Highlight chapter 8 Flashcards
Real Estate
Real estate is physical, tangible, and immobile. It includes the earths surface, sub surface, and the air above the surface. It also includes anything growing on the land, anything permanently attached to the land, and all improvements on, and to the land.
The fourth test used by courts to determine Real or personal property are as follows:
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-Intent of the parties. By reviewing the list and south contracts, the court may be able to decide what was intended. The words and actions of the parties before, Juan, and after the Sam may also be considered, and making this decision
-Relationship of the parties. The terms of a lease, for example, may specify that certain improvements made by a tenant during the term of the contract may be removed of the expiration of the lease. This legal relationship may be the basis for the courts decision.
-Method of annexation. How an article is attached to the property, may very well determined, and the judgment of court, whether an item should be removed or not.
-Adaptation of the article. This test looks to the manner in which the item in dispute is being used. If the item is not surgical for the purpose and utility for which the building was constructed, the cord would usually decide the item Israel property. 
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Legal rights and property
There are five large sticks in the bundle of rights:
-Possession: an owner has a right to possess or occupied property
-Disposition: an owner generally has the right to sell the property, to give it away, or leave it in a will.
-Enjoyment: an owner has the right to quite use an enjoyment of the property without disturbance by hostile claimants
-Exclusion: owners have the right to prevent others from entering or using their property
-Control: and honor has the right to determine how the property will be used
Estates
An estate is the degree, quantity, nature, and extent of interest or ownership, right a person can have in real property.
We are property ownership can be undivided, or divided into various types of smaller estates. A party entitled to write and property as a tenant.
We have two types of estates :
Freehold Estates and non-freehold (leasehold )Estates
Freehold Estates
If freehold estate is an estate involved ownership. Anyone who owns real property has a freehold estate.
Fee simple estate
Fee simple estate is a freehold estate.
And if he simple estate, the owner has a complete bundle of rights.
Tenancy in common(estate in common)
A tenancy in common is a estate held by two or more persons. Each person has an undivided interest in the whole property. A tenancy in common ownership can be created by the same or different deeds, at the same or different times, with equal or equal shares of ownership.
A common owner may leave their interest in a well. If the owner, dies intestate, the interest interest will descent to the owner is Heirs
Joint tenancy
A joint tenancy is a fee estate shared by two or more purses, who must have equal an undivided interest. A drunk tenancy can be created only when the four unities of possession, interest, time, and title, our present, and other words, all tenants must have equal rights of use and possession, equal and undivided interest, and have acquired their ownership at the same time by the same deed or conveyance
Tennessee by the entireties
Tennessee by the entireties is a freehold estate, is an estate for spouses only. The marriage is considered to be the owner of the property in which his spouse has a right of survivorship.
Life estate
Life estate is a freehold estate creator when an owner of a fee, simple estate conveys ownership to another, but only for the balance of the lifetime of the party, to whom the property is conveyed.
Provision must be made in the deed that creates a life a state for the succession of ownership upon the death of the life tenant. The party who created the life estate, called the grantor, may wish to have the property ownership return to them, or to their heirs. The rights are regained. The ownership is called a reversion estate. The grantor may instead wish to have the property pass to another person or entity, named, and the original deed. If someone other than the original owner is to receive the ownership, it is called a remainder estate. The difference between a revers estate, and a remainder estate is simply who is to receive the ownership.
Tenancy at will
Tenancy at Will is a non-freehold estate with a tenant in lawful possession of the property and an agreement with the landlord, but with no definite time limit for the rights to terminate. The agreement can be oral or written, and is referred to as a period of period Tennessee.
Elective share
Elective share provides for surviving spouse to be entitled to 30% of the descendants, real and personal property owned at the time of death. The purpose of elective share is to prevent a spouse from being harmed by an unfair wheel. If it descendent left less than 30% to their spouse, the survivors spouse can use this right to override the well and claim at least that amount.
Constitutional homestead rights
The Florida Constitution exempt homestead property from the execution and forced sale of the property to satisfy personal judgment liens, such as personal loans, or credit card debt, which are held against the head of a household. However, Holmes property can be foreclosed upon for that that are related to the property and that’s entered into jointly by both spouses. In other words, homestead property can be sold at foreclosure, for nonpayment of any lien, except a judgment lien against the head of household. The amount of property protected by Homestead right is limited to 1/2 acre if the Homestead is located within a municipality or to 160 acres is located outside of municipality.
The homestead rules override any attempted disposition in a well, with only one exception
Cooperatives
Cooperative ownership is legally quite distinct from condominium ownership. A cooperative association is a cooperation that buys and owns a multiple unit building. Shares of stock, and the corporation are sold individuals who intern are given a propriety, lease by the corporation, which allows the shareholder to occupy specified space within the building. Even though owners receive a proprietor release, a real estate license is required to sell units and cooperative.
