Chapter 8 Flashcards
What is the difference between Real Estate and Real property?
Real estate refers to the physical home, the subsurface below it, and the air above it.
Real property is real estate + rights to use the property
What are Riparian rights?
Rights of an owner that owns a property that borders a river or stream
What are Littoral rights?
Rights of an owner that owns a property that borders the ocean or a lake
What is the opposite of Erosion?
Accretion
What is erosion?
Loss of soil by water carrying it away
What is Accretion
Increase in land area
What are the tests used by the courts to distinguish between real and personal property?
IRMA
Intent
Relationship
Method of Annexation
Adaptation
Which are the bundle of rights?
Possession - own and occupy the property
Disposition - sell/give away property
Enjoyment - use and enjoyment without another person claiming ownership (Title Insurance)
What is an estate in severalty?
When one person owns the home
What are the characteristics of a Tenancy in common?
Not a married couple
There is no right of survivorship
Each person has undivided interest in the whole, it can be created by the same or different deeds, at the same or different times
The owners can have equal or unequal shares
What are the characteristics of a Joint Tenancy
Two or more people that share equal and undivided interests (Not a married couple)
Right of survivorship
Upon the death of a joint tenant, they may not pass the ownership through a will
What are the requirements to create a joint tenancy?
PITT
Possession
Interest
Time
Title
What are tenancies by entireties?
Married couples
Right of Survivorship
The marriage is the owner of the property
What is the difference between freehold estate and a non-freehold estate?
Freehold involves ownership, non-freehold involves the traditional way of thinking of a “tenant”
What does a tenancy in entirety become upon a divorce?
A tenancy in common
What is the property owned by an individual prior to marriage?
Separate property
They may keep this property separate as well as any inheritance received during the marriage
Who is the remainder estate in a life estate situtation?
THE THIRD PERSON IN THE QUESTION IS THE REMAINDER ESTATE FOR THE EXAM
Define the roles in a life estate
Grantor - created the life estate, they own the home for someone they are taking care of
Reversion estate - if the person dies, the ownership stays with the grantor, but it becomes reversion estate
Remainder estate - if the original person being taken care of wished to leave their home to someone else, it would go to the remainder estate
What are the non-freehold estates?
Tenancy at will
Tenancy for years
Tenancy at sufferage
What is tenancy at will?
When the tenant is in lawful possession of the home with the landlord’s approved for an unspecified amount of time. This can be oral or in writing
Example: Lease expires, but landlord allows tenant to stay extra days
What is tenancy for years?
Tenant is in lawful possession of the home for a specified period of time
Example: a regular lease
What is tenancy at sufferage?
Tenant is in the apartment without any agreement
Example: a lease ends but the tenant does not move out without the landlord’s approval
Elective share
Used when a surviving spouse has been harmed by an unfair will. It provides 30% of the deceased’s real and personal property to the surviving spouse.
What protection does Homestead provide?
Protects the home from being sold to satisfy personal judgement liens like credit cards and personal loans
When can a Homesteaded home be foreclosed on?
When the debts are related to the property:
Mortgage
Property Taxes
HOA
Contractor
How much land does homestead protect?
half an acre if the property is in a municipality
160 acres if the property is outside a municipality
What kind of license is needed to sell the shares in a cooperative?
Real estate license
