|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.|