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Real estate > chapter 7 and 8 > Flashcards

chapter 7 and 8 Flashcards

1
Q

what is police power?

A

every state has the power enact legislation to preserve order, protect the public health and safety and promote the general welfare of it citizens

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2
Q

What does state power have?

A

like the rights of ownership, the state power to regulate land is not absolute. the law must be uniform and nondiscriminatory, that is they not operate to the advantage or disadvantaged of particular owed

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3
Q

what is eminent domain?

A

is the right of the government to acquire privately owned real estate for public use

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4
Q

what is condemnation?

A

is the process by which the government exercise this right, by either judicial or administrative proceeding. in the taking of property, just compensation must be paid to the owner and the right of the property owner must be protected by process of law

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5
Q

what is taxation?

A

is charge on real estate to raise fund to meet the public need of the government.

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6
Q

what is escheat?

A

is process by which the state may acquire privately owned real or personal property

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7
Q

what is estate in land?

A

defines the degree, quantity, nature of an owner’s interest in real property

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8
Q

what is free hold estate?

A

last for indeterminable length of time, such as for a lifetime or forever

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9
Q

what is lease hold estate?

A

las for fixed period of time

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10
Q

what is fee simple estate?

A

are unlimited duration, they are said to run “forever”. upon the death of the owner, a fee simple passes to the owner heirs. a fee simple estate is also referred to an estate of inheritance

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11
Q

what is simple absolute?

A

is the highest interest in real estate recognized by law.

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12
Q

what is fee simple defeasible?

A

is qualified estate- that is subjected to occurrence of some specified event

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13
Q

what are the two categories for fee simple defeasible?

A

two categories are those subjected to the conduction subsequent or fee simple determinable

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14
Q

Can fee simple defeasible be inheritable?

A

this may be inherited. this estate is qualified by a special limitation. the language used to distinguish a special limitation- word as so long as or while during

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15
Q

what is life estate?

A

is free hold estate limited in duration to the life of the owner.

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16
Q

Is a life estate inheritable?

A

No, it is not inheritable it passes to further owner according to the prearrange provisions of the life estate

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17
Q

how is conventional life estate created?

A

by the owner

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18
Q

what is pur autre vie?

A

a life estate also may be based on the lifetime of person other than the life tenant

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19
Q

what is legal life estate?

A

is not created by an owner, rather, it is a form of life estate established by set law. it become effective automatically when certain events occur. downer, curtesy, and homestead right are the legal life setae current used in many states

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20
Q

what is downer?

A

is the life estate that wife has in the real estate of deceased

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21
Q

what is curtesy?

A

is an identical interest that a husband has in the real estate of his decease wife

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22
Q

what is homestead right?

A

is legal life estate occupied as the family home. the home is protected unsecured creditor during the occupant’s lifetime

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23
Q

under homestead right, in IL what does the single and married couple get?

A

15,000 for single person and 30,000 for married couple. this extends to all types of residential property

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24
Q

what is encumbrance?

A

is claim liability that attaches to real property

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25
Q

what is a lien?

A

is charge against property that provides security for a dept or an obligation of the property owner

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26
Q

what is deed restrictions?

A

are private agreement that affect land use. Once place in the deed by previous owner, they “run with the land”, limiting the sue of the property and binding to all grantees

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27
Q

what is covenants, conductions and restriction on property?

A

are private agreement that affect land use typically imposed by a developer or subdivider to maintain specific standard in subdivision.

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28
Q

what is a easements?

A

is the right to use the land of another for particular purpose.

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29
Q

what is appurtenant easements?

A

is attached to the ownership of one parcel and allows the owner the use of a neighbor’s land. For appurtenant easement to exist, two adjacent parcels of land must be owned by two different parties

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30
Q

what is party wall?

A

can be exterior wall of building that straddles the boundary line between two lots, or it can commonly shared partition wall between two connected properties

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31
Q

what is easement in gross?

A

is an individual or company interest in or right to use someone else’s land

32
Q

how do you create an easement?

A

an easements commonly created by a written agreement between parties that establishes the easement right. it may be created by grantor in a deed of conveyance, in which the grantor either reserves an easement over the sold land or grant the new owner an easement over the grantor’s remaining land. two other ways for easement to be created are easement by necessity and easement by prescription

33
Q

what is easement by necessity?

A

an easement that is created when an owner sells a parcel of land that has no access to a street or public way except owner the seller’s remaining land
an easement by necessity is created by court order based not eh principle that owner must have the right to enter and exit their land

34
Q

what is easement by prescription?

A

if the claimant has made use of another land for certain period of time as defined by state law, an easement by prescription

the prescription period may vary from 10 to 21 years in state

the claimant’s use must have been continuous, exclusive and without the owner’s approval. the use must be visible and notorious, that is, the owner must have been learn of it.

35
Q

what a license for usage of land?

A

is personal privilege to enter the land of another for specific purpose. a license differs for an easement in that it can be terminated or canceled by the licensor at any time

36
Q

what is a encroachment?

A

occurs when all or parts of structure illegally extends the land of its owner or beyond the legal building lines

37
Q

what is doctrine of prior appropriation?

A

in states where water is scarce, ownership and use of water are often determined by the doctrine of prior appropriation
under this, the right to use any water with the exception of limited domestic use is control by the state rather than the landlord adjacent to the water

38
Q

what are the forms of real estate ownership?

A
  1. severalty
  2. co ownership
  3. in a trust
39
Q

what is severalty ownership?

A

where title is held by one person

40
Q

what is co ownership?

A

where title is held by two or more person

41
Q

what is a trust?

A

where a third person hold the title for benefit of another

42
Q

what is ownership in severalty?

A

severalty occurs when property is owned by one person or corporation

43
Q

what is co ownership?

A

when the title to one parcel of real estate is held by two more person, those parities

44
Q

what is tenancy in common?

A

A parcel real estate may be owned by two or more people as tenants in common. in this each holds an undivided fractional interest in the property.

45
Q

what is joint tenancy?

A

must state recognize some form of this property owned by two or more people. the feature that distinguishes a joint ownership from a tenancy in common is unity of ownership. title is held as though all the owner, collectively constitute on unit.

46
Q

what are four forms of co ownership?

A
  1. tenancy in common
  2. joint tenancy
  3. tenancy by the entirely
  4. community property
47
Q

what does PITT stand for the joint tenancy?

A
  1. possession 2. interest 3. time 4. title
48
Q

what are four “unities” are required to create a joint tenancy?

A
  1. possession - all joint tenants holding an individual right to possession
  2. interest - all joint tenants holding equal ownership interest
  3. time - all joint tenants acquiring their interest at the same time
  4. title- all joint tenants acquiring their interest by the same document
49
Q

what are the requirement for unities for joint tenancies?

A
  1. title is acquired by one deed
  2. the deed is executed and delivered at one time
  3. the deed convey equal interest to all parties
  4. the parties hole undivided possession of the property as joint tenants
50
Q

how do you terminate a joint tenancies?

A

when one of the four unities of joint tenancy is terminated, a joint tenant is free convey interest in the jointly head property but doing so destroys the unities of the time and title, the new owner cannot become a joint tenant and will hold interest as a tenant in common, rights of the other joint tenants, however are unaffected

51
Q

how do you terminate of co ownership partition suit?

A

partition is legal way to dissolve the relationship when the parties do not agree to its termination

52
Q

what is tenancy by the entirety?

A

some state including IL allows husband and wife to use a special form of co ownership- for the residence. In this form of ownership, each spouse has equal, undivided interest in the property. A spouse who are tenant by the entirely have right of survivorship. during lives, they can convey title only by a deed signed by both parties. One party cannot convey a one half interest and generally they have no right to partition or divide.

53
Q

what is the benefits for tenancy by the entirely for married couple?

A
  1. right of survivorship
  2. no probate delays
  3. if lawsuit against spouse- no liens
  4. to convey, both must sign
  5. only for a personal residence, homestead
54
Q

how do terminate tenancy by entirely?

A
  1. by court ordered sale of the property to satisfy a judgement against the spouse as joint debtors
  2. by death of either spouse
  3. by agreement between parties
  4. by divorce
55
Q

what is the JSDAD for tenancy entirely for termination?

A

Judgement, Sale, Death, Agreement, Divorce

56
Q

what is separate property?

A

is personal property that was owned solely by either spouse before marriage. it also includes property acquired by gift or inheritance during the marriage as well as any property purchase with separate funds during marriage. Any income earned from person’s separate property belongs to that person

57
Q

What is common property?

A

consists of all other property, both real and personal acquired by either spouse during the marriage. Any conveyance or encumbrance of community property requires the signatures of both spouse. when one spouse dies. the survivor automatically now one half of community property. the other half is distributed according to the decease spouse’s will

58
Q

is IL community property state?

A

no

59
Q

what is IL marriage and dissolution of marriage act?

A

gives the courts flexibility in determining the precise division of martial property. this difference from community property states.

60
Q

what is a trust?

A

is device by which one person transfer ownership of property to someone else to home or marriage for the benefit of a third party

61
Q

how does IL permit a trust?

A

real estate to be held in trust as part of a living or testamentary trust as the sole asset in a land trust

62
Q

what is a living and testamentary?

A

a property may provide for her own financial car or for that of the owner’s family by establishing a trust. the may be created by agreement during the property during the property owner’s lifetime or established by will after the owner’s death

63
Q

what is a land trust?

A

IL permits the cation land trust in which real estate is the assets. the beneficial has the right of pros session and the right and and income or proceeds from its sale.

64
Q

how long does a land trust last for?

A

it continues for definite term, such as 20 years. in beneficiary does not extend the trust term when it expires, the trustee is obligated to sell the thermal estate and return the net proceeds to beneficiary

65
Q

How is land trust used in IL?

A

However law requires that the trustee disclose the beneficiary’s name to certain under specific circumstances.

66
Q

what are the reason beneficiary’s name must revealed?

A
  1. to the concerned housing authority within ten day after receiving a complaint of a violation of building ordinance
  2. when applying to any state IL for license or permit affecting the entrusted real state
  3. if selling the entrusted property by land contract
  4. if the trustee is named as defendant in a private lawsuit or criminal complaint regarding the subject real estate
  5. if a fire inspector or another officer is investigating
67
Q

what is real estate investment trust?

A

by directing their funds into a real estate investment trust (REIT), real estate investors stake advantage of the same tax benefits as do mutual fund investors. a real estate investment trust doesn’t have to pay corporate income tax as long as 95% of income is distributed to it shareholders.
Certain other conditions also must be met. to qualify as REIT, as least 75% of the trust income must come from real estate

68
Q

What is a syndicate?

A

syndicate is two or more people or firms joined together to make an operate a real estate investment.

69
Q

What is joint ventures?

A

A joint venture is form of partnership in which two more people or firms carry out a single business project. the venture is characterized by a time limitation resulting from fact that the joint venture don’t intent to establish permanent relationship

70
Q

what is a condo?

A

each unit owners also own a specified share of the undivided interest the remainder of the building and land, known as the common elements.

71
Q

how do you create a condo?

A

in many state have adopted the uniform condo act, under it provisions, a condo is created and established when the owner of an existing building executers and records a detailed report and description of the property called Declaration of condo

72
Q

how do you create a condo in IL?

A

creation of a condo in IL is governed by IL condo property act

73
Q

what is the IL condo property act?

A

the law and owner may elect to submit parcel of real estate as a condo situation by recording a declaration to which attached a three dimensional plat of survey of the parcel showing the location and size of all units in the building.

74
Q

What is ownership of a condo?

A

once property is established as a condo, each unit becomes a separate parcel of real estate that is owned in fee simple and be held by one or more person

75
Q

what is co operative ownership?

A

is a corporation holds the title to the building and land. the corp offers shares to protective tenants

76
Q

what is town house ownership?

A

is used to describe any type of housing connected by common walls. this is between a single family home and condo
located with two floors and a small lot
each unit and lot is vested in individual owner. Each owner also has a fractal interest n the common areas and is proportionately financially responsible

Real estate (19 decks)

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