Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

REAL ESTATE > Section 2 > Flashcards

Section 2 Flashcards

1
Q

What are the 4 powers by Govt that limits the rights to real property?

A
  1. Eminent domain
  2. Police Power of Government
  3. Power to Tax Real Estate
  4. Power of Escheat
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Right of federal, state and local govt to assume ownership of private property for a necessary public use with $ paid to owner

A

Eminent Domain

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Condemnation

A

Legal proceeding by which govt obtains ownership of property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Right of government to adopt/enforce laws, ordinances, and code to protect and support order, health, safety and welfare
Orderly, non discriminatory, non-advantageous and not compensated

A

Police Power

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Derives from state/local govt rights to tax property to raise general revenue

  • can also seize property if taxes not paid
  • tax lien automatically placed on property, and removed when paid
  • if not paid, allows govt to force the sale to collect unpaid taxes
A

Taxation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Power of state government when individual dies with no will or heirs

A

Escheat

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Any interest held by any person other than the owner

  • restricts use of the property and/or reduces its value and should be noted on deed
A

Encumberance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Deed Restrictions

A

Private agreements contained in a deed, lease, or will restricting use/occupancy of property. Most common: size, price, design, and setback lines of improvement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Who is subject to deed restrictions?

A

Buyer is subject to deed restrictions. Received fee simple title subject to deed restrictions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Unauthorized infringements on a property owners rights as a result from physical intrusion (up to date survey will find this)

A

Encroachments

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Legal right to enter upon another’s property. Interest in the land rather than contractual agreement

A

Easement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What method will identify encroachments?

A

Metes and Bounds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Indeterminable duration and can be setup to exist forever or based on a particular persons lifetime

A

Freehold Estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Fee Simple Estate

A
  • exists for an indefinite duration
  • can be sold, given away, passed to heirs
  • highest and most compatible ownership
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Fee simple estate that has certain qualifications/limits. Owner holds fee simple title subject to certain conditions. “Defeasible”- capable of being voided, annulled or defeated

A

Qualified Fee Estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Fee simple conveyed to a person for duration of someones life; life of tenant or a 3rd party. Holder of this has full rights

A

Life Estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Future investment in real estate at the same time and by the same instruments as another estate. Arises automatically upon termination of prior estate

A

Remainder Estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Remainderman

A

Person designated to take title upon term of prior estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Estate that is left, or reverts to the grantor after the grantor has conveyed a lessee estate to someone else

A

Reversion Estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Any estate created by law

A

Statutory Estate

21
Q

Definite duration and does not involve ownership. Tenant possess a leasehold and therefore has exclusive use of property for a time period

A

Leasehold Estate

22
Q
  • Definite beginning and end
  • Doesnt automatically renew
  • Not terminated by sale of property
A

Estate for Years

23
Q
  • Runs for an indefinite # of time period (mon-mon, year-year)
  • Requires proper notice to terminate
  • Renews automatically
A

Estate Year to Year “Periodic Estate”

24
Q

In lawful possession of RE with no definite time period specified to vacate, and no recurring period specified

A

Estate at Will

25
Q

Tenant occupies RE after lawful rights run out. Termination does not require notice. Runs until vacant

A

Estate at Sufferance

26
Q
  • Individual ownership
  • Title held in fee simple estate or life estate in name of 1 person or corporate
  • Passes to heirs
A

Tenancy in Severalty

27
Q
  • Estate owned by 2 or more people each with right of survivorship
  • One title exists and all owning equal shares
A

Joint Tenancy/Joint Estate

28
Q

What happens when one joint tenant dies?

A

Remaining joint tenants automatically receive his interest by right of JTROS

29
Q

What 4 unities must occur simultaneously in a Joint Tenancy?

A
  1. Unity of Title
  2. Unity of Interest
  3. Unity of Possession Joint
  4. Unity of Time
30
Q

Unity of Title

A

Must acquire title from same deed/will

31
Q

Unity of Time

A

All must be named at the same time. If they want to add, it requires new joint tenancy

32
Q

Unity of Interest

A

Own one single interest together, equally. If joint tenant list individual interest, then they are treated a tenant in common

33
Q

Unity of Possession Joint

A

Must have undivided possession of whole property, and must have use of entire property

34
Q
  • Exists between Husband and Wife
  • Places title to property in marital unit
  • Often used to escape probate- if one spouse dies, survivor automatically succeeds ownership
  • Terminated by: mutual agreement, divorce or joint conveyance
A

Tenancy by the Entireties

35
Q
  • Co-tenants hold title to property in fee simple, in their own names
  • May have equal or unequal ownership interests
  • Undivided interest in whole property
A

Tenancy-In-Common

36
Q

If Tenant in Common cannot agree to a termination of tenancy or severance of interests, what is the remedy to fix?

A

Partition Suit

37
Q

2+ persons who carry on a buisness for profit as co-owners

A

Tenancy in Partnership

38
Q

General Partnership

A

All owners are general partners and each is individually liable for debts/obligations. Does NOT need to be in writing

39
Q

Limited Partnership

A
  • One or more general partners, and one or more limited partners.
  • General partners control operation of biz, and limited partners must make a definite declared investment of $ or property, but no services of any kind
40
Q
  • Fee simple title to RE can also be held in a trust
  • RE conveyed by trustor (grantor) to trustee
  • Trustee holds title to RE and must manage it for benefit of another (beneficiary)
A

Teneacy in Trust

41
Q

If a buyer wants to maintain confidentiality, what can he place title to property in?

A

Land Trust

42
Q

As association of 2+ individuals or companies who join together for a common investment purpose and raise $ from investors to achieve their desired purpose

A

Syndicate

43
Q

How many owners does Tenancy in Severalty have?

A

One owner

44
Q

If one dies, the property by law passes to surviving spouse.

A

Tenants in Entireties

45
Q

The owner of undivided interest in land with no right of survivorship owns it as a what?

A

Tenant in Common or in Severity

46
Q

Landlord/tenant relationship

A

Tenancy at Will

47
Q

TRUE OR FALSE: it is possible for the creator of the trust, the trustor and beneficary to be the same person

A

TRUE- when a public official puts their assests into blind trust

48
Q

Unites of time, title, interest and possession are required to create what?

A

Right of survivorship, Joint tenancy

REAL ESTATE (14 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions