intervals

134
Q

Timesharing based off time intervals, also called

A

Interval Ownership

135
Q

Timeshare upkeep, taxes. Etc are the responsibility of ______

A

All owners

136
Q

Timeshare upkeep, taxes, etc are prorated between all owners. How’s it divided?

A

By percentage of time interval use; more time = more responsibility

MI Real Estate (3 decks)

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