Unit 3: Other Real Property in WI Flashcards
What is personal property defined as?
portable property that can be moved from place to place
What is intangible property?
things a person owns and cannot be touched (funds, stocks, and bank accounts)
What in tangible property?
things a person owns and can be touched (clothes, cars, and electronics)
What is real property defined as?
property that is affixed to one place, such as a house or building
What are the bundle of rights?
Owner’s rights
What is the right of disposition?
Sell, lease, or leave property in a will
What is the right of encumbrance?
Take a mortgage on property or grant an interest in property to another party
What is the right of exclusion?
Have exclusive use of a property
What is the right of possession?
Occupy a property
What is the right of enjoyment?
Have exclusive use of a property.
What is the right of control?
Use a property in any lawful manner
What is ownership in severalty?
Property owned is free of anyone else owning interest in it
What is co-ownership?
more than one person has interest in a property
What are the 2 types of co ownership?
Tenancy and joint tenancy
What is tenancy?
multiple entities own a fractional interest in a property and can sell whenever they want
What is joint tenancy?
more than one party purchased the property together at same time. Each joint owner can sell interest separately, but new owner doesn’t become a joint owner - didn’t purchase at same time.
What is a marital property?
property brought into marriage after date of wedding. Spouses each own half of marital property, no matter how much they contributed to it.
What is a mixed property?
combination of both marital and individual property. always treated as marital property
What is individual property?
property one spouse got as a gift or inheritance (purchased/received prior to marriage, income from property, appreciation in value of property/ property agreed to be one spouse’s in a agreement)
What is a predetermination date property?
property the couple acquired before marriage. After the wedding, this becomes marital property.
What is survivorship marital property?
property that passes to a surviving spouse without going through probate
How are manufactured homes considered real property?
if the wheels are removed and the unit is affixed to a foundation on land that the unit owner owns
How are manufactured homes considered personal property?
if it’s not situated on a foundation or is on land the unit owner doesn’t own
What are manufactured homes?
units built entirely in a factory and generally don’t have wheels or towing hitches
What are timeshares?
condominium with a divided form of ownership. Owners are allotted a specific time that they may occupy the property.
Timeshare ownership is which of the following types of estates?
Fee simple absolute interest and interest for years
What is fee simple absolute interest?
owners have right to use, possess, or dispose of timeshare unit during their allotted period of time. May be passed to an heir.
What is an interest for years?
Ends at death of owner, and estate reverts to original owner/another person
What is a timeshare instrument?
documents that create timeshare
What is a buyers protection?
Buyers may cancel timeshare purchases with 5 business days of signing contract/receiving final documents
What are condominiums?
buildings with multiple living units built to be sold
How is a condo created?
A building/apartment is converted by filling a declaration with register of deeds of county where property is located.
How do you notify renters of condo conversions?
notify current renters and give them the first right of refusal to purchase the unit
How do you disclose a condo?
When condo is purchased, seller must provide disclosures no later than 15 days before closing
What is an exempt homestead?
The dwelling and land (at least a quarter acre, no more than 40) where a person/married couple live
What is exemption?
the amount of that homestead that is protected against debtors in bankruptcy proceeding.
What is the exemption amount?
$75,000 for single, $150,000 for couple
What is WI homestead credit?
Program that homesteaders can take advantage to reduce impact of tax/rent payments. It can owned/rented property as long it’s where a person/family live
What are mobile homes?
Considered vehicles if manufactured before June 15, 1976. Issued a vehicle identification number
