Unit 7-9 Flashcards
What is police power used to enact?
- environmental protection laws
- zoning ordinances
- building codes
- real estate regulations (construction, location, occupancy & size)
Eminent Domain
The right of the govt to acquire privately owned real estate for public use
Eminent domain v Condemnation
Em dom - power to do it
Condemnation - doing it
Taxation
Charge on real estate to raise funds to meet public needs
Ad valorum
According to value
In regards to real estate taxes
Escheat
State acquiring property when owner has no heirs or will
15 years cheats the norm; supposed to be 20 years
What are the Enabling Acts?
Power transferred from STATE to MUNICIPALITY
Government Powers
Police power
Escheat
Taxation
Eminent domain
What are the four types of co-ownership or concurrent ownership?
1) tenancy in common
2) joint tenancy
3) tenancy by the entirety
4) community property
What is PITT?
The four unities in Joint Tenancy
1) Possession-all have an undivided right to possession
2) Interest-all have an equal interest
3) Time-aquired at same time
4) Title-title conveyed to all by same document
Severalty
Ownership - severed - only 1
Sole rights
Could be of an individual or a corporation
Tenancy in Common
Owned by 2 or more
- each owns undivided fractional interest
- each has unity of possession (right to entire property)
- interest can be sold, conveyed, mortgaged, transferred
- interest passes upon death
*can be SOLD & WILLED
Joint tenancy - right of survivorship
Upon death, interest passes to other joint tenant(s)
Can be sold, but not willed
JT - jayZ - Beyoncé - survivor
Joint Tenancy Termination
- death (of all but 1 - then, he or she owns in severalty)
- conveyance
- partition (to force division or sale)
What is used in CT: tenancy by the entirety or tenancy in common
Tenancy in common
Partition
The dissolving of a co-ownership relationship when parties don’t voluntarily agree to its termination
Trustor
Beneficiary
Trustee
- one who creates trust
- one who benefits
- holds the trust
Testamentary Trust
A trust willed after an owners death
Membership camping
Kinda like time share use
Land trusts
- Trustor is usually also the beneficiary
- Beneficiary isn’t named (secrecy)
- Security for a loan without having a recorded mortgage
Three methods of describing real estate:
Metes and bounds
Rectangular (govt) survey
Lot and block
Start place of metes and bounds measurement
And
Can this be either natural or man-made?
POB
Point of beginning
Yes, either.
Does a lot and block description refer to either metes and bounds or rectangular surveys?
Yes
Does a surveyor or engineer who is preparing a subdivision plat need to be licensed?
Yes
Where are lot and block systems mostly used?
Subdivision and urban areas
Which description of real estate uses a plat map?
Lot and block
Datum
Ground level point where measuring is determined
Examples of when datum would be used:
Condominium (btw, separate plat map for each floor)
And
Air lots
Subsurface rights
Mile
5,280feet
Square mile
Square yard
Square foot
640 acres
9 sq ft
144 sq in
How is rec survey system broken up?
Principal meridians (north & south) and Base lines (east & west) 6 miles apart Townships 36 sq miles each thus 36 sections East to west rows called tiers North to south rows called ranges
Where is section 6 always found?
Northwest or upper-left corner
The end of a metes and bounds survey isalways a:
POB
What is the number of the designated school section?
16
Horizontal property acts regulate what?
Condominiums
Principal meridians run north and south. T/F?
True
Liness running east to west, parallel to base line, are:
Township lines
Range lines are strips of land six miles wide and run parallel to the
Principal meridian
The basic unit of the rec survey system is:
Township squares (When township and range lines intersect)
