General

Question 1

Two types of Fee Simple Estates

Answer 1

Fee simple absolute

Fee simple Defeasible

Question 2

Two types of Fee Simple Defeasible

Answer 2

1. Fee Simple Determinable (w/ poss of reverter)
   If wishes not followed, automatically lose property
2. Fee Simple Subject to a Condition Subsequent
   Doesn’t automatically revert, Heir must go to court

Question 3

Life Estate - Remainder Interest

Answer 3

Remainderman gets property after the life estate ends

Question 4

Life Estate - Reversionary Interest

Answer 4

If Remainderman not named, property reverts to original owner

Question 5

Life Estate - Pur Autre Vie

Answer 5

Another person is measuring stick

Question 6

Encumbrance

Answer 6

Claim, charge or liability attached to real estate

Question 7

4 types of Easements

Answer 7

1. Appurtenant Easement:
   Applies to adjacent properties
   Runs with the land
2. Easement in Gross:
   Non-adjacent properties
   Think Utility company
3. Easement by Necessity:
   Property w/o access to road
4. Easement by Prescription:
   Use someone elses land for 20 years

Question 8

Ownership in Severalty

Answer 8

Own property by yourself

1 owner

Question 9

4 forms of co-ownership

Answer 9

1. Tenancy in Common:
   Ownership may be willed
2. Joint Tenancy
   Ownership goes to surviving owners upon death
   Turns into ‘Tenancy in Common’ when non-original owners own
3. Tenancy by Entirety:
   Married couples
   Transfers to surviving spouse
4. Community Property:

Question 10

People involved in Trustes

Answer 10

1. Trustor (Sal)
2. Trustee (Bill)
3. Beneficiaries (Sal’s kids)

Question 11

3 methods of describing real estate

Answer 11

1. Meets and Bounds (Delaware):
   Directions and distance
2. Rectangular survey:
   Created in 1785
   SW 1/4 etc
3. Lot and Block

Question 12

2 Types of Leins

Answer 12

1. General - applies to all possessions

2. Specific - applies to a specific property

Question 13

Delaware Property Tax Dates

Answer 13

July 1 - June 30

Late: Sept 30th

Question 14

Statutory vs. Equitable Liens

Answer 14

Statutory liens are created by failing to comply with a law such as property taxes

Equitable liens are created by court rulings, mortgages,

Question 15

Ad Valorem Tax

Answer 15

Real estate tax

Specific, statutory and involuntary

Question 16

Express vs. Implied Contracts

Answer 16

Express - written or verbal

Implied - Based on Conduct (ex. eating at restaurant)

Question 17

Executed vs. Executory Contracts

Answer 17

Executed - All parties fulfilled obligations (ex. closing day)
Executory - A party still has an act to perform

Question 18

Offeror vs Offeree

Answer 18

Offeror - Buyer

Offeree - Seller

Question 19

Void, voidable and unenforceable contracts

Answer 19

Void - was never a legal contract
Voidable - Appears to be valid on surface (ex. drunk or minor)
Unenforceable - neither party can sue (oral real estate)

Question 20

In vs Voluntary Alienation

Answer 20

Voluntary transfer of title

Involuntary transfer of title such as Sheriff sale

Question 21

People involved with Deed and Mortgage

Answer 21

Deed:
Grantor (Seller) / Grantee (Buyer)

Mortgage:
Mortgagor (Homeowner) / Mortgagee (Bank)

Question 22

Delaware Granting Clause phrase

Answer 22

Grants & Conveys

Question 23

4 types of Deeds

Answer 23

1. General Warranty Deed: Provides most protection
2. Special Warranty Deed: Seller only responsible for their liens (used in Delaware)
3. Bargain & Sale Deed: Implies seller has good title
4. Quitclaim Deed: Least protection

Question 24

Division of Transfer Tax Revenue

Answer 24

State = 50%
County / City = 50%
1st time homebuyers = no state break