study guide chapter 9 Flashcards
Alienation of Title:
Alienation of Title: Separation of ownership includes Voluntary: Will and Deed
Involuntary: Adverse Possession, Eminent Domain, Escheat, Decent and Distributuion or Probate (no will) Pg 150
When Transferring title: Signature of grantor and 2 witnesses.
Only the GRANTOR Signs the Deed. Signature of Grantee is NOT required.
Eminent Domain:
The right the government has to take private property for public use.
(Shopping Center-private property/School, VA Hospital, Railroad, Power plant- Public
property. (pg 143, 153)
Requirements for valid instruments of deed conveyance:
In writing, must have a grantor and grantee, Must have Legal capacity, Consideration, Granting Clause, Legal Description, Signed by Grantor be voluntarily delivered and accepted.(pg 149)
who signs the Warranty Deed?
The Warranty Deed is NOT SIGNED BY GRANTEE. Only the Grantor signs and 2 witnesses.
Pg 149
Quit Claim Deed
A deed used to correct defects on title. It is the best deed in the
standpoint of the grantor. (pg 150)
Eminent Domain:
The right the government has to take private property for public use.
May use it to build a park, school, library, railroad, streets and highways but NOT TO
BUILD A MOVIE THEATER nor a SHOPPING CENTER!
Gross Lease:
A lease where the tenant pays a fixed rent and the lessor/landlord pays all
expenses taxes, insurance and maintenance. (pg 155)
Percentage Lease
Percentage Lease. Is when a tenant pays a flat fee plus a portion of gross sales to the
Landlord. (pg155)
Net Lease:
A tenant pays a fixed amount plus Taxes, Insurance and maintenance (pg 157)
General Liens
General Liens is a lien that allows the lien holder to seek payment from sources outside a property owned by debtor. i.e. Income Tax, (pg 157-158)
Specific Lien-
Specific Lien-Is a lien specific to a property
Property Taxes (Superior/specific),
what kind of liens are mortgage, construction lien, special assessment?
Mortgage, (Junior/Specific)
Construction Lien (Junior/Specific)
Special Assessment (Superior/Specific) (pg 157-158)
which lien has priority?
A Special Assessment Lien has priority because it is a Superior lien. Eg: If a homeowner had the streets paved by the city and was charged $350 special assessment and the property owner was also delinquent in their income tax due, the correct priority of payment would be to pay special assessment first, then the IRS provided there are no additional priority liens due. In that case all priority liens would be paid before junior liens’ 161
DO NOT CALL LIST:
Florida allows licensees to solicit the listing violations $10,000 per violation. Federal May NOT solicit the listing, violations $40,000 per violation. (pg 124)
