Chapters 9 & 10 Review Flashcards
An estate refers to:
Certain rights and the extent of ownership in land
The highest form of property ownership in Idaho is:
Fee Simple Absolute
How may a life estate be established?
By the provisions of the deceased estate
When does an ordinary life estate terminate?
Upon death of the life tenant
Legal life estates are:
For Husbands and Wives only
When a personal residence is foreclosed on, this law would protect some of the equity against unsecured creditors:
Homestead Laws
A client of yours wants you to draft up paperwork to allow their son a life estate in their home. What should you do?
Refer them to a lawyer
What is not a leasehold estate?
Tenancy by the entireties
What type of lease requires the tenant pay all of the property charges including taxes and insurance?
Net Lease
Which tenant would most likely have signed a percentage lease
An Office Supply store
Which event would likely terminate a lease prematurely?
Death of the lessee
This law requires a lease for over a year to be in writing to be enforceable:
Statute of Frauds
The Idaho Floating Homes Residency Act:
Requires the automatic renewal of leases without notice
What is the same as sole ownership?
Severalty ownership
If two brothers buy land together in Idaho, by default how to they take title?
Tenants in common
What happens to the interest of a ‘tenants in common’ owner upon their death?
Their will would stipulate
If a couple marries and she retains 100% free and clear ownership of her old house as a rental, what happens to the monthly rent received?
The rent is community property shared by both
A married man receives an inheritance and buys an office building as a rental with the money. What is the status of the rent paid by the building tenants?
He and his wife must share the rent
One of the 4 owners of an apartment building wants to sell but the others do not. Can the one owner force the partners to sell?
Yes, if a partition suit is filed in court
What is the type of property where the owner owns a block of air but no ground?
A condominium
When you list a property for a trust, what course of action is advisable?
Get a copy of the authorizing documents to verify the party you deal with has authority
What is the base system used in Idaho for all legal descriptions?
Government Rectangular Survey
What is the legal description style which uses a map that references streets and points of beginning?
Recorded Plat / Lot and Block
The N2, SE4, NW4, NE4 of Section 37 contains how many acres?
Zero, only 36 sections exist
The style of legal descriptions that uses monuments and compass directions is
Metes and Bounds
In a sale the seller is a client of firm A and the buyer is a client of firm B. What is true regarding agency law?
It is single agency
