Chapter 2 to 5 Flashcards
What is an encumbrance?
Anything that lessens the bundle of rights.
What is real property?
The land and improvements and all legal rights , powers and privileges of real estate ownership.
What is the bundle of rights?
- The right of possession
- The right of control
- The right of enjoyment
- The right of disposition
- The right of exclusion
What are subsurface right?
The right to the area above and below the earths surface.
What is chattel ?
Another name for personal property.
What are air rights?
Right to the air above the earths surface.
What is percolating water?
Under ground streams of water.
What are riparian rights?
Rights that belong to a owner boardering a flowing body of water.
What are littoral rights?
Right that belong to a owner of property bordering a stationary body of water.
What is a fixture?
Personal property that stays with the sale of real property.
What is a trade fixture?
Personal property that can be removed.
What are the two types of estates called?
Non freehold and freehold.
What is a nonfreehold estate?
Not the owner (renter).
What is a freehold estate?
You are the owner.
What are the two types of freehold estates?
Fee simple estates and life states.
Fee simple estates are broken into two categories which are what?
Fee simple absolute and fee simple defeasible.
What does fee simple absolute mean?
The absolute owner.
What does fee simple defeasible mean?
Ownership with a condition.
What are the two types of fee simple defeasible?
Fee simple on condition and a qualified fee simple.
What’s a fee simple on condition?
But if…
What is a qualified fee simple?
As long as…
What is a life estate?
Ownership for someone’s lifetime
What does estate put autre vie mean?
For the life of another.
What is a estate in remainder?
Next in line for the title.
What is a estate in reversion?
Passed down.
What is a reversionary interest?
Possession of the property goes back to the owner at the end of the life estate.
What does dower mean?
A life estate owned by a wife.
What is a curtesy?
A life estate owned by a husband.
What is a homestead life estate?
Only the family house is inheritable.
What is it called when a life tenant abuse or misused property?
A act of waste.
What does illiquid mean?
Difficult to covert to cash.
What is ownership in severalty?
Only one owner.
What is co-ownership?
Ownership of real property by two or more people.
What are the three types of co-ownership?
Tenancy in common, joint tenancy , tenancy by the entirety.
What is the right of survivorship ?
When one or more co-owners dies the surviving co-owners receive the deceased owners interest.
What is joint tenancy?
Tenancy that posses all four unity’s of ownership.
What are the four unity’s of joint tenancy ?
Unity of time
Unity of title
Unity of interest
Unity of possession
Explain unity of time?
All got tittle at the same time.
Explain unity of title?
Everybody name on title.
Explain unity of interest?
Everybody has the same percentage of interest.
Explain unity of possession?
All co-owners have right to possession to all portions of property.
What is right of inheritance?
A co-owners share of real estate passes at there death to his heirs or according to will.
What is tenancy in common?
Ownership by two or more people holding title to real property at the same time. Unity of possession is required and each tenant must hold undivided interest in property.
Do joint tenants have the right of survivorship?
Yes
As joint tenants can you pass down your ownership by will?
No if you die the other owners receive your portion
Tenancy by entirety is for who?
Married couples
What does tenancy by entirety include?
The right of survivorship
What is a trustee?
One who hold tittle to real property for the benefit of another.
What is a beneficiary?
One who receives benifit or gifts from acts of another.
What is a solo proprietorship?
One business owner”doing business as” the name of the business they may not do business in just the business name.
What are the two types of partnerships?
General and Limited partners (LLC)
With General partnerships who is liable for partnership debts exceeding partnership assets?
Each person is liable individually but still remain joint partners.
Limited partnerships my be limited to what?
Management but not responsible for anything more than what was contributed.
What are the two types of corporations?
Subchapter corporations and partnership.
A subchapter corporation is usually use by __________? It functions as a __________ but is taxed as a ________?
Yourself, a corporation, partnership
A C corporation must pay ________ the shareholders are taxed on ___________ therefore a _____________ is paid?
Corporate income tax, on there dividends, double tax
What are syndicates?
Organizations with many participants who jointly participate in a real estate investment.
What is a joint venture?
An organization formed by many people to invest in real estate or other investments.
What is a lien?
A claim or charge against property of another.
What is a specific lien?
A lien against real property such as a mortgage.
What is a general lien?
A claim or charge against a person and all of there belongings such as washer dryer Ext.
What is a judgment lien?
A court order resulting from a law suit.
What does decree mean?
An official order issued by legal authority.
What happens in chapter 7 bankruptcy?
Court sells your assets to pay your debts.
What happens in chapter 11 bankruptcy?
Reorganization of your business pay creditors over time.
What is chapter 13 bankruptcy?
Debtors propose a repayment plan to pay creditors over time of 3 to 5 years.
What does lis pandas mean?
Pending litigations.
What is a subordination agreement?
Modifies the order of priority of liens against a property.
What is an easement?
A non possessory interest in land.
What’s an easement in gross?
A governments right to use property of yours.
What’s an easement appurtenant ?
An easement that benefits one parcel of land known as the dominant ( is attached to the land and transfers automatically when you sell the home)
What is a dominant tenement?
One that gains from an easement.
What is a servient tenement?
One who suffers from a easement.
What is a negative easement?
The dominant tenant doesn’t have the right to enter the servient property but can restrict some activity.
Explain a affirmative easement?
When the dominant tenement has the right to cross the servient tenement property.
An easement for light and air is know as,
A view easement ?
What’s is a easement by condemnation?
The governments right to take back property by way of eminent domain.(it must benefit the public)
What is encroachment?
Intrusion of a structure across boundary lines.
What is appurtenances?
The rights that come with owning property which includes air,profit,subsurface and water rights.
What is accession rights?
Ownership rights to products obtained from property such as crops.
What is profit?
The right to take product of the soil form someone else’s land.
What is a license ?
A temporary privilege.
What is the transfer of real property called?
Alienation.
What is an instrument of conveyance?
A deed.
What are elements of a valid deed?
- has to be in writing
- the grantor (giver) must be 18
- grantee receives title
- granting clause
- consideration (money
- legal description
- habendum clause (to have and to hold)
- sign
- notarized
- delivered and signed by the grantor
Who gives title to real property?
Grantor.
Who receives title to real property?
Grantee
What are three acceptable types of property descriptions?
Meters and bonds , lots and blocks and monuments.
What is not a formal legal description?
A street address .
Who signs the deed?
The grantor.
New York uses what for property descriptions?
Meets and bonds .
Metes are what?
Distances from point to point.
Bonds are what?
Directions from one point to another.
Metes and bonds descriptions are results from what?
A server performed by a land surveyor .
What is another valid legal description?
Reference,plot or lot and block (map of subdivision)
What are the 4 types of deeds?
- Full covent warranty deed
- Bargain and sale deed
- Quitclaim deed
- Judicial deed
What form of a deed contains the strongest form of guarantee ?
Full covent and warranty deed.
What are the six possible convents of a deed?
- Covenant of seisin
- Covenant right to convey
- Covenant against encumbrances
- Covenant of further assurance
- Covenant of quiet enjoyment
- Covenant of warranty
Explain Covenant of seisin?
Assures grantee that the grantor hold title and is conveying to grantee.
Explain Covenant of right to convey?
Assures grantee that grantor has legal capacity to convey title and has title.
Explain covenant against encumbrances?
Assures the grantee there are no defects except the one stated.
Explain Covenant of quiet enjoyment ?
Assure the grantee that they can peacefully have and hold premises and will not be disturbed.
Explain Covenant of further assistance?
Grantor must perfect any defects in title being conveyed.
Explain Covenant of warranty?
Grantor will defend the title against all unlawful claims.
Explain Bargain and sale deed?
It offers the weakest protection.
Explain a Quitclaim deed?
It contains no warranties and can be used to clear cloud on a title.
Explain a judicial deed?
A court ordered deed.
What is escheat?
When no one is eligible to receive the deceased persons property it goes back to the state.
What is Intestate?
Died without a will.
What is Testate?
Died with a will.
What do you call a male who makes a will?
Testator.
What do you call a women who makes a will?
Testatrix.
A male party that carry’s out provision is called what?
Executor.
A female who carry’s put a will is called?
Executrix.
What are the three types of will?
Formal,witnessed and oral will
What’s a change in a will called?
Codicil.
What is a public grant?
A grant of power , license or real property from the state or government to a private individual.
The instrument conveying the public land is called what?
Land patent.
When a person other than the owner claims title to real property is called what?
Adverse possession.
What are the 4 requirements for adverse possession?
- Must be well know
- Must have a reason
- Must be without permission
- Must be uninterrupted for 10 years
What is Accession rights?
Property own has right to all there land produces either intentionally or by mistake.
What is Accretion?
Land build up over water by sand silt or gravel.
What is Alluvion?
A newly formed land mass as a result of accretion.
What is Avulsion?
A loss of existing land by sudden change in water course washing it away.
What is Reliction?
An increase in land by permanent and gradual withdrawal of water.
What is evidence of the right to own property?
Title
What is the legal document that conveys title to real property?
Deed
A ________ document is a type of blueprint showing measurements boundaries and area of a property?
Na
What is constructive notice?
Recorded with the courts
What is Actual notice?
A notice given to a person directly and received by that person.
What is a marketable title?
A title reasonably free and clear of encumbrances.
What is a title search?
Finds evidence of a marketable title.
What is a chain of owners?
Chain of owners
What is abstract of title?
Condensed history of title.
Monies received are called?
Credits
Items owed are called ?
Debits
What is the amount of transfer tax in NY?
4 per every 1000
What does Caveat emptor mean?
Latin for let the buyer beware.
What is a lease?
A contract.
Who is the lessor?
Giver
Who is the lessee ?
The receiver
What are the 4 types of leasehold estates?
1.Estate for years
2.Periodic Estate
3.Month to month
4 Estate at sufferance
Explain Estate for years?
It exist only for a fixed time can be as short as one day and at the end of the time it terminates automatically without need for notice from either property.
Explain Periodic Estate ?
Can be week to week month to month renews automatically unless one party gives notice.
Explain Month to month Estate?
Landlord must give a 30 day notice normally for tenants who pass there lease either party may terminate.
Explain a Estate at sufferance or hold over tenant?
Refuses to leave after lease to remove must evict.
What does Covenants mean?
Agreements or promisees made by two or more parties.
What does the statue of frauds state about oral leases for more than one year?
Oral leases for more than one year cannot be legally enforceable in court. Agreements for 1 year must be in writing.
What is a Actual Eviction ?
When the land lord takes actions into his own hands.
What is a constructive eviction?
When a tenant is prevented from quite enjoyment or heat or hot water not available.
What is a contract?
An agreement between two competent legal parties to do or refrain from doing some legal act in exchange for consideration.
What are the essential elements of a lease?
- Has to be in writing
- Signed by lessor and lessee 3.Capacity to contract
- Demising clause
- Description of the premises
- Clear statement of term of lease
- Specifications on rent and how it’s paid
What is capacity to contract ?
Parties to lease must be competent and sane.
Explain Demising clause ?
When the lessor leases and the lessee leases.
What is a Description of property?
A formal legal description not required but street address ok.
What are the six types of contracts?
- express
- implied
- unilateral
- bilateral
- executory
- executed
- vaild
- void
- voidable
Explain a express contract ?
All parties have definitely agreed upon terms can be oral or in writing.
What is a implied contract?
A contract inferred by conduct or actions.
Explain a bilateral contract?
Two parties have made mutual promises.
Explain a unilateral contract?
One party makes a promise to do something.
Explain a executed contract?
A contract that is fully performed.
Explain a executory contract?
A contract that is not fully performed.
What is a valid contract?
Binding and enforceable
What is a unenforceable contact?
One that appears to meet the requirements of a valid contract but not enforceable in court.
What is a void contract?
Illegal
What is a voidable contract?
One person is a victim of wrongdoing by the other party( mentally incompetent)
Explain the statue of frauds?
A law stating contracts involving real property must be in writing.
What is Novation?
The substitution of a new contract for a prior contract.
What is forbearance?
The act of taking legal action for payment of a mortgage dispute it’s due.
What is IOLA mean?
It’s a state agency that uses interest on attorneys trust accounts to fund nonprofit agency’s to reimburse people.
