Kelly Cards - Real property Flashcards
Conveyance terminates upon the occurrence of a stated event
Qualified Fee
(page 105)
The highest estate in land that can be owned. It can potentially last forever and is fully alienable
Fee Simple
Type of Qualified Fee:
An instrument providing that the estate shall automatically terminate upon the happening of a stated event. “So long as, while, until”
Fee simple determinable
Type of Qualified Fee: Conveyance may terminate and grantor reserves right to re-enter property and take it back with language on deed that states “provided, however, but if”
Fee simple on condition subsequent
Type of Easement:
Directly benefits the use and enjoyment of a specific parcel of land
Appurtenant Easement
Type of Easement:
When two parcel owners grant each other reciprocal (equal) easements
Easement in Common
Type of Easement:
The right or benefit to one person over the land of another which does not benefit another parcel, but benefits the owner
Easement in Gross
Type of Easement:
Not granted, but arising from the continued, hostile use of the others real property. Must prove no permission was given and the easement was used for at least 21 years
Prescriptive Easement
Type of Easement:
Usually involves landlocked parcels and the property owner must prove that being granted an easement is necessary with no other way
Easement by Necessity
Type of Easement:
Easements for specific and obvious purposes and are sometimes referred to as negative easements. Usually for air above ground and created to protect nature
Easements for Solar or Scenic View
Type of Easement:
An easement for ingress and egress or transportation purposes. It can benefit an adjoining land owner or a government entity
Right of Way Easement
The acronym, OCEAN, is broken down how?
Open, continuous, exclusive, adverse, notorious
Acquiring title to real property by showing clear and convincing evidence of “OCEAN” for 21 years
Adverse Possession
A general partnership whose name does not include the names of all the partners associated with the partnership
Fictitious name
Language of Legal Descriptions:
How big is a Township?
An area 6 miles by 6 miles containing 36 sections
Language of Legal Descriptions:
How big is a section?
One mile long and one mile wide and has 640 acres
Language of Legal Descriptions:
how big is an acre?
One Gunter’s Chain by 10 Gunter’s chains. It is 43,460 sqft
What is the measurement of a square acre
208.7 feet by 208.7 feet
Language of Legal Descriptions:
A historic land surveying measurement
Gunter’s Chain
What is the measurement of Gunter’s Chain?
100 links each at .66 feet totaling 66 feet
Language of Legal Descriptions:
How long is a mile
A length of 80 Gunter’s Chains or 5,280ft
Loss of property through attachment, condemnation, foreclosure, etc. Kelly’s definition: Transfer of property without owner’s consent
Involuntary Alienation
Legal process by which govt exercises it’s right of eminent domain
Condemnation
Property is to be sold as an order by the court and the court confirms the sale to prevent subsequent attacks by mortgagor or other interested parties
Judicial Foreclosure
Loss of property from nonfulfillment of some duty or condition
Forfeiture
What are the three types of legal descriptions
Metes and bounds, govt land survey, and plats
A metes and bounds legal description for lands owned by the federal govt
Govt land survey
Recorded survey parcel to include adequate legal and technical wording so the property can be definitely located
Plat
Legal description that includes initial point, successive lines bounding the parcel, curved lines, closures, and boundary monuments
Metes and bounds
A checking account where funds are deposited by the parties to the transaction for use in that transaction
Escrow account
Any money that is ready and available and safe for use and disbursement
Good funds law
Things that are attached or affixed to the land including rights to what is above and below the surface of the land such as crops plants shrubs timber all building structures improvements in fixtures and privileges such as easements oil gas and then all rights
Real property
What are the five types of real property?
Residential, commercial, industrial, agricultural, special purpose
What is legal title?
Actual ownership of the property
Example: In a trust, the trustee holds legal title to the real property but the beneficiaries hold equitable title
What is equitable title?
When someone holds title for the benefit of others
Example: In a land contract, the vendor or seller holds legal title but the vendee or buyer holds equitable title
Type of estate where an interest in property has a duration of which is not fixed by a specified or certain period of time
Freehold estate
Type of Estate: An interest in property where the duration is fixed by a specified or certain period of time
Non-freehold estate
Right to possession of the land during the life of the estate holder
Life estate
(page 106 review paragraph)
When does a life estate terminate
Upon death
Person to whom the interest in a property is granted
Estate holder
(you studied this without the book on 3/11 at work. Read more about this)
The measuring life is the life of another person other than the grantee
Life estate pur autre vie
One which conveys such ownership rights so as to ensure the buyer will have the peaceable enjoyment in control of the land against all others
Marketable title
What does it mean when no lease, estate or interest in, shall be assigned or granted, except by deed or note in writing signed by the party assigning or granting it
Statute of frauds
What are the nine elements of a deed?
Grantor, granting clause, grantee, legal description, exceptions, habendum clause, release of dower, signature, acknowledgment
What are the four types of deeds?
General warranty deed, Limited warranty deed, fiduciary deed (executor administrator trustee etc), quit claim deed
Type of deed: Gives a warranty to the grantee that the property is free from all encumbrances
General warranty deed
Type of deed: Gives a warranty that the property is free from encumbrances made or caused by grantor personally grantor is not warranting it is free from all encumbrances
Limited warranty deed
Type of deed:
Grantor is acting for the care of someone else
Fiduciary deed
Grantor grants his interest but makes no warranties that he has good title or that it’s free from encumbrances
Quit claim deed
What are the two types of tenancies when more than one person owns property together?
Joint/survivorship tenancy and tenancy in common
What does each type of tenancy mean?
Survivorship means upon the death of one of the owners the interest automatically passes to the other owner. Tenancy in common means there is no survivorship language and upon the death of a grantor the interest passes to their heirs rather than the other owner
What are the 7 types of easements
Appurtenant, Easement in common, easement in gross, prescriptive easement, easement by necessity, easements for solar or scenic view, right of way easement
Type of easement:
Directly benefits the use and enjoyment of a specific parcel of land
Appurtenant
Type of easement:
When two parcel owners grant each other reciprocal easements
Easement in common
Type of easement:
The right or benefit to one person over the land of another which does not benefit another parcel, but benefits the owner
Easement in gross
Type of easement:
Not granted, but arising from the continued hostile use of the others real property. Must prove use was open notorious adverse continuous and for a period of at least 21 years. Babe there’s nothing out there there’s nobody here
Prescriptive easement
Type of easement:
Usually involves landlocked parcels in the property owner must prove that being granted an easement is necessary
Easement by necessity
Type of easement:
Easements for specific and obvious purposes and are sometimes referred to as negative easements. Usually for air above ground and created to protect nature
Easements for solar or scenic view
Type of easement:
An easement for ingress and egress or transportation purposes it can benefit an adjoining land owner or a government entity
Right of way easement
Types of encumbrances:
Covenants, conditions, restrictions, encroachments
Type of encumbrance:
An agreement written into deeds leases and other instruments promising performance or non-performance of certain acts, or stipulating certain uses or non-uses of real property
Covenants
Type of encumbrance: Qualifies the nature of the ownership to the property
Conditions
Type of encumbrance:
Limited ability to use the property in a certain manner
Restrictions
Example: Can’t build a fence taller than 3 feet
Type of involuntary alienation: The legal process by which a governmental body exercises it’s right of eminent domain to acquire private property for public use
Condemnation
Property over which the owner has relinquished all right title claim and possession with the intention of not reclaiming it or resuming its ownership
Abandonment
A proceeding to determine the existence of a mortgage or other lien, ascertain the extent of the liens, to cause the sale of the property encumbered by the lien, and apply the proceeds of the sale to the satisfaction of the indebtedness secured by the lien
Foreclosure
Loss of property from non-fulfillment of some duty or condition
Forfeiture
(page 120: review paragraph)
Property owners have an equitable right to “take back” their property at any time before the confirmation of sale
Redemption
(Page 120. Review this paragraph)
A court action may be brought by a person in possession of real property, against any person who claims an interest therein adverse to him for the purpose of determining such adverse interest.This determines ownership or easement rights to property
Quiet title
(Page 121 in book; 1:12:59 on class 2 real property)
When two or more parties agree who owns real property together but disagree on how to manage the property or how to sell the property
Partition
A pending lawsuit
Lis pendens
Process of judicial sale (7 steps)
- Lien holder obtains prelim judicial report to determine interests
- Lien holder files complaint naming all parties with interest
- Interested parties are served and then have the right to answer
- Plaintiff files final judicial report which asks for a judgement
- Court renders foreclosure decree and county appraises property
- Sherriff’s sale is ordered
- After sale, a confirmation of sale is filed
What is a foreclosure decree?
A judgment entry determining the rights of the parties and finding that the debtor is in default and orders a foreclosure
