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Ownership & Interest

Terms and Questions from Ch 2 of Michigan RE Test book

QuestionAnswer
What are the 3 tangible (can experience) parts of the bundle of rights in relation to real property? 1. Land 2. Fixtures 3. Fruits of Soil
What are some of the intangible parts of the bundle of rights in relation to real property? air rights, water rights, mineral rights, easements, leases, mortgages, licenses, profits.
What is the purpose of a Deed? Conveys/transfers ownership of real property.
What is the purpose of a Bill of Sale? Conveys/transfers ownership of personal property.
Define the term Chattel. Another name for personal property.
Define the term Emblements. Crops that are planted annually and not at random(are considered personal property).
Define the term Fixture. Improvements both on and to land(personal property attached to land).
What are the 3 test questions a court would use to determine if an item would be considered a fixture? 1. How permanent? 2. What was the intent when attached? 3. If removed, can it be used elsewhere?
What is the specific difference between the term Real Estate and the term Real Property? Real Estate refers to land plus permanent improvements. Real Property refers to Real Estate plus the "bundle" of legal rights.
What are 4 of the rights in ownership of Real Property? 1. Right to possession 2. Right to enjoyment 3. Right to farm 4. Right to development
Define Estate in Real Property. Interest in property sufficient to give holder the right of possession.
What is the main difference between a Freehold Estate and a Non-Freehold or Leasehold Estate? Freehold estates refer to ownership(provide title) of real property. Non-Freehold/Leasehold estates refer to renting or leasing real property.
Define Estate of Fee Simple Absolute. Most complete form of ownership and bundle of rights associated with real property.
What is a Defeasible Estate(or Qualified Fee Simple Estate)? Refers to a conveyance of real property that is a Fee Simple Absolute with a condition/limitation attached. Is defeatable if the condition/limitation is not upheld.
What is the main difference between a Fee Simple Estate and a Life Estate? Fee Simple Estates are directly inheritable and Life Estates are not directly inheritable.
Define a Life Estate. Ownership, Possession, and Control for the life(time) of someone(Life Tenant).
What is a Life Estate Pur Autre Vie? Life Estate based on life(time) of someone other than the life tenant.
What is the difference between a Life Estate in Remainder and a Life Estate in Reversion? Remainder means property conveyed to a life tenant and upon death to any named remaindermen. Reversion means property conveyed to a life tenant but upon death "reverts" back to the grantor or his estate.
What is a Legal/Statutory Life Estate in Dower? in Curtsey? Both are automatic life estates for surviving spouse in inheritable property owned solely by deceased spouse. Dower is for wife(legal in MI) Curtsey is for husband(not legal in MI)
Define Estate for Years. Inherritable Leasehold estate for a fixed time period( i.e. Standard Lease)
Define Estate from Year to Year. Inherritable Leasehold estate that renews itself unless otherwise expressed by either party( i.e. Commercial Leases)
Define Estate at Will. Non-Inheritable Leasehold estate that is unknown when created but can be terminated by either party.
Define Estate at Sufferance. Refers to a tenant who has stayed beyond lease but refuses to leave. Right of possession has terminated but is not considered a trespasser.
What is the difference between Ownership in Severalty and Concurrent Ownership(Co-Ownership)? Severalty is one owner either person or entity. Concurrent means ownership by 2 or more people.
What is the difference between Right of Survivorship and Right of Inheritance? Survivorship-If 1 or more co-owners die the surviving co-owner receives the interest in the property of the deceased. Inheritance-If a co-owner dies their interest passes to their heirs according to their will.
What are the 3 types of Co-Ownership? 1. Tenancy in Common 2. Joint Tenancy 3. Tenancy by the Entirety
What are the possible Unites of Ownership required for Co-Ownerships? One or more of these are needed in Co-Ownerships. 1. Time 2. Title 3. Interest 4. Possession 5. Marriage(only Tenancy by Entirety)
What are the key features of a Tenancy in Common? 2 or more persons hold title at same time, possession is only required unity, undivided interest. No right of survivorship but right of inheritance.
What are the key features of a Joint Tenancy? 2 or more persons must have all 4 unities, same interest, receive title from source at same time, same percentage of ownership, undivided possession. No right of inheritance but right of survivorship. Right to transfer/sell interest.
What are the key features of Tenancy by the Entirety? 2 persons joined by marriage must have all 4 unities plus marriage. Right of Survivorship.
What is Community Property? Community Property states require husband and wife to obtain title together as community property.
What is Separate Property? Community Property states consider this to be any property acquired by gift or inheritance or purchased with separate funds either during or before marriage.
How are the different areas of a condominium owned? Individual unit and common areas. Individual units can be owned in severalty, joint tenancy, in common, or by the entireties. Common areas are owned in common with other individual condominium unit owners.
What are the 3 things which set forth how condominium statutes are set forth? 1. Declaration(master deed) 2. Articles of Association 3. Bylaws
According to the Michigan Condominium Act, what is needed to make a purchase agreement binding? Purchaser of a "new" construction condo is allowed 9 days after the developer delivers 1. recorded master deed with bylaws and subdivision plans 2. copy of purchase and escrow agreements 3.Condo Buyer's handbook 4. disclosure statement.
What is a site condominium? Vacant land with surface improvements or airspace intende to have a building constructed.
What is a Cooperative? Like a condo but buildings, land and all real property rights, and interests owned by a corporation. People own stock in company and a given a proprietary lease to the property.
What is a Timeshare? A condo where the co-owners pay for intervals of time.
According to the Michigan Uniform Securities Act, is it legal for a real estate licensee/broker to offer a mortgage or land contract to a anyone? Yes, if they are registered with the Corporation and Securities Bureau because they are dealing in securities. If not they are operating illegally.
What is a Syndication? multiple joint investors in real estate.
Created by: jenkij
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