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ME RE Exam > Ownership > Flashcards

Ownership Flashcards

1
Q

fee simple absolute

A

greatest form of ownership; possession/quiet enjoyment/gift/sale/control use

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2
Q

fee simple subject with conditional subsequent

A

defines use of the property and what it cannot be; if it is used for such purposes, it will revert back to grantor/heirs

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3
Q

fee simple determinable

A

defines use of what the land needs to be used for; if it is used for something else, it reverts back to grantor/heirs

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4
Q

estate in remainder

A

l

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5
Q

estate for years

A

FIXED TIME; defined. Terminates automatically

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6
Q

Estate from year-to-year

A

PERIODIC; automatically renew unless one party gives notice to the other during the prescribed time at the end of the estate

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7
Q

Estate at will

A

duration is unknown, may be terminated at any time by either party

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8
Q

Estate at sufferance

A

occupation of a property previously in lawful possession and now is not

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9
Q

sole ownership

A

held by one person

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10
Q

concurrent ownership

A

2+ people

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11
Q

Tenancy in common

A

2+ people holding title; no right of survivorship; upon death the deceased’s share will pass to the person’s heirs; can sell share without destroying the tenancy relationship

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12
Q

Joint tenancy

A

unity of time, title, interest, possession. Same interest in property; receive title at same time (same source), same degree of undivided ownership and right to possession. Right of survivorship: one joint tenant dies, shares divided among remaining joint tenants. If one sells their interest, the new person becomes a tenant in common while others are still joint tenants.

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13
Q

Joint tenancy

A

unity of time, title, interest, possession. Same interest in property; receive title at same time (same source), same degree of undivided ownership and right to possession. Right of survivorship: one joint tenant dies, shares divided among remaining joint tenants. If one sells their interest, the new person becomes a tenant in common while others are still joint tenants.

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14
Q

Maine Condo Act

A

1983 - condos created must include a declaration and bylaws

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15
Q

condo declaration

A

name, legal description, plat, plan, description of common elements and limited common elements, allocated % interest, restrictions

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16
Q

Consumer Protection Requirements: Condos (First Time)

A 
current balance sheet & projected budget
expenses that will become common
special fees paid at closing
liens, defects, encumbrances 
public offering statement
description of insurance coverage provided for unit owners
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17
Q

Sole proprietorship

A

business owned by 1 individual

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18
Q

Partnerships

A

business owned by 2+ partners; do not have to have the same degree of interest

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19
Q

Corporation

A

artificial being only existing in contemplation of law; created by charter granted by its state of incorporation

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20
Q

syndication

A

organization of investors in real estate

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21
Q

joint venture

A

organization of 2+ parties for the purpose of investing in real estate

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22
Q

trust

A

arrangement where property is transferred by its owner to a trustee; trustee holds title and manages property for the benefit of 1+ beneficiaries

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23
Q

air rights

A

ownership of land and the rights to the area above the surface of the earth

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24
Q

mineral rights

A

right of the owner to take minerals from the earth

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25
Q

riparian rights

A

rights of an owner of property bordering a body of water; affords access to and use of the water

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26
Q

riparian rights

A

rights of an owner of property bordering a body of water; affords access to and use of the water

27
Q

eminent domain

A

government power to take private property for public use; owner must be paid FAIR MARKET value

28
Q

police power

A

power of govn’t to fulfull responsibility to provide for the health, safety, and welfare of the public

29
Q

power of taxation

A

taxes imposed based on property value

30
Q

power of escheat

A

owner dies without will/no qualified heirs - property escheats to the state (state takes title)

31
Q

encumberance

A

anything that diminishes bundle of rights of real property

32
Q

encroachment

A

a trespass on the land of another by something that was built

33
Q

easement

A

right to use/have access to land that they do not own

34
Q

dominant vs servient tenement

A

dominant - land that is benefited by the easement (receiving access)

servient - land encumbered by easement (giving access)

35
Q

appurtenance

A

additions that “run with the land” or stay with title when it is sold

36
Q

easements in gross

A

railways, powerlines (commercial can be conveyed)

37
Q

affirmative vs negative easement

A

affirmation - requires servient property to permit activity on servient estate by dominate owner

negative - one that prohibits servient owner from doing something on their land because it will negatively impact dominant land

38
Q

affirmative vs negative easement

A

affirmation - requires servient property to permit activity on servient estate by dominate owner

negative - one that prohibits servient owner from doing something on their land because it will negatively impact dominant land

39
Q

Types of Easements

A

express: using appropriate language in deed
implied: actions of the party

operation of law: prescription; using land for x amount of time and proving in court. Also eminent domain.

40
Q

Termination of easements

A

Release by dominant owner
Combining dominant/servient lands into one tract
Abandonment of easement by dominant owner
Purpose for easement ceases to exist
Expiration of specified time

41
Q

lien

A

claim/charge against the property of another

42
Q

mortgage lien

A

pledge property in security for debt owned

43
Q

mechanic’s/materialman’s lien

A

Persons providing material/labor for construction can file lienagainst property for which they provided materials/labor

44
Q

Property Tax/Assessment Lien

A

real property tax liens have priority over all liens, liens levied by government for repayment of tax or installation of items such as sewer lines, water lines, sidewalks.

45
Q

Vendor Lien

A

when seller does not receive the full purchase price at the time of title conveyance

46
Q

Vendor Lien

A

when seller does not receive the full purchase price at the time of title conveyance

47
Q

lis pendens

A

notice that a lawsuit is pending and that a resulting judgement may create a lien against the property

48
Q

judgement lien

A

judgement made where one person is indebted to another

49
Q

income tax lien

A

lien created for past due/unpaid taxes

50
Q

estate & inheritance tax lien

A

estate tax - inheritance tax for a property

federal estate tax - tax paid by heirs of a dead person; paid from the assets of the estate

51
Q

specific performance

A

instruction of a court to fulfill obligations under a contract for sale

52
Q

leasehold

A

nonfreehold estate. one of limited duration that provides the right of possession and control but not title.

53
Q

escheat

A

power of government to take title to property left by a person who died without a will and valid heirs

54
Q

pur autre vie

A

“for the life of another”; a life estate measured by the life of someone other than the life tenant

55
Q

estate in remainder

A

title conveyed to person 1 and then to person 2 after the death of person 1

56
Q

estate in reversion

A

if will does not name the remainderman, title reverts to the original grantor or grantor’s heirs

57
Q

cooporative ownership

A

form of ownership where stockholders in a corporation occupy property owned by the corporation under a lease

58
Q

2 primary classifications of leases

A

gross lease - owner pays any expenses of the property

net lease - tenant pays all of the expenses

59
Q

ground lease

A

rental of land alone, which may be improved by the tenant

60
Q

termination of leases (4)

A

breach of condition
expiration of rental term
mutual agreement
condemnation of the property

61
Q

Actual eviction

A

aka ejectment

occurs when lessee fails to adhere to conditions of the lease

62
Q

Constructive eviction

A

results from action or inaction of lessor that renders the premises uninhabitable

63
Q

Importance of Recording a Deed

A

protects grantee’s title against creditors of the grantor and subsequent conveyances by the grantor

ME RE Exam (8 decks)

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