Unit 3 Flashcards
The bundle of rights
A disposition
B Use
C Posessition
D exclusión
May sell, pledge, or transfer 
May use and control
May occupy privacy
May May control entry onto land
Estate -
Is a legal interest or right in land that allows or will allow possession
Is the largest ownership interest possible. It is the highest and most complete form of land ownership
Fee simple absolute
Absolute and complete ownership
Largest “bundle of rights”
Lasts forever
Transferable and inheritable
Fee simple absolute
Life estate
Is an ownership estate that is limited in duration to the lifetime of a named individual
Life estate
A
B
C
A. Last quote “for the life of “someone
B. Life tenant (grantee) is the owner and has lifetime use
C. Upon death, estate returns to few simple absolute
Tendency for years
Is a tenancy for a fixed or specific time period
A. Specific termination date
B. Death does not terminate
Tenancy at will
Is a tenancy is which the tenant has the right to occupy and use the landlords property for an indefinite period of time
A. No fixed termination date
B. Week to week; month to month
C terminated by sale, notice or death
Tenancy at sufferance
Is a tenancy arising when a tenant continues, without the landlords permission, the occupy real property after the lease has expired
A. Holdover without consent
B. Payment alone doesn’t renew the lease
C if written consent, becomes tenancy at will
Deed restrictions
Are placed by an individual in the deed
Restrictive covenants are conditions placed by a developer that affect how the land can be used in an entire subdivision, including
A. Minimum square footage
B. Architectural design
C. Height limitations
Easement appurtenant
Has a dominant (together with) and a serving (subject to) property
Driveway crossing neighbors property
Easement in gross
Water utility easement
Easement by necessity
gives grantee an easement over grantor’s land if landlocked
Easement by prescription
Is granted after 20 years of using another of using another property for a specific purpose without permission
Governments lien for property taxes or special assessments
Has priority over all other claims
Construction lien
A. Right begins at first labor or material
B. Must be filled within 90 days of completion
C. Terminates 1 year after filing
Mortgage lien
Voluntary pledge of lands to secure payment of debt
Mortgage lien
Voluntary pledge of lands to secure payment of debt
Judgment lien
A. Court ordered lien against an individual and property e.g credit card debt
B. Not foreclose-able against one’s homestead
Protected (by homestead exemption)
Judgment liens c.c
Hospital bills
Credit card
Car crash
Not protected
Property taxes
Construction liens
Mortgage
Encroachment
- Unauthorized possession of another’s land
- Examples: overhanging tree; garage across property like
- Disclosed by visual inspection or survey
License
- Revocable agreement granting prívelage to use property
- Not an estate land
Tenancy - in - severally
Is ownership by one individual
Syndication
Is ownership by one entity such as a cooperation, partnership, limited liability company, limited partnership
Joint venture
Is a syndication for one project that is terminated upon completion
Tenancy in common
Is co ownership without right of survivorship to other owners
A. Default form of ownership
B. No right of survivorship
C. Upon death, interest goes to heirs or devises
Joint- tenancy
Is a co ownership with the right of supervisorship to other owners
A. Must be specified in deed “as joint tenants”
B. Right of survivorship exists
C Upon death, co owners interest goes to co owners
Four unities are required
PITT
Posesión
Intrest
Title
Time
Tenancy - by - the entireties
Is joint ownership by a husband and wife ONLY
A. Default when husband and wife purchase together
B. Right of survivorship exists
C. Neither spouse May transfer or devise interest
D. Property owned separately BEFORE marriage remains separate properly
Each sales contract for a property located in an HOA must state the buyers right to cancel
A. Within 3 business days after receipt of the disclosure summary
B. Cannot be waived by the buyer
