Kelly Cards - Real property

Question 1

Conveyance terminates upon the occurrence of a stated event

Answer 1

Qualified Fee
(page 105)

Question 2

The highest estate in land that can be owned. It can potentially last forever and is fully alienable

Answer 2

Fee Simple

Question 3

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”

Answer 3

Fee simple determinable

Question 4

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”

Answer 4

Fee simple on condition subsequent

Question 5

Type of Easement:

Directly benefits the use and enjoyment of a specific parcel of land

Answer 5

Appurtenant Easement

Question 6

Type of Easement:

When two parcel owners grant each other reciprocal (equal) easements

Answer 6

Easement in Common

Question 7

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

Answer 7

Easement in Gross

Question 8

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

Answer 8

Prescriptive Easement

Question 9

Type of Easement:
Usually involves landlocked parcels and the property owner must prove that being granted an easement is necessary with no other way

Answer 9

Easement by Necessity

Question 10

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

Answer 10

Easements for Solar or Scenic View

Question 11

Type of Easement:
An easement for ingress and egress or transportation purposes. It can benefit an adjoining land owner or a government entity

Answer 11

Right of Way Easement

Question 12

The acronym, OCEAN, is broken down how?

Answer 12

Open, continuous, exclusive, adverse, notorious

Question 13

Acquiring title to real property by showing clear and convincing evidence of “OCEAN” for 21 years

Answer 13

Adverse Possession

Question 14

A general partnership whose name does not include the names of all the partners associated with the partnership

Answer 14

Fictitious name

Question 15

Language of Legal Descriptions:
How big is a Township?

Answer 15

An area 6 miles by 6 miles containing 36 sections

Question 16

Language of Legal Descriptions:
How big is a section?

Answer 16

One mile long and one mile wide and has 640 acres

Question 17

Language of Legal Descriptions:
how big is an acre?

Answer 17

One Gunter’s Chain by 10 Gunter’s chains. It is 43,460 sqft

Question 18

What is the measurement of a square acre

Answer 18

208.7 feet by 208.7 feet

Question 19

Language of Legal Descriptions:

A historic land surveying measurement

Answer 19

Gunter’s Chain

Question 20

What is the measurement of Gunter’s Chain?

Answer 20

100 links each at .66 feet totaling 66 feet

Question 21

Language of Legal Descriptions:

How long is a mile

Answer 21

A length of 80 Gunter’s Chains or 5,280ft

Question 22

Loss of property through attachment, condemnation, foreclosure, etc. Kelly’s definition: Transfer of property without owner’s consent

Answer 22

Involuntary Alienation

Question 23

Legal process by which govt exercises it’s right of eminent domain

Answer 23

Condemnation

Question 24

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

Answer 24

Judicial Foreclosure

Question 25

Loss of property from nonfulfillment of some duty or condition

Answer 25

Forfeiture

Question 26

What are the three types of legal descriptions

Answer 26

Metes and bounds, govt land survey, and plats

Question 27

A metes and bounds legal description for lands owned by the federal govt

Answer 27

Govt land survey

Question 28

Recorded survey parcel to include adequate legal and technical wording so the property can be definitely located

Answer 28

Plat

Question 29

Legal description that includes initial point, successive lines bounding the parcel, curved lines, closures, and boundary monuments

Answer 29

Metes and bounds

Question 30

A checking account where funds are deposited by the parties to the transaction for use in that transaction

Answer 30

Escrow account

Question 31

Any money that is ready and available and safe for use and disbursement

Answer 31

Good funds law

Question 32

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

Answer 32

Real property

Question 33

What are the five types of real property?

Answer 33

Residential, commercial, industrial, agricultural, special purpose

Question 34

What is legal title?

Answer 34

Actual ownership of the property Example: In a trust, the trustee holds legal title to the real property but the beneficiaries hold equitable title

Question 35

What is equitable title?

Answer 35

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

Question 36

Type of estate where an interest in property has a duration of which is not fixed by a specified or certain period of time

Answer 36

Freehold estate

Question 37

Type of Estate: An interest in property where the duration is fixed by a specified or certain period of time

Answer 37

Non-freehold estate

Question 38

Right to possession of the land during the life of the estate holder

Answer 38

Life estate (page 106 review paragraph)

Question 39

When does a life estate terminate

Answer 39

Upon death

Question 40

Person to whom the interest in a property is granted

Answer 40

Estate holder (you studied this without the book on 3/11 at work. Read more about this)

Question 41

The measuring life is the life of another person other than the grantee

Answer 41

Life estate pur autre vie

Question 42

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

Answer 42

Marketable title

Question 43

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

Answer 43

Statute of frauds

Question 44

What are the nine elements of a deed?

Answer 44

Grantor, granting clause, grantee, legal description, exceptions, habendum clause, release of dower, signature, acknowledgment

Question 45

What are the four types of deeds?

Answer 45

General warranty deed, Limited warranty deed, fiduciary deed (executor administrator trustee etc), quit claim deed

Question 46

Type of deed: Gives a warranty to the grantee that the property is free from all encumbrances

Answer 46

General warranty deed

Question 47

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

Answer 47

Limited warranty deed

Question 48

Type of deed: Grantor is acting for the care of someone else

Answer 48

Fiduciary deed

Question 49

Grantor grants his interest but makes no warranties that he has good title or that it’s free from encumbrances

Answer 49

Quit claim deed

Question 50

What are the two types of tenancies when more than one person owns property together?

Answer 50

Joint/survivorship tenancy and tenancy in common

Question 51

What does each type of tenancy mean?

Answer 51

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

Question 52

What are the 7 types of easements

Answer 52

Appurtenant, Easement in common, easement in gross, prescriptive easement, easement by necessity, easements for solar or scenic view, right of way easement

Question 53

Type of easement: Directly benefits the use and enjoyment of a specific parcel of land

Answer 53

Appurtenant

Question 54

Type of easement: When two parcel owners grant each other reciprocal easements

Answer 54

Easement in common

Question 55

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

Answer 55

Easement in gross

Question 56

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

Answer 56

Prescriptive easement

Question 57

Type of easement: Usually involves landlocked parcels in the property owner must prove that being granted an easement is necessary

Answer 57

Easement by necessity

Question 58

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

Answer 58

Easements for solar or scenic view

Question 59

Type of easement: An easement for ingress and egress or transportation purposes it can benefit an adjoining land owner or a government entity

Answer 59

Right of way easement

Question 60

Types of encumbrances:

Answer 60

Covenants, conditions, restrictions, encroachments

Question 61

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

Answer 61

Covenants

Question 62

Type of encumbrance: Qualifies the nature of the ownership to the property

Answer 62

Conditions

Question 63

Type of encumbrance: Limited ability to use the property in a certain manner

Answer 63

Restrictions Example: Can’t build a fence taller than 3 feet

Question 64

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

Answer 64

Condemnation

Question 65

Property over which the owner has relinquished all right title claim and possession with the intention of not reclaiming it or resuming its ownership

Answer 65

Abandonment

Question 66

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

Answer 66

Foreclosure

Question 67

Loss of property from non-fulfillment of some duty or condition

Answer 67

Forfeiture (page 120: review paragraph)

Question 68

Property owners have an equitable right to “take back” their property at any time before the confirmation of sale

Answer 68

Redemption (Page 120. Review this paragraph)

Question 69

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

Answer 69

Quiet title (Page 121 in book; 1:12:59 on class 2 real property)

Question 70

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

Answer 70

Partition

Question 71

A pending lawsuit

Answer 71

Lis pendens

Question 72

Process of judicial sale (7 steps)

Answer 72

1. Lien holder obtains prelim judicial report to determine interests 2. Lien holder files complaint naming all parties with interest 3. Interested parties are served and then have the right to answer 4. Plaintiff files final judicial report which asks for a judgement 5. Court renders foreclosure decree and county appraises property 6. Sherriff's sale is ordered 7. After sale, a confirmation of sale is filed

Question 73

What is a foreclosure decree?

Answer 73

A judgment entry determining the rights of the parties and finding that the debtor is in default and orders a foreclosure