Unit 4: Transferring Real Estate Flashcards
A person who dies without a will dies
Intestate
Intestate
State provision by law for the distribution of the property of intestate persons.
Testator
The person making a will is called the testator (property owner)
The testator names
An executor or executrix
Someone who receives real property by will is called:
A devisee
A typewritten will must be
Made by a competent person, signed by the testator, and witnessed.
A statutory will is:
Signed and Witnessed
A holographic will is:
Handwritten
The probate court appoints
An administrator or administratrix.
When soil is deposited on a riverbank, gradually building out the land, this process is called:
Accretion
When flood conditions cause the land to be washed away, this is known as:
Avulsion
When the water recedes, creating a new shoreline, the process is called:
Reliction
Elena moves onto Mike’s land, builds a home, pays the property taxes, and claims she owns the property. When will she have a good title, even against Mike?
After 5 years.
Adverse Possession
The concept of taking over someone else’s property and occupying it long enough to acquire ownership.
Adverse Possession Acronym (NACHO)
Notorious- Not hiding the fact from anyone
Adverse- To the interests of the real owner
Continuous- For five years
Hostile- Without Permission
Open