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rights associated with the ownership and use of the site and improvements; these rights are to the services (or benefits) the real estate provides its users
potential occupants, both owner occupants and tenants, or renters
____ has the largest influence on real estate. It affects the supply and cost of real estate through these 3 things:
vehicle by which an individual can make an investment in a real estate asset, but indirectly so they have a more liquid type of investment; purchase shares in the trust, funds are used to purchase a portfolio of real estate investments
The difference between a portfolio home and a regular loan (i.e., home loan):
where the notes are sold on the secondary market
ownership rights to anything on the land by nature; if it’s attached to the land it’s real property
rights associated with land abutting a water course (such as a river)
Freehold estates are ____ and ____ are nonfreehold estates.
property goes back to original (previous) owner
Grantee has ownership interest for the duration of his/her life, giving him/her full rights for the remainder of his/her life (can lease, sell, etc.). But upon the death of the designee, the property can either revert back to the grantor or the grantor can select somebody else, passing ownership to a designated third party.
After the life estate ends, the property is __(estate type)___ to whoever it goes to (remainderman or grantor).
establishes a more equitable relationship between landlords and tenants
larger, more valuable commercial properties, generally well over $10 million
Distinguish between real and personal property
1. property tax and property assessment liens have top priority; all others are based on chronological order
2. significance of priority: “all or nothing” treatment of creditors in the event of a property sale; creditors receive no relief until all liens senior to theirs have been fully satisfied
common low provision that gave a wife a one-third life estate in all of the real property of a decedent husband that was ever owned by him during the marriage, provided that the wife did not join in conveying the property to a new owner
an object that formerly was personal property but has become real property
The dominant rule for determining if something is a fixture
the most complete bundle of rights possible; has the greatest value; all possible rights of exclusive possession, use/enjoyment, and disposition; traditional concept of landownership
the ownership interest subsequent to a life estate which, upon the death of the life estate owner, becomes a fee simple absolute interest
If a lease term is for more than one year (a year and a day or more), the lease must ________.
In a periodic tenancy, the length of the period is implied by the ______. Generally, the minimum termination notice period is ________, and begins ________, running to the end of the last day of the rental period
2 types of easements appurtenant:
____ and ____ have top priority among liens, along with ____.
The ____ is a hybrid in that it is not a government lien but it enjoys the same priority as if it were.
Multiple mortgages are ordered ____.
Later mortgages are referred to as ____, or they are identified by ______ as a second mortgage, third mortgage, and so on.
____ can lead to a sale of the property to compensate the creditor or taxing authority in the event of default.
When real estate is owned by a group of persons, more than one person holds precisely the same ____ and the interests of the owners ________.
the interest of a decedent co-owner divides equally among the surviving co-owners, and nothing passes to the heirs of the decedent; distinctive feature is the right of survivorship
a form of joint tenancy for husband and wife
a form of ownership combining single person ownership with tenancy in common; the owner holds a fee simple interest, as an individual owner, to a certain space (such as an apartment); joint, and inseparable, with this estate, the owner is a tenant in common in the “community” elements (i.e., building shell, floors, halls, elevators, stairwells, driveways, etc.) of the property
each owner can mortgage his or her interest independently of other owners
The organization and rules of a condominium are very important because it serves as a ____.
Unique aspect of a cooperative:
One major limitation to cooperatives:
multiple individuals have use of property but, unlike traditional forms of co-ownership, the interests are not simultaneous; instead, the property is divided into separate time intervals (used almost exclusively for resorts); commonly the time interval is in weekly units per year
Two types of modern co-ownership interest between spouses that occur automatically for any marriage are ____ or ____ depending on the state.
5 questions to consider in determining rights to water:
1. Who owns the land under a body of water?
2. Who controls use of land under a body of water?
3. Who has the right to use the surface of a body of water?
4. Who has the right to use the water itself?
5. Who has the right to use underground water?
deem oil and gas to be owned just like any other mineral
recognizing that oil and gas can flow due to drilling, hold that the substance is not owned until it is removed from the earth
the owner of an oil or gas well could claim all that is pumped from it, regardless of whether the oil or gas migrated from adjacent property; was traditionally followed by all states
rights of use a (____) parcel of land “enjoys” over an adjacent (____) parcel
rights limited to one user only; recipient cannot extend access to others
at conveyance of land to a new owner
Restrictive covenants can be for ________.
Purpose of subdivision restrictive covenants:
When Professor Malone uses restrictive covenants, he is referring to ______; not ______.
____ or ________ can result in the courts refusing to enforce subdivision restrictive covenants.
courts reluctant to enforce restrictive covenants in 3 cases:
1. delayed enforcement (abandonment)
2. changed neighborhood
3. changed public policy
If subdivision restrictive covenants are abandoned, the owners who live there can get together and start them back up. However, ________. Any new owners after the enforcement starts ________.
Deed restrictions can be imposed only by ________.
Why would someone implement a deed restriction?
interest in property as security for an obligation (usually debt)
After ____, first in time, first in line
2. ownership passes through the entity3. undivided interest
most common type of direct co-ownership
second most common of direct ownership
least common of direct ownership
always has to accompany with right of survivorship; this is what distinguishes ____ from ____
______ is a special form of joint tenancy with the right of survivorship. If one spouse dies before the other, the surviving spouse takes over the deceased spouses share (same as joint tenancy with right of survivorship).
tenancy by the entireties
default type of direct co-ownership if you are not married
multiple owners; do not have to have equal shares of ownership (they are undivided, but they don’t have to be equal share)
each owner can sell his/her share (unless there is a written agreement that states otherwise – may be required it to be offered to co-owners first)
______ means that the surviving owner(s) will then share (equally) in the deceased owner’s share
difficult to create and easily disrupted
joint tenancy for husband and wife
4 unities (required to create a joint tenancy instead of tenancy in common):
Must be explicit in deed that it is a ____ and not ____ to create right to survivorship.
Shares of joint tenacy with right of survivorship:
If one of the co-owners of a joint tenancy transfers ownership to someone else:
combines single ownership in tenancy in common
A specific condo parcel can have what type of estate?
You don’t own real property in a ____. A corporation purchases the real estate. The corporation then provides ____ (not a deed – you don’t own anything, you don’t get a deed), which is evidence of your right to use and occupy that space.
With a cooperative, you cannot mortgage individual interests because:
A ____ gives automatic 1/3 life estate for a surviving spouse in real property of a deceased spouse (this applies outside of a ____ – applies if one spouse owned a house before the marriage)
If there are lineal descendants from the union, the surviving spouse automatically gets a life estate where the lineal descendants are vested remaindermen.
If it is not a tenancy in entirety, the remaining spouse gets a 1/3 claim in property regardless of what the will says
life estate is unmarketable (only good for the grantee’s life)
Law of capture does not apply to ____.
A ____ shows the interest that has been conveyed to you
requires that certain instruments be in writing in order to be enforceable in the court of law
How do you prove whether somebody voluntarily accepts something or not?
A notary – some kind of witness to witness the voluntary signature of the grantor and the voluntary acceptance of the grantee
____ states what type of interest is being conveyed
Actual notice differs from constructive notice because constructive notice means you are ________ to serve as notice to the world. Actual notice is ________.
Legally binding promises
Typically 3 major covenants:
This covenant indicates the grantor is providing the deed with his/her assurance (guarantee) that it is not encumbered in any way other than that which was disclosed in the deed (no hidden liens, easements)
How are you assured you don’t have any other liens or pending issues going on that haven’t been disclosed to you?
1. “for use as” implies ____
2. “so long as” implies ____
3. “and his/her heirs and assigns forever” implies ____
3. fee simple absolute
Why would you use a quitclaim deed?
Type of deed with no covenants, but still is regarded as implying ownership
Action of water that involves the gradual adding of land by sedimentary deposit or other action to your land by some water way (i.e., a delta); deposits by which land (sediment) is added
used to transfer ownership from government to an individual; doesn’t really happen anymore
If you die with having a will in place you are said to have died ____ – has to go through ____ process to transfer deed
Title is conceptual; it is not only the ____ but the ____ on a parcel. Title is the ____ or ____ in real property.
In a title search, the title company will do a thorough search for a running chain of title for that particular parcel for the past ____ to see if there are any encumbrances, liens, any type of potential clouds.
An encumbrance that is acceptable to the grantee will be listed as:
2 main forms of “evidence of title”:
1. from an attorney
2. from an insurance company
most recent title conveyance (deed) being a minimum number of years old
Title unbroken back to its root is normally regarded as ____.
Most precise method of land description is ____.
The most critical element in metes and bounds and the most critical element in subdivision lot and block is the ______ – that’s your ______.
Subdivision ____ in public records identifies lot by block and lot number
Who gets to name the roads in a subdivision?
____ lineal feet are in a mile
____ acres in a section
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