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Real Estate > Review Unit 4, 5, &6 > Flashcards

Review Unit 4, 5, &6 Flashcards

1
Q

Ownership in severalty is..

A

property is owned by one individual, corporation, or other entity

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2
Q

Co-ownership is..

A

a title to a parcel of real estate is held by two or more individuals

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3
Q

Tenancy in common is..

A

each tenant holds an undivided interest in the property … each owner is entitled to possession and use of the entire property even though each holds a fractional ownership interest

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4
Q

Joint tenancy is..

A

Property owned by two or more people, whether married or unmarried

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5
Q

Distinguishing feature of joint tenancy is ..

A

the right of survivorship

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6
Q

The right of survivorship means..

A

upon the date of a joint tenant the deceased interest transfers directly to the serving joint tenant(s)

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7
Q

How do you create a joint tenancy? (PITT-4 unities)

A
  1. Unity of possession - undivided right to possession
  2. Unity of Interest - equal ownership interest
  3. Unity of time - interest at the same time
  4. Unity of title - acquire their interest by the same document
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8
Q

How do you terminate a joint tenancy?

A

When any one of the 4 unities of joint tenancy is terminated.

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9
Q

What’s a partition?

A

A legal way to dissolve the relationship between co-owners of real estate when the parties do not voluntarily agree to its termination.

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10
Q

Tenancy by the entirety is..

A

a special form of co-ownership recognized to married couples by half of the states. It allows a spouse to inherit the other spouse’s ownership interest upon their death.

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11
Q

4 Forms of Co-ownership are..

A
  1. Tenancy in common
  2. Joint Tenancy
  3. Tenants by the entirety
  4. Community Property
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12
Q

What is a trust?

A

A trust is a device by which one person transfers ownership of property to someone else to hold or manage for the benefit of a third party.

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13
Q

Living trust vs. Testamentary trust

A

Living trust - while one is still alive

Testamentary trust - established by will after the owners death

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14
Q

3 Types of Ownership by business organizations are..

A
  1. Partnership
  2. Corporations
  3. Limited Liability Companies
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15
Q

A partnership is..

A

two or more persons who carry on a business for profit as co-owners.

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16
Q

A corporation is..

A

a legal entity which is managed and operated by its board of directors who are selected by the owners and its shareholders.

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17
Q

A limited liability company is..

A

a relatively recent form of business organization … LLC offers tax advantages of a partnership and income flows directly to the members of the LLC instead of being double taxed like a corporation

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18
Q

Condominium vs. Cooperative vs. Timeshare

A

Descriptions, Ownership, Transfer, and Governance

19
Q

3 Methods of describing real estate

A
  1. Meets and Bounds (POB- Point of Beginning)
  2. Rectangular (government) survey
  3. Lot and Block (plat)
20
Q

How many feet in one acre?

A

43,560 FT

21
Q

A township is ..

A

When the horizontal lines and vertical range lines intersect to form squares..
a township is 6 miles square and contains 36 square miles .. a township is divided into sections and subsections called halves and quarters

22
Q

How many sections in a township?

A

36

23
Q

In a single township section.. How many acres are there?

A

640.. with 43,560 square feet in each acre

24
Q

What is Voluntary alienation?

A

legal term for the transfer of title during the property owners lifetime

25
Q

Grantor is..

A

someone who conveys property to a grantee

26
Q

Grantee is..

A

Someone who receives the property

27
Q

Deed is..

A

a document by which an owner of real estate conveys the right, title, or interest owned in the parcel of real estate to someone else.

28
Q

What is a granting clause?

A

A deed must contain a granting clause that states the grantor’s intention to convey the property. “I JonTay, grant, bargain, sell..”

29
Q

Habendum Clause is?

A

necessary to define ownership

may include the words “to have and to hold”

30
Q

Acknowledgment

A

formal declaration under oath that the person who signs a written document does so voluntarily and the signature is genuine.

31
Q

Types of Deeds..

A
  1. General warranty deed
  2. Special warranty deed
  3. Bargain and sale deed
  4. Quitclaim deed
  5. Deed of trust
  6. Reconveyance deed
  7. Trustee’s deed
  8. Deed executed pursuant to a court order
32
Q

A general warranty deed is..

A 
provides the most protection to the buyer bc the grantor is legally bound by certain covenants -- highest and best 
Covenants of.. 
-Seisin
-Against Encumbrances
-Of Further Assurances
-Of Quiet Enjoyment 
-Of Warranty Forever
33
Q

A special warranty deed is..

A

limits the grantor’s defense of the title transferred by warranting

34
Q

A bargain and sale deed is..

A

contains no express warranties against encumbrances but, it does imply that the grantor holds title and possession of the property

35
Q

A quitclaim deed is..

A

a deed that provides the grantee with the least protection of any deed. It carries no warranties and generally conveys only whatever interest the grantor may have when the deed is delivered.

36
Q

A deed of trust is..

A

conveyance from trustor to trustee

37
Q

Reconveyance deed is..

A

conveyance from trustee back to trustor..

38
Q

A trustee’s deed is..

A

conveyance from trustee to third party

39
Q

Transfer tax stamps are..

A

Tax on conveyance of real estate

for every 500 stamps = $1.85 or $3.70 per 1000

40
Q

Involuntary Alienation comes thru..

A

Adverse possession

41
Q

Adverse possession must be (ONCHA)

A 
Open
Notorious
Continuous 
Hostile
Adverse
42
Q

Probate is..

A

formal judicial process

43
Q

4 Ways of involuntary alienation..

A
  1. Person dies intestate
  2. Land needed for public use
  3. non payment
  4. ONCHA

Real Estate (8 decks)

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