Chapter 9 Flashcards
What is defined as a Title in real estate?
A collection of rights that a person has in the ownership of real property.
What is meant by equitable title?
The right to obtain full ownership where another maintains legal title to the property.
What does Alienation mean in real estate?
It means as transfer when used as real estate term
What is voluntary alienation?
It means when the grantor means (owner of the property) had a choice and made the decision to transfer his property to someone else.
What is involuntary alienation?
It means the grantor (owner of the property) did not have a choice; that the law determined that the property would be transferred as in eminent domain or other government interferences.
What is Eminent Domain?
It means the taking of private property for public good, such as the taking of a home so a new highway could be built.
What is defined when a grantor conveys (transfers) his property to another through a will?
The person making the will is called the testator and the person receiving the property is called the devisee
What is the known term when a person dies with a will?
Testate
What is the known term when a person dies without a will?
Interstate
What is the term used for the maker of a will?
Testator
What is the term used for the female maker of a will?
Testatrix
What is a holographic will?
One that is manually dated, signed in the testator’s own handwriting without a witness.
What are the four ways that property ownership can be transferred involuntarily?
Foreclosure, Escheat, Eminent Domain and Adverse Possession.
What does transfer by descent means?
It means the hereditary succession of the property by operation of law- meaning the state has determined who the heirs will be.
What does Escheat means?
The process by which the state of Florida has the legal authority to take ownership of a property if there is no will and no heirs
What Power Level does the government has?
PETE:
Police power - The constitutional authority and inherent power of a state to adopt and enforce laws and regulations to promote and support the public health, safety, morals and general welfare.
Eminent Domain-The right of the government (both federal and state), public corporations, (school districts, sanitation districts), public utilities and public service corporations (railroads, power companies) to take private property for a necessary public use, with just compensation paid to the owner.
Taxation -The right of the government to collect taxes on properties to support the cost of public services.
Escheat - If property owners die without a Willand withno heirs, their property “Escheats”or belongs to the state.
What is known as ‘Taking’?
This means that the government did not fulfill its obligation and that the land was taken illegally
What is known as Condemnation?
It is the court action used when the right of eminent domain is exercised. It does not refer to deteriorating buildings in this case.
What is known as Adverse Possession?
is based on the common law which says that all owners should be aware and in possession of their property at all times.
What must occur for Adverse Possession to occur?
O.P.A.T.C.H.
O- The claim must be open for all to see
P- Possession must be in the hands of the claimant
A- The claim must be actual, clearly visible for everyone to see
T- The claimant must have paid taxes for the time of possession.
C- The claim must be continuous for the statutory period of time. In Florida, the minimum is 7 years.
H- The claim must be HOSTILE to the owner’s title- meaning that another person has encroached within the boundary of the owner; contrary to the legal description of the owner.
