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75 Cards in this Set
- Front
- Back
Real Estate
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Land plus appurtenances
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Appurtenance
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Anything that is permanently attached to the land either natural or manmade.
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Real Property
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Land + Appurtenances + The Bundle of Rights
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Personal Property
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Readily moveable from one location to another.
Sometimes referred to as Chattels |
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What is opposite of real property
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Personal Property
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Fixture
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Something which once was personal, but has been installed. Therfore, it becomes real property
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Tests for determining if something is a FIXTURE
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M ethod of Annexation
A daptability I ntent of the parties D amage - decision of agreement between the parties |
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Emblements or fructus industriales
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Annual crops such as wheat, corn, and vegetables. These are considered personal property
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Fructus naturales
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Perennial trees, perennial bushes, and grasses that do not require annual cultivation. These are real property.
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ANNEXATION
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Changes personal property to real property.
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SEVERANCE
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Changes real property to personal property.
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Trade fuxture
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The property of a tenant that is installed, and is necessary for their trade or business.
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Three physical characteristics of land
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1.IMMOBILITY
2.INDESTRUCTIBLE 3.NONHOMOGENEOUS (Uniqueness) |
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Five ECONOMIC characteristics of land
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D emand
U tility or usefulness S carcity T ransferability S itus |
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Livery of Seisin
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Sell the entire bundle of rights.
"I own it and I have the right to sell it" |
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Estates in Land
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The degree of ownership one holds in the land
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Feudal system
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All land was owned by the king or the government
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Allodial System
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Individuals are entitled to own property without proprietary control or the King/Government. US is under this System
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Four categories of GOVERNMENT INTERFERENCE IN PRIVATE OWNERSHIP in the United States.
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PETE
Police Power Eminant Domain Taxation Escheat |
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Police Power
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The right of the government to enact laws and enforce them
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Eminant domain
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The RIGHT of the government to acquire private property for public use. (Note that it does not have to be for the public good, but for the public use.)
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Condemnation
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The process that the government utilizes to exercise its right of eminent domain.
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Taxation
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The right to government has to collect funds to pay for public services.
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Two types of taxation:
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Special Assessment and
Ad Valorem (or general real estate taxes). These taxes will take priority in the sale of a home and need not be recorded to be valid |
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Escheat
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The property revert back to the state when an owner dies without a will and without heirs.
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Freehold Estates
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Estates of indeterminable duration. They last at least a lifetime or greater, because they can be willed to heirs.
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Fee Simple Estates
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The highest types of interest in real estate law - complete ownership. Also known as estate of inheritance.
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Fee Simple Absolute
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No limitations on real estate except the government rights.
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Fee Simple Defeasible
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There are two types of special limitation.
a. Fee Simple Determinable b. Fee Simple Defeasible |
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Fee Simple Determinable
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Interest ends automatically upon the owner's failure to comply with that limitation set by the original owner. When this is broken, the property reverts back to the original owner.
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Fee Simple Defeasible
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Sets limitations of things that can't be done. When this is broken, the property reverts back to the original owner.
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Life Estate
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An estate in land limited to the life of the owner or the life of someone else.
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Conventional Life Estate
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a. Ordinary with reversion or remainder
b. Pur autre Vie (Based on the life of another) |
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Reversion:
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when the holder of a life estate dies, the real estate reverts back to the original owner.
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Remainder:
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when the holder of a life estate dies, the real estate passes to a third party, called the remainder man.
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Pur autre Vie
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(Based on the life of another)
rather than the estate being based on the holder of the life estate's life, it is based on the of another person. Can have a reversion or a remainder just like an ordinary life estate. |
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Legal Life Estates
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a. Dower/Curtesy - Spousal life estates.
b. Homestead. |
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Dower/Curtesy
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Spousal life estates.
Dower: the wife's rights in her husband's estate at the time of his death. Curtesy: is a husband's right in his wife's estate at the time of her death. |
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Homestead
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The home is exempt from certain kinds of judgments while the family occupies the property as their residence.
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Encumbrance
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anything that affects the title to real estate. It is a right or an interest held by a party who is not the fee owner of the real estate.
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3 Non-physical encumbrances:
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* Liens
* Restrictions * Licenses |
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Easement
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the right to use the land of another for a particular purpose.
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4 main types of easements:
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LPGA
L- Easement by Operation of Law or easement by necessity P- Prescriptive Easement G- Easement in Gross A- Appurtenant Easement |
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Dominant Tenement
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The person who benefits or uses the easement
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Servient Tenement
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The person that is subject to the easement
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Encroachment
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Illegal use of someone else's land (fence placed outside the property lines, etc.)
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Riparian owner
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The body of water is in movement, as a stream or river, the abutting owner is called a rparian owner.
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Littoral owner
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The water is not flowing, as in the case of a pond, lake or ocean, the abutting owner is called a littoral owner.
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Accretion
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The increase of land created by deposits of soil by the natural action of the water.
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Avulsion
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The loss of land as a result of its being washed away by a sudden or violent action of nature.
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Erosion
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The decrease of land by the gradual wearing away that is caused by flowing water.
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Reliction
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Increase in land due to the receding of water from the shore.
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Alluvial plain or alluvion
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Alluvial plain is a delta area where soil deposits from river; alluvion is the accumulation of soil, rock and other matter from the movement of water.
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Air rights:
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Air rights may be sold
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Horizontal Property Act
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Describes condo air space ownership
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Syndicate
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Many investors share the risk of the investment.
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Partnership
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business organization where 2 or more persons as co-owners and share in the business's profits and losses.
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Types of Partnerships
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* General Partnership: full liability for the debts, losses, and obligations
* Limited Partnership: are liable only to the extent of their investment and cannot be held liable for any debts beyond their investment |
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Alienation
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The right and evidence of ownership of the land
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A Deed
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A document that transfers ownership from grantor to grantee.
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Basic types of deeds
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1. General Warranty Deed
2. Special Warranty Deed 3. Bargain and Sale Deed 4. Quit Claim |
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Requirements for a valid deed
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Premise
Habendum Testimonium |
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General Warranty Deed
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Contains each of the 5 "covenants" or promises of the seller:
1. Covenant of Seisin 2. Covenant of Quiet Enjoyment 3. Covenant Against Encumbrances 4. Covenant of Further Assurance 5. Covenant of a Warranty Forever |
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Special Warranty Deed
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Seller is only making promises during the time period in which he/she owned the property.
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Bargain and Sale Deed
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"I own it... but that's about it! I'm ot going to make any promises."
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Quitclaim Deed
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Offers least amount of protedtion for the buyer. No promises.
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Court Ordered Deeds
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A deed can convey(transfer)title. The difference in the deeds is in the promises a seller makes should there be a problem.
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Parol Evidence Rule
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States that oral agreements, promises and unducements made by the parties prior into entering into a written contract may not be used in court to dispute or contradict some written provision expressed in the contract.
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Statute of Frauds
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A state law that requires certain contracts to be in writing and signed by the party to be charged (or held) to the agreement in order to be legally enforceable in a court of law.
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Principal of Laches
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Legal doctrine used to bar a claim asserted after the passing of a statutory period of time.
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Constructive notice (recordint)
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is information that can be obtained from the public records at the courthuse.
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Actual Notice
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is legally known, but not recorded.
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Caveat Emptor
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let the "buyer beware"
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Notarized Deeds
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If you want to record a deed, it must be notarized. The person must go before the notary public and ACKNOWLEDGE that the signing of the deed was a voluntary act.
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Attestation
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The signature of the notary
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